BUY

In a city that never stops growing, owning a property in Singapore is a fantastic decision. But this can be daunting when you are first entering the market.

Owning an apartment, flat (HDB/private) or house to call a home does not have to all bad news. With some careful planning, extensive research and a good agent, you can have exactly what you want without breaking the bank. 

Here are some things to consider when buying your house:

Location

We’ve all heard the famous saying – “It’s all about location, location, location”. When Donald Trump says it, he really means where you should buy to grow your money. But let’s consider all other things as well. Your house will be the biggest investment you make and if you plan to live in it (the alternative is to buy it purely for investment, in which case, follow Mr Trump’s advice), you should also make a list of how liveable the area is. Do you value serenity and peace or would you prefer to be within walking distance to everything? Would you like a home close to work and your kids’ schools? Are you looking for somewhere with easy public transport connections? Making a list of these priorities. And keep in mind that some of these can also affect the value of your property in the future.

For a more in-depth discussion, visit my blog post -

Budget

It is, after all, all about the dollar dollar bills. As a good rule of thumb, your monthly mortgage payments should not be more than 30-35% of your monthly salary. While you can reduce the burden by taking on a longer loan period, these are decisions you will have to make. There are some great loan calculators that can help you decide how much you can really afford:

Link to loan calculator

For a more in-depth discussion on financing, visit my blog post –

Your life

Where is it headed? Do you think you will staying in Singapore for the long term? There is a breaking point where buying is definitely better than renting. Don’t rush to buy a property if you are only here in transition.

Check out this fantastic New York Times platform that makes the decision easier: http://www.nytimes.com/interactive/business/buy-rent-calculator.html