SG Budget Babe
Asked by Anonymous
Asked on 11 Aug 2018
Consider the following:
Who will be staying in the house? The needs of a young couple vs family including babies and elderly can be very different. Example, young couple do not require a larger place at moment but if they can afford then yes please go ahead while a family will definitely require a larger house which resale may be a better idea.
Financing. How are you going to finance this (cpf/cash) and do you have enough liquidity? I know of a couple who threw in all their savings and now they're struggling to keep afloat. Select something that fits into your budget.
Location. Do you prefer a certain estate due to the vibe or accessibility? How about the maturity of estate? For myself I'd definitely avoid punggol at all costs because of all the young couples having BTO in the area now and the density of the estate isn't what I like. Can you accept somewhere quieter and slightly further from MRT for a lower price point? Even the floor storeys matter if you're selecting a HDB or Condo. I know of people who would never take 2nd floor house (I was one of them too) but now to think of it I can run the fastest if anything happens 😂
Do you plan to sell your house and change to something bigger or smaller in 5-10years time? If you have then it probably doesn't matter but if not and you are planning to form a family; the location of the schools around you would makes a difference.
The community and your MP. Some estates have better facilities (think parks, bigger community centres and library etc.) If you're an avid jogger who loves nature; consider this.
Hope this helps!
Important factor is whther your income level is able to sustain the mortage repayment. Always buy a home within your means
Other factors to consider is vicinity to amenities. I realise having a home close to a food outlet is very important, epecially families these days do not cook. Make sure there is one within 10 minute walking distance!
For me it was:
Location - I wanted to be near our parents
Price - I didn't want to pay too much for a house and struggle with monthly repayment of mortgage.
Accessibility - how many buses goes to the nearest MRT? What are the amenities nearby?
As you can see I didn't put in age of house because my concern was on cost. I was getting a flat in a mature estate so going for a way older flat can mean the difference of half the amount as compared to a 5 year old flat
I did a video with Moneysmart and Michelle Chong on this topic. So I hope the link below helps!
See all 3 comments
Depending on your needs, my buyers below 30 usually look out for their children, ease of transportation and walking distances to schools. My buyers below 50 usually look to upgrade to a smaller condominium for them to enjoy as their kids move out. Let me know more about your lifestyle and I can advise you better. Cheers!
Age of the place
Can I sell it
what facilities are around the location ?
Consider what YOU want.
Are you going to live in your house forever? Or are you looking to sell and upgrade to a second property a few years down the road?
How much does location matter to you? (This will restrict your choices)
How will you finance your home? Cash or CPF? (additional reading: http://www.sgbudgetbabe.com/2018/01/why-i-wont-be-using-my-cpf-to-pay-for.html)