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I am currently renting a condo which the TA ends on Aug 2016. I plan to buy a condo (3br) so that I can move in when my lease ends.

1. When should I start looking around for a unit if I plan to move in Aug 2016?
2. How long it takes for to complete the process of buying a private property?
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7 Answers

Hi,

The process takes roughly 3 months. You can ideally start looking for a unit 4-6 months prior to your lease ending OR consider purchasing one now and renting it out to cover your monthly installments.

Both options do have their pros and cons but I believe that eventually the purchase price will play the biggest part in making an informed decision. As you are aware, the market sentiments are weak currently and thus, prices are on the downside. This has been a great time for potential buyers to enter the market and take advantage of this cycle!
The market has always been volatile and we can't predict what's to happen in a few weeks time, let alone next year. There has been news of consideration of Reviewal of cooling measures by minister himself , which will ultimately lead to a revival in demand and thus, a potential uptake on price.

What we can do now is to sit down and discuss more on your expectations and requirements as well as understand your finances comprehensively. Then we can proceed to work out your financial cash projection and breakdown needed for the purchase. I will also share more insights on the market- proving up to date transaction caveats & price analysis of properties in the last few years v currently to identify and illustrate the trends.

Let's catch up at 96659926  and allow me to walk you through this process seamlessly! Furthermore, no agent fees is involved, with the entire technicalities of the purchase resting on my shoulders to best protect and maximize your interest.

D Kumar
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Hi,

Completion of private property (paperwork and relevant processing) takes about 3 months. Finding the right property and viewings could take around 4 - 6 months, hence ideally you might want to start exploring now.

It is more of a buyer's market now, hence you can get a lot more value buys with current sentiment. Whether it will stay that way depends on many factors, but the main events to watch will be whether how fast the interest rate hike will arrive and if any cooling measures will be revised in the near term. May I know what's your outlook on the current market? Perhaps we can discuss your requirements and expectations further. Thanks and hope to get in touch.

Warm regards
Ivan ERA
 97432395 
Ivanng10@gmail.com
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Hi, the buying process takes about 3 months to complete and then you spend another one and a half month for renovation before you move in. It is just a rough guide for you to follow through. I would be most glad to assist you further and pls feel free to let me know if you need any assistance.

Regards
Aaron
 97308455 
aaronchong2774@yahoo.com.sg Read More
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Hi,

You can actually start looking for a property straightaway even though you plan to move in Aug next year. Why?

There are property's out there where it is sold with tenancy. In this case, you start collecting rental once the purchase is completed. The rental can be used to offset your monthly mortgage and maintenance fee.

The entire process will take about 6 months (1 month to search for your ideal home, 3 months from purchase to completion and about 1-2 months if renovation is required). This is a rough guide, but you get the idea.

Question is since it is a buyers' market, there are so many choices out there. Which is the one? I always share with home buyers on the fundamentals, which is Why buy and How to analyse a property before sharing on What to buy. How can you benefit in current market situation? Let me show you the numbers and sums before you take the next step.

Do feel free to call me at 8777 7907  to allow me to share more.

Vera Wang
H/P: 8777 7907  Read More
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Hi
Let me suggest you getting projects that is going to top in 2016. Pls feel free to reach me at 91442664  for a detailed discussion.
Tricia Tan 91442664  Read More
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YT Tan (陈永达)
Good morning buyer,

Private property purchase procedure will normally takes around 3 months. As for when to start searching for unit, it will depend whether you are keen in completed or new launch.

If you are keen in new launch, you can start now while completed property, probably 6 to 9 months before end of lease. For completed property, you might want to consider those with tenancy running till mid 2016.

Hope my opinion is able to aid in your decision making.

If you need any assistance or advice in your property purchase, feel free to contact me. Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

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(W): www.propertyavenue.com.sg Read More
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Dear sir/madam,

It is relatively difficult to be certain in your situation.

Nevertheless, Home loan interest rates seem to be creeping upwards and may continue to rise within the near future, therefore the longer you put off the purchase process, the likelihood of you getting a home loan at a higher interest rate would be come more likely. In this scenario, I would highly recommend you to look into securing your purchase as soon as possible. Like what Vera has mentioned, even if you are still on rental which is due to expire in August 2016, the time in between can be used to rent out to tenants who are in between homes which could come in handy for your renovation to take place 2 months before your existing rental expires. My perspective is as such that you will be in control of the situation earlier if you purchase 1 day earlier but should market conditions change (home loan interest, revise buyer's stamp duty and etc) which is out of your control, you could be put out of the market altogether.

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