Buying your first home is exciting. However, the process can feel intense. Therefore, use this short, step-by-step checklist to stay in control.
1) Set Your Budget and Financing Plan
- First, total your savings and steady monthly income.
- Next, note that banks often finance 70–80% of the price.
- Therefore, plan a 20–30% down payment.
- Moreover, keep your monthly instalment at 30% or less of income.
- Then, get loan pre-approval to fix a clear price range.
- In addition, include closing costs: stamp duty (~4%), legal/notary (~1–2%), bank fees, valuation, and mortgage stamp duty (~0.1%).
- Finally, add a 5–10% buffer for repairs, paint, or furniture.
2) Identify Your Needs and Priorities
- First, list must-haves: bedrooms, bathrooms, parking, and total space.
- Then, list nice-to-haves: balcony, garden, or pool.
- Meanwhile, match choices to your lifestyle and routine.
- For example, an extra room can serve as an office now and a nursery later.
- Consequently, clear priorities help you compare faster and avoid distractions.
3) Research Locations and Neighbourhoods
- First, match the area to your commute, schools, and hospitals.
- However, visit at different times to check traffic, noise, and safety.
- Moreover, map nearby buses, trains, supermarkets, and parks.
- In addition, ask about flooding or landslides before you decide.
- As a result, the right location boosts comfort and future resale.
4) Start House Hunting (Smartly)
- First, shortlist on trusted sites like ikman with filters for budget and area.
- However, always visit in person to verify photos and surroundings.
- If needed, hire a licensed agent for viewings and negotiation.
- Meanwhile, compare similar properties to spot fair pricing.
- Thus, you enter offers with confidence.
5) Inspect Every Property Thoroughly
- First, check structure: wall cracks, damp patches, and roof leaks.
- Then, test plumbing: taps, drains, and water pressure.
- Next, test electrics: switches, sockets, and wiring age.
- Moreover, watch for pests and mould, especially termites.
- Additionally, note maintenance issues like sticky doors or broken windows.
- For new builds, match actual finishes to the brochure.
- When unsure, bring a home inspector.
- Consequently, small fees today can prevent big costs later.
6) Do Your Legal Homework (Non-Negotiable)
- First, hire a qualified lawyer/notary you trust.
- Then, verify a clean title deed and chain of ownership.
- Moreover, run a Land Registry search for cases or claims.
- Next, confirm the survey plan matches real boundaries.
- Additionally, check approvals and the Certificate of Conformity for builds.
- Meanwhile, ensure property taxes and utilities are paid to date.
- For condos, confirm Condominium Authority approvals and deed of declaration.
- For foreign buyers, expect limits on freehold land; therefore, seek legal guidance.
- As a result, you remove legal risk before paying the balance.
7) Know the Full Cost (Not Just the Price)
- Firstly, down payment: usually 20–30%.
- Secondly, stamp duty: commonly ~4%.
- Thirdly, legal/notary: about 1–2%.
- Furthermore, bank processing and valuation apply to mortgages.
- Also, mortgage stamp duty is ~0.1% of the loan.
- In addition, budget for fire insurance (and sometimes life cover).
- Finally, add move-in costs, setup, and ongoing rates and maintenance.
- Therefore, keep 5–10% extra ready beyond the sale price.
8) Negotiate Price and Terms
- First, bring comparables from recent area sales.
- However, negotiate more than price: handover date, fixtures, and appliances.
- If you pay a deposit, make it subject to legal checks.
- Typically, buyers pay ~10% on agreement and the balance at the deed.
- Nevertheless, never rush.
- In short, walk away if pressure feels wrong.
9) Finalise and Register
- First, review the Sale Agreement with your lawyer.
- Then, sign the Deed of Transfer before the notary with witnesses.
- Afterwards, the notary registers the deed at the Land Registry.
- Before possession, do a final walk-through and confirm condition.
- Finally, collect keys and codes, record meter readings, and update utilities.
- Consequently, ownership and handover happen smoothly.
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