5 Things To Consider When Buying Or Renting A Flat

Whether you are choosing a flat for rental or purchase, finding a home can be challenging and time consuming. Various expectations including interior preferences, budget, and additional charges, as well as location and safety should be considered by you.

#1: THE HIDDEN CHARGES

Ensure that all the clauses of the documents (i.e., including the penalty clauses) are read and understood. Is the builder required to pay you penalty in case you do not receive the renovated flat within the grace period?

Additional expenses such as stamp duty, home loan processing fee, and safety deposit fee should be kept in mind.

#2: THE LOCATION

Location, location, location! Find a flat that is near to a public transportation station, if transportation is a priority. Consider if your shortlisted flats are close to your place of education or employment.

Flats that are conveniently located near shopping malls and community parks are ideal. Examine how the location of the flat will affect your commute to school or work as well as your commute towards your friends and family.

#3: THE BUDGET

Be honest with yourself and calculate your budget. Utilities are not usually included in the rent or purchase of a flat. Therefore, it is important to calculate the added costs of utilities when determining whether a flat suit your budget.

The gap between renting and owning a flat is massive. Stick with the guidelines of how much you can afford and avoid defaulting for non-payment.

#4: THE SECURITY

Lower floors or stories do not offer as much privacy compared as the higher ones because they easily be accessed. If your building is located near the main road or a busy area, higher floors or stories tend to be more peaceful.

Please examine the security arrangements in the housing complex (e.g., CCTVs) if you are keen on staying on the lower floor or story.

#5: THE INTERIOR

The interior’s cleanliness demonstrates how responsible the property owner is. However, there is more to see beyond its freshly painted walls. You should check the water pressure and find out whether the windows and doors are closing well.

Image Credits: pixabay.com

You should be given an inventory if the property was listed as fully furnished. During the first visit, you may establish whether all the items are part of the contract.

Sources: 1, 2, & 3

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Home Renovation Hacks That Will Save You Money

As I enter the complex process of spearheading a school’s renovation, I am embroiled in a tedious task of finding the most cost-efficient options. I have been saving those picturesque renovations and design ides on my Pinterest mood board. However, a renovation design only works when you add the element of realistic budget.

When it comes to build-to-order HDB, the average spending on renovations is between S$30,000 to S$50,000. A resale flat can cost you around 50% more! Imagine that. The huge amount of money highlights the importance of preparation. You need to prepare for the upcoming costs! Moreover, you must find ways to save some money.

LESS IS MORE

When it comes to home renovation or alteration, many people turn to Pinterest for inspiration. A home with a minimalist interior is likely to be more affordable to renovate than a home with an opulent interior. Your renovation’s theme can dictate its costs and your savings. Having said that, you must go back to basics. You do not need to compromise style to save money! After all, simplicity is beauty.

WALLETS ARE TIGHTENED

Upon the completion of your desired theme, do your research on the items that you need to purchase. List down the prices of each essential purchase. As much as possible, compare the prices from online and physical retailers. Stick to this planned budget!

Image Credits: pixabay.com

There may be unforeseen circumstances whereby you need to address costs that exceed your planned budget. To tackle this issue, you must give yourself an allowance of about 20%. Who knows? You might end up with an unfinished kitchen.

RECYCLING AND REVAMPING

There are two types of home or flat owners, second-hand or first-hand owners. It is very tempting to customize every inch of your new flat. However, you must keep in mind that you will not be able to bring these customization to the next home that you will purchase. The same idea can be applied to second-hand owners.

For people moving in to a “new” home, consider the things that can be kept. Revamp furniture or structural elements that are still in relatively good condition.

PLANNING PURCHASES AHEAD

Much like the two types of owners, there are two types of purchases. There are often urgent items or an items that can wait. Nonetheless, you must look out for warehouse sales to enjoy bargain prices. Go to various fairs such as Home Planner Furniture and Renovation Fair, which attracts a range of merchants selling products you might need. Compare prices online and often you can find the best deals out there including tables, chairs and smart mirrors.

Image Credits: pixabay.com

You may also consider scheduling your purchases during special holidays such as the Great Singapore Sale, National Day, Black Friday, Cyber Monday, or Yuletide Season. These are the periods wherein retailers exhaust their efforts to provide attractive discounts. Planning ahead can save you a lot of money!

Sources:1 &2

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4 Rental Tips For Expats In Singapore

Ring in the reality check! Singapore is a country which considers “space” as a luxury. Singaporeans do not usually keep their spare rooms open for annual guests to lounge on. More often than not, they keep these extra rooms for rental. You would be suprised to learn the amount of bedrooms that landlords can squeeze in a seemingly small condominiums.

It goes without saying that it is cheaper to rent out a single room than the entire flat. So, set a minimum bedroom requirement as well as a minimum size requirement before signing a contract. Equip yourself with rental strategies such as this.

UNDERSTAND THE DISTRICTS

What are the Singapore’s districts? Well, watching the Hunger Games series was probably the last time you have heard about a nation’s divisions. Similarly, Singapore’s districts offer distinct living experiences. You cannot get away from these categories as an expat or someone who is looking for a place to live at.

You must study the district codes initially. These codes tell you whether a rental unit is located at the core of the central region (e.g., District 10 including Tanglin Road), within the radius of the central region (e.g., District 2 including Chinatown), or outside of the central region (e.g., District 28 including Yio Chu Kang).

EMBRACE THE OUTSKIRTS

Location is one of the most important factors interplaying with the market’s property prices. Now that you have a grasp of the twenty-eight districts, you can distinguish between the “central region” and the outskirts. Rent is cheaper in areas away from the central region and the MRT (Mass Rapid Transport) stations.

The central region may not necessarily apply to your lifestyle. As Singapore is compact and accessible, odds are, you are about an hour away from the central region with public transportation. For instance, you can easily travel from the Boon Keng “heartlands” to the Orchard “central” through MRT or buses. You can even walk from one town to another (e.g., I once walked from Toa Payoh to Novena for 20 minutes).

Furthermore, the government seeks to make every town self-sustaining. Almost every neighboorhood has its own parks, shopping malls, and eateries. Ask yourself: Is a central location too overrated?

PLAN YOUR ROUTE

One cannot deny that we all have distinct personalities. If you are not a morning person and you find it difficult to allot an hour of leeway every morning for your commute then, opt for another strategy. Maximize your preparation time and lessen your transportation costs by finding an affordable place near your workplace.

As pointed above, location is an essential factor. Do a quick Google search on the possible routes you may take to get to your destination. Choosing the smartest way gets you to work on time. Being punctual is a respectable trait to have as an employee.

The humble country has a network of buses and trains. However, the vehicle interval or arrival time of buses is more unpredictable than the trains. Taking the MRT is generally a better choice.

CONSIDER THE HDB

In the recent years, more and more foreigners have warmed to the Singapore’s public housing or HDB (Housing and Development Board). Before you completely frown upon this idea, here are some of the reasons why this is a viable option:

a. There is a significant difference between private and public rentals. HDB flats with 2 rooms start at S$1,500. While, the same space costs about S$3,000 at private condominiums.

b. HDBs are usually walking distance from town facilities and public buses.

c. Food is insanely cheaper than the ones available at the condominiums as hawker centres are typically at the ground floor of the building.

Image Credits: pixabay.com

Image Credits: pixabay.com

If you are planning to stay in Singapore for a long period of time, staying at an HDB flat will allow you to absorb the local culture better.

Sources: 1, 2, & 3

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5 Entirely Free Ways To Maximize Your Small Flat

Flats ranging from 45 to 110 square meters are popular among the Singaporean masses. These spaces may be considered as tiny to some people. But, small is highly subjective (besides my height). Making your space livable comes down on how well you can divide the function of your rooms or how well you can store your things.

On that note, here are 5 Entirely Free Ways To Maximize Your Small Flat:

USE A TRUNK

Avoid spending hundreds of dollars on a bedside or coffee table by using an old trunk. Ask your mother and other relatives if they have a trunk to spare. A trunk not only provides an additional storage space, but it also acts as a neat conversation starter.

It is recommended to place the trunk in the living room or in an accessible area. Put all your DVD collection, magazines, console controllers, and games inside the trunk. This way, you do not have to “flip your home” when the guests arrive.

CREATE VISUAL DISTRACTIONS

Visual distractions give off an illusion of bigger space. Welcome the beaming rays of the sun by keeping the curtains open. Then, you may disrupt the unified order of your furniture by fixing them diagonally. The diagonal order can help to make room for more.

Image Credits: pixabay.com

Image Credits: pixabay.com

INCREASE THE USE OF YOUR SPACE

Until you can realistically afford a spacious flat, you must mold your rooms to a variety of purposes. Your clutter-free dining table can double as a home office. While, your living room can transform into a play area for your children. Do not forget to store the toys in a single box after using it.

KEEP EVERYTHING CLEAN

In contrast with massive spaces, you can easily notice the clutter exposed in smaller spaces. Why is this so? For starters, you can discretely put away your unwanted items in various shelves. You cannot do that with limited spaces!

Smaller spaces take less time to clean. That is the upside! Get things in order by allocating at least one hour each week. Make this an automatic cleaning regimen so, you can have the rest of your time to relax.

OPT FOR MONOCHROMATIC

Say your next stage in renovation is choosing the colors of your walls. Consider the underlying mechanics of Color Psychology. Unified color scheme helps to maximize your space as it creates a relatively “open” look. When your walls are divided by several colors, people can easily spot the “start” and “end”. Thus, consistency conceals the limited space. 

Image Credits: pixabay.com

Image Credits: pixabay.com

Sources: 1 & 2

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Extremely Wrong Reasons To Buy A Home

If you are updated with the latest in property, you will know that Singapore housing prices are trending down. In fact, the private residential property index decreased by 3.83% (or 3.45% when adjusted for inflation) in Q1 2015. However, the downward shift in pricing does not automatically mean that it is a good time to buy your own space.

Buying a home is one of the greatest financial commitment for most Singaporeans. It is a long-term commitment and responsibility that you must carefully plan for. Start by determining what you can afford as well as what you need to pay for. What you can afford depends on your total income, existing debts, savings on-hand, and loan eligibility.

Upon figuring these things out, examine if you are committing to a home for the right reasons. Otherwise, you will be a victim of these extremely wrong decisions…

1. TO EXHAUST ALL THE CONTENTS OF YOUR CPF ACCOUNT

If you are thinking of purchasing a home because you can simply deduct almost all the expenses from your CPF savings, think again! You can use your CPF savings to pay for a part of the home and to service the loan but not for the monthly expenses (e.g. mortgage insurance or conservancy and management service fees). You need to have sufficient cash to pay for these ongoing payments in addition to meeting your current monthly living expenses (e.g., rent and telecom bills).

A better reason to purchase a home is the fact that you already have savings to cover for the upfront payments such as the down-payment, agent’s fees, and stamp fees.

2. TO SUPPLEMENT YOUR “STABLE” JOB

Are you fond of your current occupation? How long have you been in the organization? Are you confident that your position is stable for the next couple of years?

The truth is, you can never be 100% sure that your job is secure. You can argue that CEOs or founders of the company can keep their jobs for the longest time but then again there’s the case of the Lehman Brothers. When deciding on whether or not you shall buy a flat, consider your current job situation as well as the workplace climate. To be sure, hold off a few years and grow your savings first before making this important investment.

3. TO SATISFY YOUR NEED TO MOVE

If you love the thrill of moving to a fresh nest and constantly changing your neighborhood, you will realize how difficult it is to sell your relatively new home in a short period of time without encountering a big loss. This is because most people prefer homes with better home equity. You cannot build a high value of ownership for your flat overnight!

4. TO COHABITATE WITH YOUR CURRENT PARTNER

As Nelly’s song goes: “Lovers to friends…why do all good things come to an end?”

With relationships, you have little to no certainty about what happens in the future. You may be in the best terms now but who can really be sure that you will end up together forever?

If purchasing a flat together is your solution to fixing an unstable relationship (even if you are engaged), what will you do if your partner suddenly vanishes? Or perhaps if he or she goes unemployed after a few months? You will have to carry the burden of the mortgage and all the monthly costs on your own. This poor reason for housing commitment will affect your credit.

Sources: 1 & 2

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