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5 Mistakes First-Time Homeowners In Singapore Should Avoid
1. Not comparing different home loan packages
If you’re taking out a housing loan from a bank, you’ll need to pay attention to the different packages available.
One of the most important ways packages differ is by how the interest rates are set. Some packages are floating-rate loans, while others are fixed-rate loans.
2. Using all your savings as down payment
You’ve been socking aside money for years, and you finally have enough saved to afford the minimum down payment on a home. Here’s why you shouldn’t blow out all your savings:
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You need buffer savings. If you lose your job or source of income, or suddenly incur a huge expense, having zero savings will make it hard to cover costs.
Homeownership incurs additional costs. In addition to the mortgage, there are other costs associated with homeownership, such as maintenance and repair expenses. If you clean out your savings, you may have trouble covering these costs when they unexpectedly arise.
3. Incurring high mortgage payments
In Singapore, two regulations limit how much you can spend on monthly mortgage repayments:
For instance, if you are planning to buy a private property with a monthly salary of S$8,000, the maximum you can spend on monthly mortgage repayments is S$4,800 – assuming you have no other debt obligations.
4. Underestimating the other costs of homeownership
As a homeowner, your recurring expenses will go beyond your mortgage. You’ll also have to take into account:
Household repair and maintenance costs. Leaky pipes, spalling concrete, faulty wiring – these are just a few of the problems that could plague you as a homeowner. The cost of repairing spalling concrete for the ceiling of a HDB toilet alone can cost around S$1,200.
5. Blowing the home renovation or furnishing budget
If your new home requires renovation, you may have to fork out thousands. In the first half of 2017, the average value of a renovation contract was S$11,711. According to renovation platform Qanvast, light renovation on a 4-room HDB flat (90 square metres) could cost around S$17,900 to S$21,480.
6. Preplanning helps you avoid common pitfalls
Read more….
Private property price rising.
HBD resale price decreasing.
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