Yahoo Finance 
What you need to know before buying a home in Singapore
By Fiona Ho
Buying a home will likely be one of the most significant events of your lifetime. That’s why it is vital that you’ve got all the details sorted out before you proceed with your purchase.
Here are 5 things you need to know before buying a home in Singapore.
1) The right real estate agent can lead you to the right home
Whether you’re looking for an affordable new project in the Central Region or an older freehold apartment that is a value-for-money buy, it’s a good idea to find someone who knows the property landscape better than you.
The plus point is agents get paid a commission after a home is sold, so you don’t have to worry about costs upfront. However, not all real estate agents will do the same great job so make sure you do your research in order to secure a good one.
A starting point is to look for one with top-notch credentials and possess a proven track record. It’s just like interviewing candidates for a job, so talking to a potential agent’s former clients could help you determine whether they’re a right fit.
2) Knowledge is power
The adage that “knowledge is power” could not ring truer for property seekers. Before you start asking your family and friends for their advice, take the time to educate yourself about the market as well as all aspects of the property-buying process, which includes mortgages, trends and comparable properties.
You will then be able to filter out everyone else’s experiences and advice and rely more on your own research. There is a wide range of resources available – check out the Urban Redevelopment Authority or EdgeProp’s Property Calculators and Market Trend tools for a start.
3) “Anyone can buy a good house, but good neighbours are priceless.”
As the Chinese proverb goes, good neighbours are hard to come by. Just ask the folks at Block 157 Serangoon North Ave 1 who got a shock when a neighbour came to complain about noise levels on Christmas Day, and ended up attacking the gate and windows with a chopper. The 61-year-old woman was eventually tasered by the police and arrested for criminal intimidation.
Other concerns include rude and noisy neighbours, or those who may have run into financial problems and are being harassed by debt collectors.
So if you’re planning to buy a resale unit, it could be wise to first recce the neighbourhood and talk to people who live in the area. As a rule of thumb, it’s always good practice to go for separate viewings during different times of the day and on different days of the week to get a good overview of potential neighbours. While the “perfect neighbour” doesn’t exist, it’s good to know upfront what you’re getting into.
4) Your eligibility to buy property
Whether you are looking to buy a HDB flat or condo, you must first ensure that you fulfil the criteria for the purchase. For instance, Singaporeans who are single are eligible to purchase a resale HDB unit only when they are 35 years old and above.
Meanwhile, Singaporeans who already own a HDB flat, DBSS flat or Executive Condominium must first fulfil the Minimum Occupation Period (MOP) to be eligible to buy private property. The MOP is five years and you will be required to stay in the flat throughout the duration before you are allowed to purchase a private property.
Meanwhile, permanent residents will be required to sell their HDB flats within six months of buying private residential property.
5) Hidden costs
Everybody warns you about this, but it doesn’t really hit you until you realise you have to pay stamp duty, additional buyer’s stamp duty (ABSD), monthly maintenance fees, home insurance premiums, and the list goes on.
Strange and unexpected costs can also sneak up on you – broken heating systems, a faulty electrical circuit, plumbing, etc. While these may not be the most crucial aspects in the home-buying process, they tend to cause a huge dent in your finances when you least expect it (and usually when you’re already tight!).
Above all, remember that your main priority is that you should absolutely love the home that you’re buying! It will cost a lot of money, time and work, but it will also be where you will live, love and build memories for many years to come.
This article was contributed by Edgeprop.sg
