If you are in the midst of acquiring a new home in Singapore, we’ve prepared a list of common costs that may help with your budgeting.
The hefty cost of owning a new home can be quite a financial burden but with meticulous planning, you can surely shave off some expenses without compromising your idea of a dream home.Creating a budget is an important first step to ensuring you will not spend beyond your means or over-leverage financial facilities that can get you into insurmountable debts. Be precise about how much cash and CPF funds you have, then allocate them carefully to your list of housing expenses.
If you intend to take out a home loan or renovation loan, do take note that the Monetary Authority of Singapore imposes a total debt servicing ratio that limits borrowers to utilising only 55% or less of their gross monthly income to repaying monthly debt obligations. Home buyers must also adhere to the loan-to-value limits that are set at 85% for HDB loans and 75% for bank loans.An overhaul of home flooring counts as one of the most expensive items in home renovation.
Try to avoid using natural flooring materials such as marble, granite and timber on large areas. These materials may offer a more classic finish but they are relatively expensive and require more maintenance. Consider moreSource: Unsplash When it comes to furnishing, opting for freestanding furniture offers a lot more savings than built-in or custom-made ones. While it is true that made-to-measure carpentry can help to optimise spaces, it is a pricey option that can easily set you back by thousands of dollars.
Scout the market for possible off-the-shelf options before committing to a long list of built-in furniture. These days, there are plenty of retailers and online stores offering a wide variety of home furnishing solutions to suit different space configurations.With the cost of housing in Singapore on the rise, you will be wise to establish a sound financial plan before splurging on your dream home.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Resident talks to Jamus Lim about challenges of households led by singles in Singapore - Singapore NewsThese are some of the issues that The Workers’ Party has spoken up about on a number of occasions to make things easier for this group, Jamus Lim said.
Read more »
Harbour pilot from PSA Marine dies after falling into waters off Singapore's Kusu IslandSINGAPORE — A 29-year-old harbour pilot from PSA Marine died on Saturday (Feb 11) after falling into waters off Kusu Island.
Read more »
Rediscovering Singapore's war history through Fort ConnaughtYou might have heard of Fort Seropong and Fort Siloso on Sentosa, but do you know about Fort Connaught? Fort Connaught was built for the defence of Keppel Harbour, an important ship-building and repair facility during British rule. The fort was armed with 9.2-inch guns, the biggest on Sentosa island and second biggest in Singapore, behind the 15-inch guns at...
Read more »
Looks like Pei Ling will Grab her chance - Singapore NewsSense And Nonsense by Tan Bah Bah
Read more »
Johor Menteri Besar in Singapore for 3-day working visitSINGAPORE - Johor Menteri Besar Onn Hafiz Ghazi is on a three-day working visit to Singapore from Feb 12 to Feb 14, the Ministry of Foreign Affairs said on Sunday. Read more at straitstimes.com.
Read more »
Netizens slam woman for buying 'only' an Oppo phone for her helper - Singapore NewsTikToker Laurel (lingzhi_xo) posted a video showing herself buying an Oppo phone for the helper who has been working for their family for the past 13 years. 'Her phone recently broke down so I decided to gift her a new phone,” she wrote in the video, and captioned it “2nd mum!! thankful helperinsingapore”
Read more »