Almost everything that turns up successful requires your deliberate effort to plan. You should apply the same principle when considering visit the new launch showflat. And, even though this is not your first time to own such property, do not take the following advice lightly to guide your purchasing options. You have worked pretty hard for that cash. So, it only will make sense if you can put it into good use. You do not want to lose it to unnecessary fees from not following any real estate requirements for buying show suites.
So, here are a number of the initial checks that you should never ignore:
Know Your CPF Limit
It is a little quick and easy for first-time showflat buyers to determine their CPF limits. All they need to is to check the maximum CPF amount that their Ordinary Account can fund. For repeat property buyers, you might need to fulfil the 2013’s minimum sum from your OA as well as from your Special Account. If the total amount is well over $75,000, that makes your first qualifying factor to buying that showflat. If you still cannot get your mind around this, inquire further from your real estate agent to know how exactly you can determine your CPF limit.
Getting Approval for Your Mortgage Loan
Having enough money to buy the showflat does not necessarily mean that you should not consider getting your mortgage AIP. Industry requirements state this as among principal things that you must do whenever you are considering buying any property. Getting approval for your mortgage loan will help you set a budget that will cover for all the property purchasing fees.
AIP details on the much your bank can lend for the property you are purchasing. Moreover, it is free and takes three days only for your bank to respond to your request. If you have followed the approval process well, you will have no problem with your bank starting to process your mortgage loan.
Knowing the ABSD Bracket You Fit
In today’s real estate market, it is advisable that you keep checking with your agent the specific ABSD bracket into which you fall. First-time property buyers have an expressway here; they do not have any ABSD duty to cover. But, for recurrent property purchases, it is important you factor in the seven-ten per cent ABSD tax when planning for your show suite purchase. Permanent residents, however, only have to cover an ABSD tax of five per cent. All foreigners buying property locally have a 15% tax to shoulder.
Additionally, understand how both the local Balloting system and NPPS Scheme might influence your showflat purchase decisions.
It is great that you have found a showflat of your dreams. From the show gallery, it was clear that that was the exact size and design, and the interiors were near-perfect. And, you have the money! So, what is keeping you from purchasing your next show suites? Nothing. But, to reiterate, remember to follow every step of the industry’s showflat buying guide. You also will find it helpful to confirm the level of reputation of the real estate agent that will be handling your property purchase. Be as diligent as you were when you were buying your first condominium. DO not only depend on your experience.