Looking For Home To Buy – With inventory at an all-time low in many parts of the country, rising rents and a lack of new construction, the tide has become a seller’s market. But don’t despair, buyers.
Whether you’re looking to buy or sell, Aubrey has plenty of tips for you when it comes to navigating the real estate market.
Looking For Home To Buy
Pay attention to whether the house is clean and tidy. If they don’t make the beds, how do you think they maintain the heating and air conditioning?
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If it is also an open house, see how many more people are there. If you like the house, so do they – so you’ll want to move in soon.
Keep an eye out for new mechanical systems like heating and air conditioning that will help you avoid spending money on upgrades in the near future. Also, if the roof is new or well-repaired, this is another expense you won’t have to worry about anytime soon.
This is a seller’s market so don’t overestimate your position. The homeowner is responsible for the price, but they often argue with the real estate agent. It is no longer smart to raise the price in the expectation that the buyer will want to negotiate a lower price. Real estate buyers are now aware of all the information available online, and they know how much a home is worth.
Walls and floors have the biggest impact on selling a home. This is one thing you need to improve in selling. Paint the walls, it’s cheaper if you can do it yourself. Upgrade to wood flooring, or upgrade to new carpet. In general, you can expect to spend $10,000 to prepare your home for sale. To make money, you have to spend money.
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A higher return on investment means Whirlpool or GE, not Wolf or Viking. Not marble, but white tile. This is a good return on investment. You want to get a Buick not a Mercedes, too little or too much is not good.
Got a white fridge, white stove and stainless dishwasher? It’s like having a red Ferrari with gray doors. It looks broken and who wants to buy it? Get new, compatible devices. Failure to do so may result in sales charges.
Heavy/dark window treatments make homes look small and cavernous. They should be removed. Home Tips 8-Step Guide to Buying a Home Looking to buy a home in 2022? Check out our 8-step guide to make the process easier than you can imagine.
Planning to buy your first home? Naturally, it is not as simple as it seems. In light of the new cooling measures and the ever-changing real estate market, we’ve put together a new preparedness list.
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Whether you’ve already shortlisted the property, or are just starting to look, the following will help make a smooth transaction. Above all, look for timing issues, alternate dates and pre-approved loans to minimize the risk of costly mistakes.
It is advisable to start repaying your loan 12 months before applying for home loan. However, if you are a little late, it makes sense to start immediately (at least you can show the bank evidence that you will clear the previous loan).
This means that your home loan payments as well as all other debts such as credit cards and education loans cannot exceed 55 percent of your declared income. Note that this is slightly tighter than the previous 60 percent limit.
Use a mortgage broker to find the cheapest bank for a property loan (this will rarely cost you anything as most mortgage brokers work on commission from the bank).
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In any case, there are usually only two or three banks with the lowest fees. These are the banks you need to approach for In-Principle (AIP) approval.
This is the amount the bank will lend you if you buy the property. For HDB properties, your HLE letter is the same. You need prior approval for two reasons:
First, it ensures that you have the financing for the loan, and an option to purchase (OTP) or reservation fee (this deposit is non-refundable).
Second, it explains how much money you can borrow if you use a cheap bank; This will help you determine your maximum budget.
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Once you have a property listing, you can arrange a viewing with your realtor (or the seller’s realtor if you don’t use one). Remember:
Here is a guide on how to use the URA Master Plan. Be aware of future developments on surrounding lots that may obstruct your view, or create competition.
You really don’t want to find yourself surprised by a new development that blocks the view you paid for or faces construction noise or traffic because you didn’t do your homework.
Owner-investors should also check the overall plans for the neighborhood. Ideally, you want to be close to major amenities of the future, such as a new mall near your home or a future MRT station.
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The URA Master Plan is also a good tie-breaker when you don’t have two or three property choices.
The total amount available should be sufficient to cover the down payment of your property, plus Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD) if applicable.
Under the December 2021 cooling measures, you will need to be able to pay at least 15 per cent of your flat value before you can cover the balance. This can be in any combination of cash or CPF.
For example, if your apartment is worth $500,000, you should have $75,000 or any combination of CPF for the down payment.
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For banks, you have to pay the first five percent of the property in cash. Another 20 percent can come in cash or any combination of CPF.
So for the same $500,000 flat, you need $25,000 in cash and $100,000 in any combination of cash or CPF.
Stamp duty like BSD and ABSD must be paid within two weeks of purchasing your property. You can check the fares in the stacked guide.
Remember that for resale properties, the loan percentage applies to the appraisal, not the seller’s price. So if the property is worth $500,000 but the price is $470,000, an additional $300,000 will have to be covered in cash.
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As a general guideline, it is recommended that you save enough money to pay a 30 percent down payment on the property before you start buying.
You can own the property under joint tenancy (all co-borrowers are counted as a single legal entity) or tenancy (each co-borrower owns a specified percentage of the property).
At the same time, there should be a common agreement on how the property is used; Whether there are tenants, deciding how to sell, etc.
If you’re upgrading, it’s a good idea to contact a realtor for help. The issue of whether to sell your apartment before buying a condo (or vice versa) is complicated.
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For example, if you buy a flat before selling your flat, you will have to pay ABSD. You have only six months to sell your flat and get ABSD exemption.
This has become more critical with the cooling measures in December 2021. Singapore citizens will also now pay 17 per cent ABSD on second properties.
Remember that in some cases, you can take out two separate home loans at the same time; This can happen if you bought your previous flat before paying off the property loan.
At the same time, organize temporary housing and storage. An upgrader may need to move twice (eg, once to a rental property, then once when their new home is built).
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Ideally, you really want to be able to move houses without paying rent (the fact that the minimum rent is three months doesn’t help either). So it’s important to plan well to get it right – with the proceeds from the sale of your apartment, to be able to go on the right day.
When agreeing on a final price for your home, remember that you will still have repair costs afterward. For most three-bed units it’s usually $30,000 to $50,000, and that’s if you’re being conservative.
Along with prices, labor and labor shortages have slowed down contractors. This may mean delays in renewals that may lead to the need for temporary accommodation.
Also note that most refinance loans are limited to six months or $30,000 of your income. The interest rate can be three to four percent per annum.
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If you want to make repairs without using a loan, you may need to save more than the down payment.
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