First Time Home Buyer Living Overseas
Worried About Being A 1st Time Home Buyer ?
What are the rules and regulations that you need to take note of?
These are one of the many questions that we get all the time.
We hope to be able to share the information with you . If you are buying a HDB flat for the first time, you might want to check out the HDB grants that I can apply .
Client Profile Caleb is a Singapore Citizen who is married to Felicia , a Singapore PR who has been working in Hong Kong for the last 10 years.
He wanted to plan ahead in terms of enrolment for the school for his son and had many questions about what to look out for, being a First Time Home Buyer.
He wanted to take advantage of the stamp duty as a First Time Buyer but is
unsure of what he was looking for
wants the singapore real estate market.
Description of case study
In June 2019
Caleb engaged Storeys for a Buyer Representation in purchasing a place in Singapore.
Caleb and Felicia went through a Needs Analysis with us.
It was either a 3 bedroom condo or a HDB flat that was not too old.
Felicia wanted good amenities with easy access to the buses and trains.
It was for own stay and also for investment. ( which we understand can be quite difficult to decide sometimes)
We spent a good amount of time in identifying the primary school of preferences.
First Time Home Buyers have the advantage of Leveraging on the mortgage loans of 75%.
We also shared with them the Properties to look at that are below $1.5 million
Having been overseas for a long period, we shared our point of view about the Singapore real estate market and what are the things to look out for in buying a resale flat versus buying a condominium.
First we calculated our Cashflow and Leverage and later proposed a system where he would be able to paydown his mortgage by renting out the property for the duration while he was still living in HK.
Caleb and Felcia were happy to go our proposal and hence flew back to Singapore over a weekend for 4 days in search of the property.
Day 1 We narrowed down to the specific schools :
Ngee Ann Primary, Kuo Chuan and Maris Stella and we searched within the 1KM.
Applications on the Mortgage Loans
Day 2 Viewings
Day 3 Ananlyse Pros and Cons for individual units
Shortlisting & Negotiate
Day 4 Prepare paperwork at the law firm and issue a Power Of Attorney for the ease of managing the property before the Caleb and Felicia relocates back.
Mission accomplished and the family is able to fly back knowing they would be able to move into their new place in due course with a piece of mind.
Learning points Buying a home can be very stressful, especially if you are living overseas.
Caleb and Felicia were very happy that Storeys understood the stress of being a First Time Home Buyer.
We took the stress away from them and created an open and seamless home buying journey.
They flew back to HK knowing that they were in good hands and were preparing for the ownership of a HDB flat
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