How do you budget for a home in Singapore?

For us personally it was- how much hle are we given? And from there, we looked at homes that allowed us to get our desired location, size etc that ensures we do not overspend on housing! A home is but a place after all, there's no need to show off where you're living in my opinion!

I always remember all the juggling and googling i did for my first home :) its a good life experience and damn big sense of achievement by the time I moved in.

1. 5% cash downpayment for bank loan (0% cash needed if u have CPF for HDB Loan)

2. renovation. A simple guide (guide only!) is roughly at least $30,000 for 3rm flat, $40,000 for 4rm flat, $50,000 for 5rm flat. Of course you can easily burst this budget if your design is more fanciful. (NOTE: renovation loan at low interest is available, just fyi)

3. Furnitures. Main would be sofa, dining table, coffee table, and bed

4. Electric appliances :- fridge, washing machine, TV, computer, microwave

For 3 and 4, just check out online courts or Havey norman or IKEA category to estimate how much you need.

More info on the hdb vs bank loan:-

For a HDB loan, you only need 10% downpayment of which it can be fully via CPF.

for bank loan, you need to fork out 25% downpayment out of which at least 5% of of the property price must be paid in cash (NOT CPF)

So if you want a better deal with bank lower interest rate:- You need to budget for 5% cash downpayment.​​​

Based on your income determine how much mortgage you can get and the monthly repayments you can afford. From there determine the price range of the property you can get (including reno costs) and search for one that fits your needs.

1) Income of you and your spouse

2) Amount of expenses, and in turn, amount you both can afford to pay for the house (installment, utilities)

3) House price

4) House location and amenities

5) Renovation required