{"id":8174,"date":"2016-03-11T07:30:24","date_gmt":"2016-03-11T00:30:24","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/budgeting-tips-for-aspiring-homeowners\/"},"modified":"2016-03-16T21:08:49","modified_gmt":"2016-03-16T14:08:49","slug":"budgeting-tips-for-aspiring-homeowners","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/budgeting-tips-for-aspiring-homeowners\/","title":{"rendered":"Budgeting tips for aspiring homeowners"},"content":{"rendered":"


\n\u00a0
\nYou\u2019ve decided it\u2019s time to go house hunting, and budget is chief among the various relevant considerations. As with big decisions and major purchases, there are a number of crucial factors to be included when budgeting for a home. We have compiled some tips to help you in the process.
\n1. Determine your type
\nFirst and foremost, there are two things to establish: the type of house you want, and your buyer status. Are you looking at a HDB flat, a condominium or a landed home? Are you single, or buying together with your spouse or spouse-to-be? Are you a Singapore citizen, permanent resident (PR), or foreigner? Regardless of your marital status or nationality, you can buy a condo or landed home if you are at least 21 years old. If you are single, you are eligible to purchase a HDB flat only if you are at least 35 years old; married or engaged couples can buy HDB flats as long as they are at least 21 years old. However, do note that foreigners cannot buy HDB flats, and PRs can buy HDB flats only if they are resale units.
\n2. A buyer\u2019s duty
\nAs a home buyer, you will be subject to a Buyer\u2019s Stamp Duty (BSD), which is tax payable on the house\u2019s selling price or market value, whichever is higher. The system of payment is as follows: one percent on the first $180,000 of the price agreed upon by both buyer and seller, two percent on the next $180,000 and three percent on the rest of the price. This applies to all buyers, regardless of nationality and marital status.
\nIf you are a PR, you will be subject to five percent Additional Buyer\u2019s Stamp Duty (ABSD), whether you want to buy public or private housing. Foreigners buying private property will be subject to 15 percent ABSD.
\n3. Doing up your living space
\nMost new homes come with standard fittings, such as bathroom and kitchen fixtures. Many condos even come with wardrobes, cooker hoods, washers and more. However, you would still have to set aside a budget for furniture and d\u00e9cor. Your budget will depend on where you want to shop and whether or not you are planning to hire an interior designer. The former will likely cost less, but requires more time and effort on your part. The latter will cost more due to the design firm\u2019s services, but you will spend less time shopping.
\nIf you are buying a house from its current owner, you may wish to renovate it. This is the costliest, most time-consuming option; be sure to hire a reputable contractor and, if you so choose, a reliable interior design firm as well.
\n\u00a0<\/p>\n

This article was first published in the print version The PropertyGuru News & Views. Download PDF of full print issues or read more stories now!<\/p>\n


\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Budgeting tips for aspiring homeowners<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 You\u2019ve decided it\u2019s time to go house hunting, and budget is chief among the...<\/p>\n","protected":false},"author":1,"featured_media":8175,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-8174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/03\/footer_011.gif?fit=710%2C9&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-27Q","jetpack-related-posts":[{"id":106919,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/can-you-buy-a-subsidised-bto-flat-for-the-3rd-time\/","url_meta":{"origin":8174,"position":0},"title":"Can You Buy A Subsidised BTO Flat For The 3rd Time?","date":"May 8, 2019","format":false,"excerpt":"\r According to MND, HDB received around 790 appeals to purchase a third subsidised flat over the past five years. Of this, around 170 have been approved. 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