A first-time homebuyer must not have been an owner of an HDB flat. This includes resale and ownership transfer of HDB flats. They should not have sold an HDB flat. They also have not taken other kinds of house subsidy like the Selective En bloc Redevelopment Scheme or HUDC estate privatization. No foreigners are allowed to buy an HDB flat. However, they are allowed to rent one for up to 18 months.
Only a Singapore citizen or a permanent Singapore resident can own a landed property. Foreigners are not allowed to own one even if they can pay the cost of buying a house in Singapore. Thus, this is not an option for foreigners.
However, there are a few things that you need to understand if you are looking to buy a house for the first time. One of them is hiring a professional lot inspector. It is a requirement that you have someone do an inspection of the house and land before purchasing it. In addition, each landed property has a maximum allotted number of floors. This means that if the landed property has 2 floors allotted, you can’t build a three-floor home. Thus, you need to follow the floor allotment rules.
Condominiums have less strict requirements. Anyone can buy the cheapest freehold condo in Singapore. This means that even foreigners can own a condominium. That is assuming they can afford the Singapore house prices of condos.
Grants are not common when buying even the cheapest freehold condo in Singapore. However, there are a lot of mortgage bank loan options that anyone, even foreigners, can avail. Researching for the right mortgage bank loan for you is vital if you are a first-time condominium buyer.
What type of house to choose from?
After discussing who are the first time home buyers, let’s now cover what type of house you should buy. This will help you compare the Singapore house prices of each type. Thus, you’ll be able to prepare the amount for the cost of buying a house in Singapore.
The Housing Development Board flats are subsidized housing for Singaporeans. It is the cheapest housing option with low Singapore house prices. They have many styles like Executive Condominium (EC) and Design, Build and Sell Scheme (DBSS).
Many individuals are preferring to live in condos. That is because even the cheapest freehold condo in Singapore offers a lot of great benefits. One of them is access to exclusive private facilities. Condos are compact but they are also spacious. Security and privacy are also some of the reasons why they prefer condos. In addition, tenants are also given more freedom to do what they like in the condominium. They can choose how to design and make arrangements for their house. Pets are also allowed in condominiums.
Owning a landed property is considered a big investment. Landed properties can gain appreciation because of property scarcity. In addition, all the renovations and upgrades you do will be included in the selling price cost. Land property owners had the freedom to design their homes as they please. They can choose both an interior or exterior design of their liking. They also had their personal space since they are not sharing land with others.
What housing grants or loans are there?
HDB flats have no cash downpayments, especially if you bought one through an HDB housing loan. There are also continuous fixed-rate loan offerings. However, that option usually has higher interest rates. You can also apply for a grant to cover the cost of buying a house in Singapore. This will be based on the salary of the home buyer.
A bank loan is what is applicable to condominiums. That is the point since they are regarded as private housing. They have pricey cash down payment even if it is the cheapest freehold condo in Singapore. Usually, the down payment is at least 5% of the Singapore house prices. Continuous fixed-rate loans are rarely offered. Usually, floating rates will be applied after 3-5 years.
There are no grants offered for landed properties. Usually, mortgage bank assistance is used to cover the costs of buying a house in Singapore. They have pricey cash down payments. Their interests are also floating interest rates. This means that the interest rates will change after 3-5 years.
Find your new home today
Finding your new home is not difficult. It can only be a bit laborious with a lot of decision-making to do. However, once you settle what kind of house to get, the next step is to find the house that fits your criteria. Here at SRX, we listed great properties that you can buy at affordable Singapore house prices. Explore our website to find your new home today.