5 Questions to ask when buying a home

Knowing what to ask when you purchase your new home is critical to your success as an investor and a home owner. We breakdown the questions to help you in your purchase of your home.

This is the most important but one of the most difficulty question to ask. In fact by knowing the answer to the question you can determine what you can afford to buy.

1. Is this your first property?
   Understanding if the individual has prior experience in property ownership can influence budgeting decisions and potential additional costs like ABSD

2. Are you willing to pay for ABSD (Additional Buyer Stamp Duty) if this is your second property investment?
   Knowing whether the investor is prepared for ABSD, which varies based on property type and residency status, is crucial for budget planning

3. Is the property that you intend to purchase meant for staying or for investments?
   Distinguishing between buying for personal use or investment purposes impacts budget allocation, rental income considerations, and long-term financial goals

4. Do you have a budget for an HDB, Executive Condo, or a Condo?
   Identifying the preferred property type aligns with budget constraints, investment objectives, and potential rental income expectations

These questions aim to clarify the individual's property investment goals, financial capacity, and risk tolerance to make informed decisions regarding budgeting and property selection.

After an extensive search for a family home within your budget, you have discovered your perfect property. Upon comparing it to other condos in the area, you notice that your ideal home is priced lower than similar properties. While this may seem like a fantastic deal, it raises the question of why the current owner is selling at a discounted price compared to neighboring properties. The reason behind this lower price may remain unknown, adding an element of uncertainty to the perceived bargain.

Understanding your time frame is crucial when considering buying and selling properties. If you require assistance in planning your time horizon for optimal buying and selling decisions, consider the following questions:

1. Do you need to sell your current home before purchasing a new one?
2. Are you looking to move into your new home within the next six months?
3. If you have bought a new condo, can you accommodate potential construction delays and wait for three to four years until its completion?

While many aspire to own and drive a car, the reality is that the expenses associated with car ownership and usage are notably high. As society shifts towards a car-lite culture promoting public transportation, the costs and convenience of traveling in Singapore are key considerations. Properties located near the MRT system tend to carry a premium as buyers and tenants prioritize accessibility and are willing to pay more for the convenience of living close to efficient transportation networks. This preference reflects a choice to invest in housing with proximity to transportation options rather than incurring additional expenses related to private vehicle ownership.

While many aspire to own and drive a car, the reality is that the expenses associated with car ownership and usage are notably high. As society shifts towards a car-lite culture promoting public transportation, the costs and convenience of traveling in Singapore are key considerations. Properties located near the MRT system tend to carry a premium as buyers and tenants prioritize accessibility and are willing to pay more for the convenience of living close to efficient transportation networks. This preference reflects a choice to invest in housing with proximity to transportation options rather than incurring additional expenses related to private vehicle ownership.