Step 1: Decide financially whether you’re ready to buy a new home. Be sure of your Total Debt Servicing Ratio (TDSR) limits and monthly commitments!
Step 2: Once you’ve decided on a new home, start to work on the timeline on when you can move in. Decide on the financing options (HDB or bank loan), look for SmartMortgage to find out more!
Set aside funds for temporary lodging if required and don’t forget to set aside budget for renovation works too!
Step 3: Speak to your conveyancing lawyer. Your lawyer will check on any outstanding property tax on your new home, as well apportioning such taxes between you and the seller. Remember to update IRAS after the transfer of property.
Step 4: Lastly, contact your financial advisor. You’ll need to find your own home content insurance, and (for private properties) your own Mortgage Reducing Term Assurance (MRTA). A financial advisor should help you source for the best-priced home content insurance policy, as well Mortgage Reducing Term Assurance (MRTA).