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By Sky Tang

The journey may seem daunting, when agents, sellers alike ask you questions such as "What's your budget?", "Have you gotten an IPA?".

That's what we are here for, to guide you step by step.

Read our guide below and enjoy! 

Feel free to call me at 9834 3488 or whatsapp me here if you prefer to engage a professional to handle every step of this process for you. Its faster, more accurate, and you most likely need not even pay any fees.

Person Writing
Step 1 - Understand why and what you want to buy, and when you must buy it.

It seems obvious, but the first question you should really ask yourself is - Why and what do I want? By when do I want it? Because, after all, a dream without a dateline is called a fantasy.

When you know how much you want a place and the time needed to get it, your search path becomes clearer. So list down how much money (cash & CPF) you are willing to put down, and by when.

Step 2 - Apply for a Bank In Principle Approval (IPA)​

Contact a banker (we have attached a list here for you), and talk to them about how much you can loan, and at what rates. Getting a IPA does NOT mean you must commit to a loan, but not having one leaves you worried about how much you could loan. In short, its a commitment from the bank, not you.

You would have to prepare documents such as your NOA, CPF statements, payslips etc. 


Apartment Shopping
Step 3 - Shopping

Now that you are clear on what you want, when you want and how much you can spend (Loan + Cash + CPF), you can start looking around for properties! 

A good rule of thumb when shopping is to either look at the location (within 2 to 4km of where you currently stay) versus a type of living you desire (sea facing, quiet facing, convenience)

You could then consolidate the search based on your requirements. An interesting tip - most of my clients conclude their search in 3 viewing days or less, while previously they took 6 months or more without finding anything they really like.


Step 4 - Negotiate

Now that you found your dream house, be prepared to negotiate! Its one area that could save you potentiall thousands, if not tens of thousands. So prepare for it!

Always use my three step method - Gather information, know your boundaries and be flexible. Find the latest transaction prices, ask the seller if they need more time, or if they need money faster, then offer your terms. Remember to respect your boundaries so you don't overshoot your budget!


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Closing a Deal
Step 5 - Paperwork

Congratulations on buying your dream home! Its now paperwork time. Make sure that details are filled correctly, and that the sellers have shown you proof that they are eligible to sell. You should receive an Option to Purchase (OTP).

Use your OTP to secure that loan you had floating earlier on, and make sure to check that the rates again before signing! You then need to find a meticulous and responsive lawyer who will guide you through the process. Our recommendation would be Ted Koh from Crossborders LLC - his paperwork is top notch.


Ready to start shopping? Check out one some of the best homes on the market here.


If you prefer to leave it to a professional to handle all these steps,
Call Sky today at 9834 3488
Or Whatsapp me here
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