Don’t Go Big So You Can Go Home | Singapore Property News

Don’t Go Big So You Can Go Home

11 Dec 2019
Property News
As they say, “Go big or go home”. If we all lived by this phrase, likely, we won’t have a home to go back to. Of course, if I had all the money in the world, I’d choose to live in a high-end luxurious bungalow in Sentosa Cove with an ocean-facing view, and 50 servants catering to my every need.

But alas, that’s just a dream (and an extremely farfetched one too). Despite there being several housing options in Singapore – from 2-room HDBs to extravagant four-story landed properties, the biggest factor that comes into play when deciding on which house to purchase ultimately boils down to cost.

spacious interior

So perhaps it’s key you ask yourself this question on your house-hunting journey: Do you need that bigger house? If so, why? Is it because you will be living with your extended family members? Or is it a matter of status? Do you see yourself renting out a room?

Either way, you’ll need to look at your financials and set aside a budget that works for you and your family. You don’t want an instance when you’re blinded by love when you view a home and end up making a hasty purchase on the spot and then end up regretting when you’re living paycheck to paycheck in a bid to pay off your housing loan.

For this piece, we’ll focus more so on HDBs and Condominiums (because we can’t afford that landed property with our sad income) and whether you need a 5-room apartment.

Pros

1) Bigger space
That’s the biggest pro to owning a larger house. With a bigger home, there is a lot more space for you to work with. You can consider having a man cave, where there’s a mini-gym and an intimate space to hide away from your wife to play computer games all through the night. Or maybe even a dedicated KTV or mahjong room, though your neighbours won’t appreciate the noise pollution.

game

2) You can brag to your kaypoh relatives
It always about who’s doing the best in the family right? Show off your jumbo flat when the family comes over for Chinese New Year visits, and you won’t be on the end of dismissive sarcastic remarks (I think)

3) Rental opportunity
If you don’t see yourself using up all the rooms and you’re open to having a stranger live in your home, then there’s always the option to rent out a room. Considering the rental fee will help in covering a chunk of your housing loan, it’s a good option to ponder over.

Cons

1) Higher costs
Of course, with a higher space comes higher costs. That’s probably the biggest factor, especially if you don’t have the means to make such a big purchase. You won’t want to be tied up with monthly housing loan fees that affect you and your family’s quality of life.

2) Bigger space to manage and clean
This will be tricky, especially if you don’t have a helper for this. Imagine having to sweep and mop the whole kitchen, living room area and 4 to 5 bedrooms. We haven’t even considered the windows that need cleaning nor the upkeep of all the elements in the household.

living rm

Now that you have a better idea of how big a home you’ll need, simply head on over to SRX’s resale listings, to find for your future dream home – be it a HDB or Condominium.

If you’re not looking at a resale option, you may want to consider upcoming BTOs. Easily check out SRX’s HDB BTO launches that will provide you with all the relevant BTO information you’ll need at a glance.

Or if you prefer a brand new condominium, you’ll want to head on over to SRX’s New Launches, so you can check out recently launched or upcoming condominiums. You can also easily refer to the New Project Insights to reference the percentage of units sold and launched, the average price, and average price per square foot (PSF), of various new and upcoming condominiums, all at a glance.

Last but not least, be sure to utilise the Affordability Calculator – which considers your monthly income and commitments, together with the cash you have set aside for down payment. Thereafter, you’ll be shown the maximum purchase price of a unit you’re able to afford, together with the home loan you’re able to secure. From there, you can simply find the listings for units available in your price range – how easy is that!
Source: editorial
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