Buying a property in Singapore at 35

If you just turned 35, congratulations on reaching yet another milestone which will create amazing new opportunities such as buying your first property in Singapore!

At this prime age, you will be able to buy a HDB under the Singles Scheme. However, before you start buying a property, here are four tips that you should first consider.

Always start with the end in mind when buying a property

Because 35 is still young and your first property, there is a very high chance that it will not be your last. Your life plan can change at any point. So ask yourself these questions:

• What is your plan after purchasing this property?
• Will there be a potential upside/profit by selling this property in future?
• What is your exit plan if there are any life-changing events?

Buy a property that will hold its value

The value of each property is subjective from one buyer to another. But a surefire sign that your property will fall in value is when the properties get too old.

Buyers know that once the 99-year lease is up, there is no value in the property. Additionally, the age of the property will restrict the number of buyers due to the CPF maximum withdrawal amount.

For example, when buying a flat with a remaining lease of 60 years, only those who are 35 and above can buy without touching their cash savings. With a smaller pool of eligible buyers, it will be harder to sell the property.

Financial powers when buying a property at 35

This consists of your income, your liquid assets, your CPF monies and types of grants that you are eligible for. The fastest way to check on the affordability of the property is if you have 30% upfront cash of the property price. However, I will always recommend that you have at least 6 months of your income saved first.

Singles buying resale HDB flats are eligible to get up to $80,000. For those with income less than 7k, you can apply for HDB housing loan and buy the property without touching your cash saving.

Timeline for buying a property in Singapore

Ask yourself: Do I need the property immediately or do I have an alternative place to stay?

Owners of BTOs and newly launched projects are usually making the most profit. Most buyers are willing to pay more for a completed project or resale flat. This is because most property buyers do not have the ability to wait 3 years for the construction of the project. If you can buy a BTO or newly launched project, I would recommend you to do so. For singles planning to buy a BTO, you are only eligible to buy a 2-room flat in a non-mature estate.

If you need a place to stay urgently, purchase a property with the last 3 advice in mind.

Engage a qualified property agent to ease your mind

So these are my four tips for any 35-year-old. If you have any other questions or queries, I’m just a phone call away.

Find an agent who serves, not sells.