Buying a Mega Development Condo? Here are 5 Overlooked Issues You Should Know
TLDR In the world of mega-developments, living in a large condo with over 700 units can bring challenges like ongoing...
Read More
TLDR
When aiming to purchase a home, it is crucial to gain knowledge about the buying process and track your spending to prioritize saving. Consider leasing out your property for additional income and engage in financial discussions with your partner. Evaluate the right time to buy or sell by seeking strategic real estate advice. Stay informed about market trends and make data-driven decisions to navigate the real estate landscape effectively.
You aspire to become a homeowner someday. However, the complexity of the real estate market coupled with the high cost of owning a home can be daunting.
Moreover, the competition for available homes is fierce.
The good news is that there are actionable steps you can take presently to steer yourself towards achieving this goal in the future.
1. Gain Knowledge About The Process Of Purchasing A Home In General
To begin with, it is advisable to acquaint yourself with the process of purchasing a home. I have provided a comprehensive guide outlining the necessary steps for buying either a resale HDB flat or a condo
You can refer to these articles for further assistance.
Purchasing a home is a significant life decision and requires a substantial financial commitment. It is crucial to have a clear understanding of the process, regardless of your age.
The process can be challenging due to various factors that need consideration, such as affordability and eligibility for the specific property you intend to buy.
Therefore, it is essential to be well-informed before making any decisions. The accumulation of wealth can be achieved by leading a modest lifestyle.
2. Track Your Spending
To give practical financial advice to young people, it’s important to keep track of where your money goes by calculating your expenses.
Opt for savings whenever possible and remain committed to your financial objectives. To determine your monthly and annual budget, tracking your expenses is crucial.
To create a tracking sheet, you can utilize free templates available on Google Sheets that require you to enter your expenses, such as food, travel, and entertainment.
This will help you identify areas where your funds are being depleted excessively. Ultimately, this will assist you in saving up funds to finance your future home.
Need Vs Want
It’s important to know where your money goes and what you spend it on. This will help you remember an important tip when you come across a tempting deal: distinguish between what you need and what you want. This will help you focus on achieving your long-term goals.
For example, if you aspire to own a house someday, you should research the current property market and forecast how it may change in the next few years.
With this knowledge, you’ll be motivated to reduce unnecessary expenses and save more money.
3. Prioritise Saving
Accumulating wealth can be achieved by leading a simple lifestyle and making small changes in our daily routine, such as taking public transportation instead of a cab, drinking water instead of cafe coffee, and choosing a more affordable holiday option.
These minor adjustments can potentially save us thousands of dollars annually. While implementing these changes may seem challenging at first, it is important to commit to cultivating good habits gradually over time.
To prioritize saving, it is advisable to eliminate any unnecessary expenses in our lives.
4. Consider Leasing Out Your Initial Property And Renting A More Reasonably Priced Alternative
If you are thinking of investing in property, this plan could be beneficial for you.
You can rent out your newly purchased condo for $5,000 and live in a smaller, more affordable HDB flat that costs only $2,000.
This will give you a monthly income of $3,000 or an annual sum of $36,000, which can help significantly in paying off your mortgage.
On the other hand, if you invest in a private property for your personal use, you may not be able to earn any money from it.
Additionally, this move could exhaust most of your savings and increase your mortgage, leaving little cash for other investments.
Engage In A Conversation With Your Partner And Discuss The Matter At Hand
When preparing for marriage and a family, it is crucial to have a serious discussion with your partner regarding your finances.
It is important to consider having two incomes in the household, as this can help alleviate financial stress.
To manage both work and parental responsibilities, you may want to seek assistance from retired parents or in-laws who are willing and able to help out.
Proper management of combined incomes can also lead to increased savings each month.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
You May Also Like …
Why It’s Not Financially Sensible to Pay Off Your HDB Flat Home Loan in Advance
TLDR When deciding whether to repay your HDB flat loan early, consider the limitations of not being able to obtain...
Read More
5 Things to Know About Singapore’s Public Housing System
5 Things to Know About Singapore's Public Housing System With over 80% of Singaporeans living in public housing, it's important...
Read More
Top 5 Tourist Attractions in Singapore
Top 5 Tourist Attractions in Singapore Singapore, a vibrant city-state located in Southeast Asia, is known for its diverse culture,...
Read More
When Should You Consider Investing in Singapore Property, and When Should You Avoid It?
TLDR Investing in real estate is a complex decision influenced by personal goals, investment horizon, rental plans, and financial liquidity....
Read More
Top 5 Best Alternative Music Venues in Singapore
Singapore, a vibrant and bustling city-state, is known for its diverse culture and thriving arts scene. The city's love for...
Read More
Here’s How Property Data Can Be Misleading: Navigating Through Common Misunderstandings
TLDR When comparing property prices, discrepancies can arise due to various factors like timing of purchase, scarcity in niche projects,...
Read More
5 Tips : How To Choose The Right Property Agent To Help With Your Singapore Property Investment
Choosing the right property agent is crucial to the success of your Singapore property investment. A good agent can provide...
Read More
CPF Accrued Interest On Housing: Learn What It Is and How to Calculate It
TLDR Understanding the CPF accrued interest on housing loans is crucial for Singaporean homeowners. When using CPF funds to finance...
Read More
Top 5 Trends And Developments That Will Shape Singapore’s Property Market In The Next 5 Years
Singapore's property market has always been a dynamic and evolving landscape, attracting both local and international investors. As we look...
Read More
5 Reasons : Why Singapore’s Rental Market Is Still Lucrative For Property Investors
Singapore's property market has always been an attractive investment option due to its stability and potential for high returns. While...
Read More
Singapore’s Property Market: Will the Newly Proposed 2023 Cooling Measures, Including a 60% Foreigner ABSD, Make Waves or Mere Ripples?
TLDR The recent surge in Additional Buyer's Stamp Duty (ABSD) rates in Singapore targets mainly foreigners and entities, with rates...
Read More
6 Essential Factors HDB Upgraders Should Be Aware Of Before Purchasing a Condo in 2023
TLDR When upgrading your property, consider factors like rental rates, Buyer's Stamp Duty adjustments, higher interest rates for bank loans,...
Read More
The Top 5 Impact Of Singapore’s Ageing Population On The Property Market And Investment Opportunities
Singapore's ageing population is having a significant impact on the property market and investment opportunities. The top five effects include:...
Read More
Top 5 Boutique Shopping Streets in Singapore
Singapore, a cosmopolitan city-state known for its vibrant culture and diverse shopping scene, offers a unique blend of modern malls...
Read More
Discover the Optimal Timing to Invest in Singapore Real Estate: Unveiling Historical Insights
TLDR When considering the best time to buy or sell a property in Singapore, historical data analysis reveals key insights....
Read More
Top 5 Thai Restaurants in Singapore
Singapore, a melting pot of cultures and cuisines, is a food lover's paradise. Among the myriad of dining options available,...
Read More
5 Reasons Why Singapore Loves Investing in Properties
Property investing is a popular and lucrative option in Singapore due to several reasons. Firstly, Singapore's stable and growing economy...
Read More
Is 2024 the Perfect Moment to Refinance Your Home Loan? Discover What Homeowners Should Consider!
TLDR The article covers the shift to SORA for home loan rates, urging consideration of refinancing options amidst rising rates....
Read More
5 Tips To Spot Winning Investment Properties In Singapore
Investing in real estate is an exciting and potentially lucrative venture. In Singapore, a thriving property market attracts both local...
Read More
