By Joanne Poh, via moneysmart.sg
Buying a home in Singapore is a complicated procedure. Unless you’ve got the dough for private property, you’re pretty much stuck playing by the HDB’s rules: get married or be over 35. For most people, that means when you can buy a home is something that has to be left up to fate.
But buying a home as early as you can does have its advantages, assuming you can find somebody who is willing to do so with you. Here’s why:
Know exactly where your money will be going. (via dollarsandsense.sg)
By Dinesh Dayani (via dollarsandsense.sg)
Everyone in Singapore should fully understand what really happens to our money once we have sold our HDB flat, private condominium or landed property in Singapore. This is so we can prudently use the money we have for financial planning purposes – investing, buying another property, even starting a business or promising to pay for your children’s education.
Often, people receive less in cash than they had expected for various reasons. If they commit to using the bulk of that money for other purchases or investments, they may be in for a rude shock after seeing the cash balance in their bank accounts.
By Joanne Poh (via moneysmart.sg)
There is a reason the overwhelming majority of Singaporeans continue to live with their parents until they’re married—the right to walk around naked at home isn’t worth dying of starvation for.
While married couples and over-35s can take advantage of government grants to buy HDB flats, the rental market is another story. The cost of renting the cheapest possible one bedroom condo unit in Singapore in an area as far flung as Bukit Panjang can cost around $1,500 a month, and when you get closer to the city fringe you can end up paying 50% to 100% more.
SINGAPORE: The Monetary Authority of Singapore (MAS) said on Thursday (Sep 1) that it is fine-tuning the refinancing rules under the Total Debt Servicing Ratio (TDSR) framework to allow borrowers more flexibility in managing their debt obligations.
The move was in response to feedback from some borrowers who are unable to refinance existing property loans owing to the application of the 60 per cent TDSR threshold, MAS said.
By Seng Bingyang, Consultwho.sg
SINGAPORE — In my role as a financial planner, I observe a worrying trend amongst the many young professionals whom I advise and speak with.
Whenever I ask them about their three-year term goals, many will list purchasing their first home as one of their top priorities. However, they often admit that they don’t really know where to start nor understand the necessary considerations when it comes to buying their first homes.
Talking about your income is awkward at best and rude at worst—but knowing where you stack up is an important negotiation tool. Websites like Glassdoor allow you to anonymously compare your salary to others in the same or similar fields, but how does that compare to the national average? Or the average salaries of other countries? A calculator on the CNN Money website can now give you this valuable perspective.
Some condos being run as serviced apartments | asiaone.com
SINGAPORE : At least two projects nestled in a mature residential precinct in District 9 near Somerset are being run as serviced apartments – despite not having the regulatory approval to do so – and a third one is opening.
Oxley Thanksgiving Residence, a freehold condominium at 328 River Valley Road owned by Chinese temple Poh Ern Shih, and St Thomas Lodge, which also sits on freehold land at 32 St Thomas Walk, are listed for short-term stay on the website of accommodation service provider Atas Residence.
The Business Times’ visit to these projects confirmed that they are being run as serviced apartments.
A third property, Devonshire Apartments at 17 Devonshire Road, has just undergone a major renovation, and the units there are understood to be starting a new chapter as serviced apartments this month.
BT’s query to the Urban Redevelopment Authority (URA) confirmed that these three properties are currently approved for residential use, but “do not have planning permission to be run as serviced apartments”. Read more >>