Property tips: The 5Cs of buying a home that every Singaporean should know
Singaporeans are familiar with the 5Cs – greenbacks, motorcar, credit card, condominium and country order membership. But do we know the 5Cs of housing?
Read on to discover out.
1. CAPITAL
Buying a business firm requires money. And depending on the blazon of house y'all choose, the corporeality varies.
Let usa do a rough calculation for a Build-To-Social club (BTO) HDB flat that costs S$350,000. You will take to set bated S$35,000 as down payment for the 10 per cent HDB loan and another Due south$87,500 every bit down payment for the 25 per cent bank loan.
Looking at ownership bigger or more expensive backdrop? Equally a dominion of thumb, the cost of the belongings you lot are eyeing should exist almost v times your annual income, but not more than seven times.
READ: Holding agent committee in Singapore: How much should you pay?
2. Majuscule APPRECIATION
Capital appreciation refers to the rising value of your belongings over time.
If you're planning to upgrade from a resale flat to a condominium, or counting on your dwelling as retirement fund, capital appreciation is of import.
Bank check the URA master program to help you guess the potential capital appreciation of a property. Information technology is important to look at what the neighbourhood will exist like years later on, when the resale of your holding will likely accept place, non just every bit information technology is now.
However, while the URA Primary Plan provides valuable data, it is no guarantee equally plans can change.
3. COOLING MEASURES
The chief cooling measure to note is the Additional Buyer'southward Postage Duty (ABSD).
ABSD does non affect Singaporeans buying their first property but it does touch on permanent residents (PRs) and some foreigners.
PRs are subjected to ABSD rate of v per cent when they buy their showtime property while some foreigners ownership any residential property will be subjected to ABSD rate of 20 per cent.
READ: 5 things you must know about Singapore property in 2019
4. CAPACITY
Size matters. Simply don't assume your chapters needs will remain the same throughout your lifetime.
Many outset-fourth dimension buyers of condominiums tend to opt for shoebox units (500 square feet and under) but only to realise that the unit is likewise small as their family size grows. And on the contrary finish of that spectrum is an empty nest when grown-upwardly children exit dwelling.
Careful consideration is needed before taking the plunge. Capacity matters if you lot are planning on rental income.
5. COMMUNITY
If you find yourself constantly hanging around areas far from home, this could be a sign of a community mismatch.
Information technology's important for y'all to recognise that your needs are constantly changing. For example, you may have moved into an area because your child's schoolhouse is nearby. But after the child graduates, the surface area may no longer appeal to you.
When ownership a belongings, consider not merely your brusque term needs, only whether you'll be happy to alive in that location 10 or 15 years from at present.
This article start appeared on 99.co .
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