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The art of property hunting
Your property loses money not because of what you don’t know. It’s what you know for sure that just ain’t true. –PropertyNoob
Here are key strategies to use when you are investing into properties in Singapore..
No matter how rosy any salesperson or analyst or uncle/auntie say about their returns, there are always risks that they don’t mention. Namely,
Hence, you must always ensure you have a safety net and emergency funds to pull through any period of downturn.
You can search in CEA public registrar to find their transactions in the last 2 years. Do note that some groups “park” their transactions under 1 agent.
Must adjust for significant factors
Get loan with your current property as collateral. Not possible with HDB flat. The amount is less outstanding loan and CPF used.
LTV and TDSR rules still apply, and some bank (eg SCB) treat it as another housing loan. To reduce the loan count, 1 way is to switch bank eg OCBC, UOB.
When refinancing – change bank – the max loan age is 75, not 65. This effectively stretch the loan tenure by 10 years, therefore lower mortgage instalments. This is a neat trick for elderly buying yet wants the max 75% LTV.