Category: Buyer

Kent Ridge Hill Residences – all the convenience of city living with a hillside address

Save for a few exceptions, Singapore’s terrain is fairly flat and the tallest hill we have in the little red dot is Bukit Timah Hill. The southern region of Singapore is not without its own hilly landscape; the Southern Ridges offers a picturesque gradient which stretches from Mount Faber Park to Labrador Nature Reserve. Kent Ridge Park is part of the Southern Ridges and home to a large biodiversity of flora and fauna.

Direct access to Kent Ridge Park

Amid a slew of new launches in the last quarter of 2018, Kent Ridge Hill Residences stands heads and shoulders above the rest with its unique position by the hillside cocooned amid lush foliage. Perhaps the trump card that propels Oxley’s latest development to a league of its own is its exclusive, residents-only access to Kent Ridge Park from within the development’s grounds.

Easy access to the city

Singaporeans are a practical bunch and most will not choose to live tucked away far from the madding crowd if it takes a long time to commute to work and nearby amenities. Despite being a restive sanctuary, Kent Ridge Hill Residences is just a 15-minute drive away from the Central Business District (CBD) and an eight-minute walk away from Pasir Panjang MRT station on the Circle Line. Even nearer still are commercial hubs Mapletree Business City, one-north and Harbourfront Centre. The world-renowned National University of Singapore and medical hub National University Hospital are reachable within five minutes by car.

Positive vibes at Kent Ridge Hill Residences

For property seekers who believe in the benefits of feng shui, Kent Ridge Hill Residences’ “hillside backing sea facing” (座山望海) location is generally regarded as being positive and favourable. Ideally, homes and cities are supposed to be bound by mountains and near water for protection and wealth.

Potential Capital Upside

After the transformation of the Marina Bay and Marina South area to the glittering commercial and leisure landmark it is today, perhaps the next definitive project on Singapore’s roadmap is the Greater Southern Waterfront master plan. Works are in progress to move the port from Keppel and Pasir Panjang to Tuas in stages. Precious waterfront real estate will be freed up, setting the stage for the construction of a seamless southern belt where commercial and recreational activity operate as one cohesive whole.

Come home to nature’s finest at Kent Ridge Hill Residences

Space is a resource one will find in abundance at Kent Ridge Hill Residences. Sitting on a sprawling site spanning 29,659 sq metres (or five football fields), the five-storey apartment blocks and strata landed homes are well-placed in a spacious environment. Property buyers who value low-density living will find the vastness of Kent Ridge Hill Residences a much desired respite.

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At the Forefront of the Greater Southern Waterfront: Developments that Stand to Benefit

Find out what’s in store for the property landscape in areas such as Pasir Panjang

From its humble beginnings as a steamboat barbecue and kite-flying hotspot in the 1990s, the Marina Bay area has transformed into the leading financial hub, civic space and community playground it is today. More than 30 years in the making, the ambitious project has played an important role in shaping the cityscape of Singapore. What’s next in the works to bring the Central Area to the next level?

A new chapter in Singapore’s urbanscape

In August 2017, PSA Singapore moved all its 500 staff from Tanjong Pagar Terminal to the Pasir Panjang Terminal, well ahead of schedule in Singapore’s great port migration. PSA’s city terminals at Keppel and Brani are set to move into the newer facilities at Pasir Panjang. The Tuas mega-port is set to open progressively from 2021, with target completion taking place in 2040.

A green theme – a hallmark set to define the Greater Southern Waterfront

With Sentosa and Pulau Brani being earmarked to be part of the Greater Southern Waterfront, there’s opportunity to up the green quotient in both the islands. In the near future, we could see residences and a themed destination hub arise – nestled amid a lush forest setting.

Future waterfront housing

In District 5, there are a few developments that could benefit as the future waterfront housing belt lifts the prices of homes in surrounding neighbourhoods such as Pasir Panjang. These include the fully-sold The Verandah Residences and the recently launched Kent Ridge Hill Residences both developed by Oxley Holdings Limited.

Kent Ridge Hill Residences – Hillside Address, City Living

Sitting on a piece of land that spans five football fields, Kent Ridge Hill Residences comprises five-storey apartment blocks and strata landed homes that are comfortably spaced out. With plenty of space between blocks and individual units, property buyers who value privacy and spaciousness have one- to three-bedroom apartments, three- to five-bedroom penthouses and strata landed terraces to choose from.

Read more….

Kent Ridge Hill Residences: 110 units sold on first day of launch

Facilities

Good Location

• One of the rare development with direct access to a national park
• Kent Ridge Park at door step
• Low density, large land size
• Kent Ridge Park view and Sea view
• Greater South Waterfront
• 7 mins walk to Pasir Panjang MRT
• Near to amenities eg, pasir panjang hawker, one-north, Mapletree Business City, Science Park, NUS, NUH, international schools

 

Branded appliances & Quality home

• Branded appliances & Finishes : Bosch, Grohe, Electrolux, Yale digital lock, Quartz counter top
• Wall hung WC (Master & J.Master)
• Marble flooring for Strata Landed Houses
• Non PPVC construction – flexibility in layout

 

Fermax smart home system

• Yale Digital lockset
• Fermax smart home system (mobile access, smart aircon control, WIFI doorbell with camera, smart gateway with camera, voice control)

Read all my articles

No More Mistakes With HOW MUCH UPFRONT CASH DO YOU NEED TO BUY A SINGAPORE CONDO NOW?

Why FOREIGNER BUYING PROPERTY IN SINGAPORE Is The Only Skill You Really Need

Why this info is important to you? How does it affect you? What should you do now? #AskRealtorMani >>    << ? ? 83004411 DOWNLOAD: Below Market Value Properties >>       

Lear more…  https://www.linkedin.com/in/askrealtormani/recent-activity/posts/

Top 5 Mistakes Foreigners Make When Buying Condo

Top 5 Mistakes Foreigners Make When Buying Condo

1. Assuming high prices mean good amenities and a central location

In Singapore, the more accurate formula is high prices = space and privacy. It doesn’t always equate to accessibility or amenities; in fact, it could mean the opposite.

2. Assuming that older also means cheaper

Singapore has mature estates, which have been built up over a long period, and new estates, which looks like the landscape in Lord of the Rings movies. The mature estates, despite having older properties, are more desirable.

3. Using a local bank for a mortgage, and expecting perpetual fixed rates

There is no Singapore bank that provides a perpetual fixed rate home loan. In Singapore, when we say “fixed rate” we always mean for a certain amount of time only; typically three to five years. After that, the loan will revert to a floating rate.

4. Not checking the facing of the gigantic windows

If this is the first time you’re moving into a condo, or a country where it’s perpetually summer, we have a new concept for you: property facings.

5. Central locations ironically make travel slower at certain times

Singapore is a small country, with a lot of cars. During rush hour, roads in the Central Business District are more congested than a fat man’s arteries at a bacon buffet. It will no longer matter how central your property is, as your car will progress at about 60 inches per hour.

Read more…

Buying property in Singapore as a foreigner: Guide

Basically, everything a foreigner needs to know about the buying property in Singapore can be found in the Residential Property Act (Chapter 274) of the Singapore Law. Yet, seeing that a couple hundred pages of legal jargon could be a little overwhelming.

Read more…

What properties can foreigners in Singapore buy?

With property prices at its lowest in years, the time is particularly ripe to take that first dip into the local property pool. For foreigners in Singapore, however, it’s worth noting that strict government restrictions on foreign property ownership means that the pool that’s open to you is substantially shallower than what’s available to the average Singaporean.

But more on that later. Let’s tackle the most important question first: how to distinguish foreigners in Singapore?

Read more..

5 Mistakes Home Buyers Make – and how to avoid them?

Favourite Property Mistakes That Singaporeans Love To Make

Hot spots for foreign buyers in Singapore’s residential market

5 common mistakes foreigners make when buying Singapore property

So you want to buy a property in Singapore. Well, get ready to look deep – nothing here is how it appears on the surface. Sleepy Yishun has weird crimes, “industrial” Jurong is more green than many other estates, and “sea view” Sentosa is more like an observation platform for container ships. Besides those, here are some other things that get missed:

Read more…

“Rent-then-Buy” scheme? What’s the catch?

30 Minutes Guide for private residential property landlords Tutorial

Condo 101 – Buyer’s Guide

Do You Struggle With Buying Resale Condo?

5 Minute Tutorial. Buying foreign property!

How to buy landed property in Singapore

Guide to Buying Singapore Property as a Foreigner

A foreign person means any person who is not a:

• Singapore citizen
• Singapore company
• Singapore limited liability partnership
• Singapore society

Singapore Permanent Residents (SPR) are also considered foreign persons.

Read more…

Stamp duty: Common mistakes to avoid

For the past three years, more than 90% of taxpayers have complied with the requirements for stamp duty, which is paid on documents or agreements related to properties in Singapore as well as stocks and shares. These include tenancy or lease agreements, acceptance of options to purchase as well as sale and purchase (S&P) agreements.

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Foreign Ownership of Properties

All applications to be submitted online

A foreign person who wishes to purchase a landed residential property is required to seek approval under the Residential Property Act. A foreign person means any person who is not a –

• Singapore citizen;
• Singapore company;
• Singapore limited liability partnership; or
• Singapore society.

Each applicant is assessed on a case-by-case basis, taking into consideration, including but not limited to, the following factors: 

(a) You should be a permanent resident of Singapore for at least five years; and 

(b) You must make exceptional economic contribution to Singapore. This is assessed taking into consideration factors such as your employment income assessable for tax in Singapore.

The ownership restrictions are provided in the Residential Property Act.

You can apply online at www.sla.gov.sg/ldau.  

For more information on foreign ownership of residential properties, please refer to the FAQs

Read more…

5 common mistakes foreigners make when buying Singapore property

 ShareSo you want to buy a property in Singapore. Well, get ready to look deep – nothing here is how it appears on the surface. Sleepy Yishun has weird crimes, “industrial” Jurong is more green than many other estates, and “sea view” Sentosa is more like an observation platform for container ships. Besides those, here are some other things that get missed…. Continue Reading

5 things you should know before thinking about skipping the property agent

Foreigner’s Guide to Buying a Property in Singapore

Definition of Foreigner

So when are you classified a foreigner under the Singapore law? For expats buying property in Singapore, you are considered a foreigner if you are NOT a:

1. Singapore citizen

2. Singapore company

3. Singapore limited liability partnership; or

4. Singapore society

In addition to the above, fiscal residents or those who are living for tax purposes are likewise classified as foreigners. Bear in mind that not all foreigners can acquire property in Singapore, you need to make an adequate economic contribution to the country to prove your worthy of the property.

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Property Buying Guide – Top 4 Mistakes You Want To Avoid

Knowledge that can be gleaned from a property buying guide is often ignored by Singaporeans as they felt that buying property is easy as everyone around them owns a property. A strong cornerstone of what it means to be a Singaporean is to own a property (in property crazed Singapore) which we call our home. From generation to generation, we have been instilled with the mindset that getting a roof over our heads is essential. It is a good mindset to instil in the younger generation.

However, while our parents have instilled the right mindset in us, they have failed to impart the mistakes that they have made during their search for their desired property. These mistakes are vital in helping us learn from their mistakes to make better property buying decisions in our property search.

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The 7 deadly sins of Singapore property buyers

Singapore is a property-crazy nation and Singaporeans are property-obsessed.

What is the Singapore dream?

Firstly, apply for an HDB or BTO flat. Then upgrade to an executive condo or private condo after five years. Next, save enough money for a second private property for investment.

Can you see that the whole life of a Singaporean revolves around properties? As we upgrade from one type of property to the other, we are also paying off one mortgage to another until the day we retire.

Property is our life goal. Property is what we live for. We pin ours hopes on property ownership and investment. Every time after we buy a property, we pray very hard that its value will go up.

Read more…

6 Steps in Buying a Condo in Singapore for Foreigners

Singapore tops the ranks in Asia as the city with the best quality of living. The well planned infrastructure promotes efficient public transportation, minimal traffic congestion and steady availability of international flights, plus an abundance in supply of electricity, drinking water and quality phone services makes it an idyllic place for a foreigner to settle.

So, how does one get started in settling down in this heart of Asia?

Of course, buying your own home when moving to Singapore is the ideal solution. However, there are multiple ownership restrictions as stated in the Residential Property Act and it is highly regulated by the Singapore Land Authority. Let’s take a look at a simple guide to get you started.

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Eligibility to Buy Private Property

In the year 1973, the Singapore Government has imposed restrictions on foreign ownership of all private residential property in Singapore. Such ownership is governed by the Residential Property Act.

The Act aims to give Singaporeans a stake in the country by being able to buy and possess their own residential property at an affordable price and also encourage foreign talent by allowing permanent residents and foreign companies who make an economic contribution to Singapore to purchase such properties for their own occupation.

The Residential Property Act (RPA) is then amended on 19 July 2005 to allow foreigners to purchase apartments in non-condominium developments of less than 6 levels without the need to obtain prior approval.

For restricted property such as vacant land, landed properties such as bungalows, semi-detached and terrace houses, prior approval is still needed if foreigners wish to buy. Landed properties is a special class of residential property that Singaporeans aspire to own, and should remain restricted. Foreigners need to apply for approval from Singapore Land Authority before buying.

If you are a foreigner (or expatriate) and you wish to purchase a restricted residential property, you need to download the application form at http://www.sla.gov.sg/htm/ser/ser0307.htm#d You can submit the form together with the relevant supporting documents such as your entry and re-entry permits and qualifications to:

Land Dealings (Approval) Unit

No. 8 Shenton Way,

#27-02 Temasek Tower,

Singapore 068811

What are the non-restricted residential properties?

Foreigners are not restricted from acquiring:

• Developments approved as a condominium development under he Planning Act
• A flat in a building of 6 levels or more including the ground level and any level below the ground level including HUDC Phase I, Phase II flats and privatised HUDC Phase III and IV flats
• A leasehold estate in restricted residential property (refer to A) for a term not exceeding 7 years including any further term which may be granted by way of an option for renewal

What are the restricted residential properties?

Foreign persons (including natural persons, foreign companies and societies) are restricted from purchasing:

• Vacant land
• Landed residential property, such as bungalows, terrace houses, semi-detached houses
• Residential property in a building of less than 6 levels

Other restricted properties

• A HDB Shophouse
• A HDB flat purchased directly from HDB
• A resale HDB flat where HDB has consented to the sale
• Executive Condominium bought under the Executive Condominium Housing Scheme Act, 1996

Eligibility to Buy HDB Property and Executive Condominiums

HDB Flats are apartments built and maintained by the Housing Development Board (HDB). More than 80% of Singaporeans live in HDB housing estates. HDB housing estates are usually self-contained towns with clinics, schools, supermarkets, food centres, as well as sports and recreational facilities. For the classification of HDB flats, the living room is counted as one room.

To buy a flat directly from HDB, you must be a Singapore citizen, must include another Singapore citizen or Singapore permanent resident to form a family nucleus. To buy a flat from the resale market, you must be a Singapore citizen or Singapore permanent resident. Include at least one listed occupier who is a Singapore permanent resident or Singapore citizen. Please visit the HDB website for more details.

Executive Condominiums (EC) were introduced to cater to Singaporeans, especially young graduates and professionals who can afford more than an HDB flat but find private property out of their reach. ECs are comparable in design and facilities to private condominiums as they are developed and sold by private developers.

The first owner of a Executive Condominium are not allowed to re-sell their unit in the secondary market within the first 5 years. After the initial 5 years, owners are allowed to sell their units to Singaporeans. Foreigners can be only buy a Executive Condominium after 10 years, in which all restrictions will be lifted.

For HDB flats, HDB shophouse and Executive Condominiums, eligibility is subjected to the Housing And Development Board. Interested purchasers can approach HDB directly to enquire on their eligibility to purchase a HDB unit or Executive Condominium unit.

For more information/queries, please contact:

Housing and Development Board

HDB HUB 

480 Lorong 6 Toa Payoh,

Singapore 310460

Tel : (65) 6490 1111 

Tel : (65) 6397 2477 

Email: hdbmailbox@hdb.gov.sg

Property Investments for Permanent Resident Application

Under the Global Investor Programme (GIP) administered by the Economic Development Board (EDB), foreigners can be considered for Permanent Resident (PR) status if they invest a certain minimum sum in business set-ups and/or other investment vehicles such as venture capital funds, foundations or trusts that focus on economic development.

Private residential properties investment will be considered for application for Permanent Resident application. A foreigner can be considered for PR status if he invests at least S$2 million in business set-ups, other investment vehicles such as venture capital funds, foundations or trusts, and/or private residential properties. Up to 50% of the investment can be in private residential properties, subject to foreign ownership restrictions under the Residential Property Act (RPA). This is to attract and anchor foreign talent in Singapore.

Read more…

What properties can foreigners in Singapore buy?

With property prices at its lowest in years, the time is particularly ripe to take that first dip into the local property pool. For foreigners in Singapore, however, it’s worth noting that strict government restrictions on foreign property ownership means that the pool that’s open to you is substantially shallower than what’s available to the average Singaporean.

But more on that later. Let’s tackle the most important question first: how to distinguish foreigners in Singapore?

Read more…

4 Questions For Expats To Consider Before They Buy Or Rent In Singapore

When expatriates move to Singapore, they are often faced with sticker shock – rental prices for housing are often higher than what they might expect, and are on par or even higher than cities like San Francisco, New York, and Tokyo. They might therefore inquire about buying a property instead, only to be further shocked by the sheer cost of buying a piece of property in Singapore.

Yes, real estate in Singapore isn’t cheap and like most immovable assets, require a time commitment. However, our property market does have relatively lower barriers of entry for foreigners and good long term capital appreciation, factors which continue to tempt expatriates and other foreign buyers.

If you’re an expat, and are thinking about about this question, here are four questions you should consider when thinking about buying or renting in Singapore.

Read more…

5 foreign nationalities snapping up Singapore property 

Foreigners are making a comeback in Singapore’s residential property market after pulling back from it in 2012, following the implementation of the additional buyer’s stamp duty (ABSD).

Based on the number of caveats lodged, statistics by the Urban Redevelopment Authority (URA) show that purchases by foreigners increased by 48% to 794 units in 1H2017 compared to 535 units in 1H2016, while those by permanent residents (PRs) rose by 32% to 1,876 units in 1H2017 from 1,416 units in 1H2016.

To provide a comparison, private property purchases made by Singaporeans rose by 69% to 8,950 units in 1H2017 from 5,297 units in 1H2016.

In this article, we will look at the top foreign nationalities who have been snapping up private residential properties in Singapore, as well as where they are buying in 2017, based on URA statistics.

Read more…

Buying property in Singapore as a foreigner

What are the steps to buying a property as a foreigner?

When you’re buying a property in Singapore you’ll need to take proper legal advice from a qualified local lawyer. You’ll need to:

• Decide which mortgages might suit you, and get an offer in principle so you have a budget in mind
• Find a local property lawyer who you trust
• Select the property you want to buy
• Make an offer the seller agrees to
• Go back to the bank and finalise the mortgage
• The lawyer will draw up the option, confirm the property ownership and that it can be legally sold
• Pay the 1% optional fee to reserve the property
• Pay the remaining deposit within the next 14 days to move on with the process
• The lawyer will prepare the documents transferring title of the property, which are signed by buyer and seller
• The lawyer will then arrange documents transferring the title of the property, and ensure the sale is registered properly

Read more…

Why Singapore Property Investors Fail?

Watch Video: 60 New Condo Projects in 60 Seconds

REITS: What Are They And How You Can Find The Best

The 13 Biggest Mistakes Made by Property Investors

Read more….

Planning to invest in a real estate property in Singapore? Make a wise decision with smart advice. Know how you can manage your credit payments with easy passive income in real estate market. Understand the market trends and invest in the best available options to upgrade from HDB to Condo.

All the industry research presented here is made by Mani. With the years of industry experience and after working with so many clients in Singapore, Mani is a profound Real Estate Agent and Property Investment Consultant to help the first time buyers, Avid investors or the people having huge property portfolio.

Are you Investing or Gambling?

Property Investment is never about luck or emotional buying. On many occasions, we see consumers hopping from different new project show units just to find “the Right One”. But how exactly will this “Right one” presents itself in the face of consumers?

If you had answered “Ambience” and “Feel” of the unit, you are emotional buying. Many times, these feelings have clouded the analytical skills of the consumers, making them overlook other critical aspects such as the land appreciation, location, sensitive pricing/discounts and market sentiments. By the time when the consumers are prospecting for new house, they will themselves in situation where their current property is not fetching the desired price and they have missed the opportune time to enter the market.

Real investors are clear with their goals and what they want out of their property investments. They do not rely on hope that the market will one day, change in their favour. Rather, they are aware of the cycle and when to make the “Right move”.

So, are you an investor or gambler? If you are determined to be a savvy investor, you will definitely be interested in the following.

How do you Determine the Right Cycle, the Right Time and Right Price to Enter?

At the first, second and even third glance, you may not be able to figure out all the information which this chart is trying to convey. However, if you study in detail or with some guidance, you will be able to mark out a certain trend that is brewing in the market.

Based on this cycle, you can also identify the best opportune time and price to enter the market. 

So the Question now is:

Is This the Right Time to Buy in Today’s Market?

Just understanding the cycle is not sufficient. 

Here are the 5 Essential Elements which you Must Know in order to build Successful Investment Portfolio in CCR Segment:

1. What are the Impacts of the Latest Announcement of the Reduction in Government Land Sale?

2. Supply vs Demand

Should we buy when the supply is plenty in the market?

3. Location vs Entry Price

Which is more important? Many always think that buying a good location near MRT is the safest bet as it is easier to rent out. However, is that really true?

4. New Launch vs Resale Property

Are you aware which one is likely to drive higher profit margin?

5. How can we secure the First Mover Advantage?

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The 13 Biggest Mistakes Made by Property Investors

Did you know that almost half of those who invest in property end up selling within the first five years? And most of those who stay in the market never end up buying their second investment property. However, some investors do very well.

To help you succeed in property investing, here are the 13 biggest mistakes that property investors make, so you can avoid falling into the same trap.

1. Buying a property close to home (so they can drive past)
2. Self-managing tenants
3. Buying at auction
4. Buying older properties (with no potential to add real value)
5. Buying based on the look or feel of a place
6. Overcapitalising
7. Selling to realise a profit (when they should refinance and save the tax)
8. Paying off debt (when they should create a redraw facility)
9. Waiting for a downturn in the market
10. Waiting for the deal of a lifetime
11. Not having the correct ownership or financial structures in place
12. Not allowing for all purchase costs (stamp duty, mortgage registration, LMI)
13. Selling property to finance lifestyle

Read more…

The 7 Biggest Mistakes Property Investors Make (And How To Avoid Them)

Are you Investing or Gambling?

Property Investment is never about luck or emotional buying. On many occasions, we see consumers hopping from different new project show units just to find “the Right One”. But how exactly will this “Right one” presents itself in the face of consumers?

If you had answered “Ambience” and “Feel” of the unit, you are emotional buying. Many times, these feelings have clouded the analytical skills of the consumers, making them overlook other critical aspects such as the land appreciation, location, sensitive pricing/discounts and market sentiments. By the time when the consumers are prospecting for new house, they will themselves in situation where their current property is not fetching the desired price and they have missed the opportune time to enter the market.

Real investors are clear with their goals and what they want out of their property investments. They do not rely on hope that the market will one day, change in their favour. Rather, they are aware of the cycle and when to make the “Right move”.

So, are you an investor or gambler? If you are determined to be a savvy investor, you will definitely be interested in the following.

How do you Determine the Right Cycle, the Right Time and Right Price to Enter?

At the first, second and even third glance, you may not be able to figure out all the information which this chart is trying to convey. However, if you study in detail or with some guidance, you will be able to mark out a certain trend that is brewing in the market.

Based on this cycle, you can also identify the best opportune time and price to enter the market. 

So the Question now is:

Is This the Right Time to Buy in Today’s Market?

Just understanding the cycle is not sufficient. 

Here are the 5 Essential Elements which you Must Know in order to build Successful Investment Portfolio in CCR Segment:

1. What are the Impacts of the Latest Announcement of the Reduction in Government Land Sale?

2. Supply vs Demand

Should we buy when the supply is plenty in the market?

3. Location vs Entry Price

Which is more important? Many always think that buying a good location near MRT is the safest bet as it is easier to rent out. However, is that really true?

4. New Launch vs Resale Property

Are you aware which one is likely to drive higher profit margin?

5. How can we secure the First Mover Advantage?

FIND THE ANSWERS 

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#AskRealtorMani ? ? 83004411

Step-By-Step Guide To Buying A Condo

1. Pick your people

The first step to take in your home-buying process is to hire not just a real estate agent but a lawyer, so you have the assurance of professional guidance. If you take a bank loan, the bank will assign a lawyer to you.

You can look for an agent via the Council of Estate Agents (CEA), the governing body for property agents in Singapore; the council does not charge any fees for this.

1. Pick a property

Now that you’ve assembled your house-hunting team, you are ready to shop for a new home.

Bear in mind that newer condos tend to be smaller than most four- to five-room HDB flats. If you have no problem with that and would prefer a brand new condo, you can check out any of the recent or new launches in the areas you would like to live, or read some of our reviews of new condos.

However, if you prefer to have more living space and do not mind an older resale condo, it’s easy to find one via our online listings. In general, older condos have larger living spaces and could potentially cost more than a newer condo.

1. Mortgage stage

When you have picked a condo, you can “hold” it for two weeks so other potential buyers are not allowed to view it. This entails an option fee of one percent of the agreed upon price.

Within a month, you must secure your financing and pay a second option fee of four percent; failure to do so will see the first option fee you paid forfeited. Once you pay the second fee, a down payment of 15 percent (on your first property) or 45 percent (on your second property) is required. The rest will be loaned to you by the bank. Do note that both option fees must be paid in cash, while the down payment can be paid using a combination of cash and CPF funds.

You are allowed a maximum loan of 80 percent of the condo price if it is your first property, and 50 percent if it is your second. However, the Loan-To-Value limit has been changed as of July 2018. Please look at the table below for the revisions: 

Updated as of July 2018 (Click for a bigger image)

There is also the Total Debt Servicing Ratio (TDSR). This means you can spend a maximum of 60 percent of your monthly income on repaying debts. However, if you are buying an Executive Condominium (EC), this figure is capped at 30 percent of your monthly income (inclusive of CPF contributions).

Depending on the length of your mortgage, you will repay your loan at a fixed amount every month, subject to your bank’s interest rate. This could take a maximum of 30 years, though your loan tenure depends on your age.

1. Beyond the mortgage

Apart from your mortgage and TDSR, there are additional fees. There is the Buyer’s Stamp Duty (BSD), a compulsory fee for Singapore citizens buying their first, second and third homes, PRs buying their first, second and subsequent homes, and foreigners buying any home in Singapore.

This entails one percent stamp duty on the first $180,000 of the house price, two percent on the next $180,000 and three percent on the remainder of the price.

If you are a Singaporean buying your second residential property, you will be subject to 12 percent Additional Buyer’s Stamp Duty (ABSD); this rises to 15 percent if you are buying your third residential property.

PRs are subject to five percent ABSD on their first homes, and 15 percent ABSD on their second and subsequent homes. For foreigners, this figure stands at 25 percent. (Updated ABSD rates to reflect July 2018’s revisions)

1. Final fees

To top it all off, you must settle your legal and agent fees. As per industry practice, if you have bought a resale unit, the seller will pay his agent, who will split the payment between himself and your agent. If you have bought a unit at a new condo launch, the developer will pay your agent.

As for legal fees, they do not comprise only payment to your lawyer, but also to the Singapore Land Authority (SLA), and mortgage duty to the Inland Revenue Authority of Singapore (IRAS). Your legal fees should not set you back more than $2,500, barring requests and requirements outside the norm.

1. Awaiting the keys 

Once you’ve settled the relevant payments and paperwork, you can take a breath and look forward to collecting your keys and moving into your new home. If you have bought a unit at a new development, you may have to wait two years or more before it is ready for occupation.

However, if you have bought a unit in a development that will soon achieve its Temporary Occupation Permit (TOP), you can move in as soon as a month after its TOP. 

If you have bought a resale unit, chances are you can move in as soon as its previous owner has signed it over to you and given you the keys. Of course, if you choose to renovate it, you will have to wait a few months to a year before you can move in, depending on the extent of the renovations.

1. Makeover time

If you choose to renovate your new home, you will have to either stay in your current home while waiting for renovations to be complete. If you have already sold your previous home and handed the keys over to its new owner, you will have to choose whether to live with family temporarily, or rent a place.

Of course, you also need to get in touch with contractors and interior designers, and shop for furniture. While consulting an interior design firm is not a must, it can help if you are lacking inspiration, or are unsure how to execute your ideas.

In any case, be sure to do your research beforehand, and stick to contractors and interior design firms that have a good reputation and track record. They may cost more, but will save you money on repairs in the long run.

1. Moving in

Ensure you are prepared to move in before the day itself. Make a list of all the items you want to move into your new house, categorise them and pack them accordingly so you will have an easier time unpacking. Packing materials like newspaper, bubble wrap, boxes and tape are essential, as are trustworthy movers.

Many people prefer to save money and seek help from their friends to move, but otherwise, you can hire professional movers. If you are doing the latter, contact a few reputable moving companies and have its movers assess the items you are going to move so they can give you a quote.

Good movers will not only transport your belongings to your new home in a timely fashion, they will also treat them with care and help you pack and unpack the heavy, bulky items.

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Are you Investing or Gambling?

Property Investment is never about luck or emotional buying. On many occasions, we see consumers hopping from different new project show units just to find “the Right One”. But how exactly will this “Right one” presents itself in the face of consumers?

If you had answered “Ambience” and “Feel” of the unit, you are emotional buying. Many times, these feelings have clouded the analytical skills of the consumers, making them overlook other critical aspects such as the land appreciation, location, sensitive pricing/discounts and market sentiments. By the time when the consumers are prospecting for new house, they will themselves in situation where their current property is not fetching the desired price and they have missed the opportune time to enter the market.

Real investors are clear with their goals and what they want out of their property investments. They do not rely on hope that the market will one day, change in their favour. Rather, they are aware of the cycle and when to make the “Right move”.

So, are you an investor or gambler? If you are determined to be a savvy investor, you will definitely be interested in the following.

How do you Determine the Right Cycle, the Right Time and Right Price to Enter?

At the first, second and even third glance, you may not be able to figure out all the information which this chart is trying to convey. However, if you study in detail or with some guidance, you will be able to mark out a certain trend that is brewing in the market.

Based on this cycle, you can also identify the best opportune time and price to enter the market. 

So the Question now is:

Is This the Right Time to Buy in Today’s Market?

Just understanding the cycle is not sufficient. 

Here are the 5 Essential Elements which you Must Know in order to build Successful Investment Portfolio in CCR Segment:

1. What are the Impacts of the Latest Announcement of the Reduction in Government Land Sale?

2. Supply vs Demand

Should we buy when the supply is plenty in the market?

3. Location vs Entry Price

Which is more important? Many always think that buying a good location near MRT is the safest bet as it is easier to rent out. However, is that really true?

4. New Launch vs Resale Property

Are you aware which one is likely to drive higher profit margin?

5. How can we secure the First Mover Advantage?

FIND THE ANSWERS 

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1. Start At The Start

Don’t fall in love with a property (i.e. decide to buy it and then work backwards to see if you can afford it). If you do that and it falls through, you are always going to feel like you missed out on your dream home. Instead, think through your how much you can afford for the down payment, how big a flat you need and a monthly repayment that won’t leave you stretched at the end of each month. These basic questions not only make financial sense but make your home hunt much smoother and easier. For instance, if your budget is $700,000 for a two-bedroom condo unit, some locations would automatically be eliminated. You can then spend your time productively by looking at houses that you are more likely to buy.

2. It Is OK To Move In Planning To Move Out

Another common mistake is, we hardly make plans for the next home. More than half of homeowners end up buying more than one home in their lifetime. Granted, it is hard plan for the rest of our lives. It doesn’t mean you can’t ask yourself some simple questions.

• Do I intend to upgrade to a private property (if your first purchase is an HDB flat)?
• Do I plan to have kids and need a bigger place in a few years’ time?
• Is there even a remote chance that I may want to take a sabbatical or even a further degree that would mean giving up my job?
• Am I thinking of changing jobs that would have an impact on my salary?

Asking yourself these questions help you ensure you don’t overcommit to your first property (e.g. buy a 3-bedroom unit when a two-bedder would have sufficed).

3. Take the Total Debt Servicing Ratio (TDSR) seriously

The Total Debt Servicing Ratio (TDSR) was implemented by the government to prevent Singaporeans from being over-extended in terms of credit. Banks are required to be very thorough with every application and ensure they meet the TDSR requirements. Gone are the days of simply stating rough figures of your other financial commitments, or sometimes not even not declaring them. Today, you need documentation for your housing loan to be approved. In a nutshell, here’s how the TDSR works, assuming your monthly income is $5,000:

• The TDSR is set at 60%. So, the maximum amount you can use to settle your outstanding loans is $3,000
• You need to calculate the payment of all your loans – home, car, credit cards, renovation, student and overdrafts
• If your monthly loan commitments exceed $3,000 before applying for a home loan, you don’t even qualify for a home loan!
• If your monthly payments are $1,000 (car), $600 (overdraft), $300 (credit card), $100 (student loan), you only have $1,000 for your monthly home loan repayment
• So, you can only borrow an amount that keeps your repayments under $1,000 a month

4. Types of Loans

This is the easy part. There are basically two types, fixed and floating:

Fixed rate packages charge a flat interest for the first few years (current average is about 2.15% p.a.) The rate stays locked-in regardless of market conditions. If the interest suddenly shoot up, you are protected from the higher rates. Of course, if the rates drop, your still pay the higher rates. The HDB Concessionary Loan can also be considered a fixed rate loan, since its interest rate of 2.6% hasn’t changed for the past decade.

Floating rate packages work the opposite way. They are most often pegged to Singapore interbank overnight rate (SIBOR) and are adjusted every 3 to 18 months (depending on the package you choose). The floating packages are typically about 0.4% 0.6% lower in interest rates compared to fixed rate packages. In simple terms, if you expect the rates to go up, you should take the fixed rate. If you think the rates will stay constant or drop a little, go with the floating package.

In reality, most banks no longer offer a purely fixed rate package in today’s rising interest rate environment. Rather, they typically offer a fixed rate for the first three years, before pegging the rate of your mortgage to SIBOR.

5. Don’t Underestimate The Impact Of Renovation And Other Costs

Unfortunately, it is rarely the case where renovation costs end up lower than you expected. Any number of things can go wrong; homeowners get carried away, unexpected issues (like burst pipes) and delays come up or contractors don’t fulfill their promises. Whatever the cause, the result is higher renovation costs. Think about your renovation budget beforeplanning for your home loan. This way, an unplanned issue doesn’t leave you cash strapped. The issues might not even be renovation related. Perhaps your car needs to be replaced or there is a major medical expense. Therefore, you need to ensure you have a healthy cash buffer for the unexpected.

6. Protect Yourself Against The Unexpected

Illness, retrenchment, a disability or even a mid-career change can leave you exposed to a huge loan and monthly repayments. The easy solution is mortgage insurance whereby the amount outstanding on your home loan (or an amount close to it) is covered. So, as the home loan reduces over the years, so does the pay-out from the policy. It is also important to have other insurance so that your family is adequately prepared should something happen to either of the main breadwinners.

7. Shop Around Before Deciding

For your home loan, that is, in addition to shopping for your dream house. The process is – compare your home loan options, apply for a home loan, submit all the relevant documents and get an in-principle approval from the bank. Only then should you commit to buying a new home. Apply with a few different banks as the rates may vary slightly and they usually offer different incentives. Sometimes, a bank you prefer may reject the application. So, it is important to have back up options.

You Are All Set

The most important part of buying a home is the planning. Spend as much time as you can on thinking about every eventuality. And when you eventually move in, all you have to do simply enjoy your dream home.

Read more…

How to Buy and/or Sell Your Property Like a Pro? Get FREE One-to-One coaching

Start Now! >> http://bit.ly/ClickToWhatsApp << #AskRealtorMani ? ? 83004411

DOWNLOAD: Below Market Value Properties >>

How to Buy and/or Sell Your Property Like a Pro? Get FREE One-to-One coaching

Start Now! >> http://bit.ly/ClickToWhatsApp

<< #AskRealtorMani ? ? 83004411

DOWNLOAD: Below Market Value Properties >>