Your Home-Buying Journey

Your Home-Buying Journey

Start here — your goals & motivation

• What is prompting you to buy now — and what happens if you don't buy in the next 6 months?
• Is this for you to live in, or are you investing? Or both?
• If you had to choose — location, price, or size — which would you sacrifice first?
• Have you bought property in Singapore before? Do you currently own any residential property?
• What does 'home' mean to you in this next chapter?

Financial clarity — know your numbers before your first viewing

• Confirm your citizenship / PR status — this sets your ABSD rate
• Count the residential properties you currently own (include overseas)
• Work out your maximum loan using TDSR (55% of gross monthly income)
• Obtain an In-Principle Approval (IPA) from your bank before any offer
• Estimate your Buyer's Stamp Duty (BSD)
• Calculate ABSD if applicable — payable in cash within 14 days of signing
• Confirm your CPF Ordinary Account balance available for downpayment
• Check if you owe CPF accrued interest from a previous property — it reduces cash available
• Remember the minimum 5% cash (cannot come from CPF) for a bank loan
• Budget legal (~$2,500–$4,000), valuation (~$350–$500) and move-in costs
• If your IPA limit is $X, what is the most you'd comfortably spend — and why?
• Do you have 6 months of emergency savings on top of downpayment and stamp duties?

What you're looking for

• Location: which districts or MRT lines are non-negotiable?
• Property type: HDB / condo / landed / commercial — ruled anything out?
• Minimum size in sq ft — be honest, don't under-estimate
• Floor height — want or non-negotiable?
• Facing direction — do you understand the impact on temperature and cost?
• School catchment — is primary registration a factor? Check MOE zones
• Amenities you actually use vs ones that sound good in a brochure
• Freehold vs leasehold — how remaining tenure affects financing and resale
• New launch vs resale — the trade-offs in timeline, condition and cash flow
• Pets / renovation plans — check MCST rules before viewing, not after
• If you could keep only two items from your wishlist, which two?

Due diligence — before you make any offer

• Check recent transactions for the same unit type in the development — on URA REALIS
• Compare asking PSF against the 12-month average for that project
• Check for caveats lodged on the property (your lawyer does this — confirm)
• Resale HDB: check the MOP completion date — fully served?
• Resale HDB: check ethnic quota and SPR quota if relevant
• Private: request the last 3 years of MCST AGM minutes — special levies or disputes?
• Check the MCST sinking fund health — a thin fund means future special levy on you
• Older developments: has an en bloc been attempted, and why did it fail?
• New launch: verify the developer's HDA licence and the project's ABSD deadline
• Inspect the property yourself — visit at different times of day
• Check noise, traffic and peak-hour parking access
• Commercial/industrial: URA approved use must match your intended use

Making the offer

• Confirm OTP validity — 14 days private, 21 days HDB
• Confirm option fee — typically 1% private; up to $1,000 HDB
• Ensure your IPA is still valid before issuing the OTP
• Any special OTP terms you need: extension of stay, inventory list, reno handover
• Seller's extension of stay must be stated in the OTP — can't be added later
• Lawyer engaged and briefed before the OTP is exercised
• Understand what exercising the OTP commits you to — the 4% fee is non-refundable if you withdraw without cause

Transaction to key collection — critical deadlines

• BSD + ABSD paid within 14 days of signing S&P — cash, no CPF for ABSD
• Lawyer confirmed and briefed — never share the seller's lawyer
• CPF withdrawal application submitted — allow 3–4 weeks
• Bank loan formally approved (not just IPA) — letter of offer signed
• HDB: resale application submitted within 7 days of exercising OTP — both parties
• Final walkthrough 24–48h before completion — check condition
• Keys collected, utilities transferred, SP Services set up

Your Property-Selling Journey

Start here — your reasons and readiness

• Why are you selling now — and what happens if you delay by 6 months?
• What are you doing after the sale — upgrading, downgrading, moving, encashing?
• What minimum net cash do you need to make your next step work?
• Are you emotionally ready to let go?
• Has the family discussed and agreed on the sale? Is everyone aligned?

Your net proceeds — know the real number before any offer

• CPF.gov.sg → Home Ownership Dashboard → total CPF used + accrued interest
• Get your outstanding loan balance from your bank or HDB
• Calculate net proceeds: Sale − Loan − Agent Fee − Legal − CPF principal − CPF accrued
• Check if HDB Resale Levy applies (subsidised flat → another subsidised flat)
• Check SSD: if bought within the last 4 years, SSD may apply
• Private: confirm no ABSD is still within its remission window
• Upgrading at the same time: understand the 6-month ABSD remission window
• Confirm your CPF accrued interest — it grows at 2.5% compounded every year you wait
• After running net proceeds, are you satisfied with what you'll actually receive in cash?
• Does your next purchase depend on cash from this sale — and does the timeline align?

Preparing your property for sale

• Declutter every room — remove excess furniture and personal photos
• Deep clean throughout — cupboards, grout, aircon filters, windows
• Fix minor issues: dripping taps, flickering lights, sticky doors, loose handles
• Service the aircon — a poorly serviced unit is one of the first things buyers notice
• Neutralise odours — air the unit 2 hours before viewings
• Consider professional staging for empty properties
• Ensure every light works — brightness makes spaces feel larger
• Landed: front garden and entrance immaculate — kerb appeal sets the tone
• Prepare an inventory list: fixtures, appliances, light fittings included?

Pricing — the decision that changes everything

• Request a Comparative Market Analysis (CMA) of recent nearby transactions
• Understand the 3-number model: asking / realistic / walkaway
• Check URA REALIS for actual transacted prices — not PropertyGuru asking prices
• Understand how days-on-market lowers perceived value
• Discuss current supply for your property type — it affects negotiation power
• Agree a price band and know your exact walkaway number before launch
• Decide: coordinated viewing session or individual appointments?
• Professional photography — non-negotiable for enquiry volume
• Review the listing copy before it goes live — right property, right buyer?
• What price would feel like a success — and what would feel like leaving money on the table?
• If a genuine offer came in 3–5% below asking on day 10 — accept, counter, or reject?

Managing viewings

• Leave the property during viewings — your presence prevents honest reactions
• Remove valuables and personal documents before every viewing
• Show it at its best — lights on, windows open, comfortable temperature
• Don't sell it yourself during viewings — that's your agent's role
• Request feedback after every viewing — price and condition
• Consistent feedback on one issue? Address it before the next session

Receiving and evaluating offers

• Is the buyer financially qualified? IPA or proof of funds confirmed?
• Any special conditions? Delayed completion, extension of stay, subject to sale?
• Run net proceeds against this specific number
• Weigh the buyer's motivation and timeline — not just price
• Do not issue multiple OTPs — more than one valid OTP at once is illegal
• Once granted, you're committed to the terms — read every clause

From OTP to key handover — your obligations

• Engage a conveyancing lawyer immediately — don't share the buyer's lawyer
• HDB: both parties submit resale application within 7 days of exercise
• Confirm CPF refund timeline — OA refund typically 5–10 working days post-completion
• Arrange utilities transfer on completion date
• Final walkthrough with the buyer — condition matches OTP, check inventory
• Hand over all keys and access cards on completion day
• Outstanding loan? Ensure redemption is arranged before completion
• Upgrading at the same time: confirm timelines align and the 6-month ABSD window is tracked

After the sale

• Confirm you've received the full sale proceeds on completion day
• Track your CPF refund — should credit within 5–10 working days
• ABSD remission: apply via IRAS e-Stamping within 6 months of disposal
• Declare any rental income to IRAS for the period you rented it out
• Update your address: NRIC, banks, CPF, utilities, insurance
• Moving? Confirm fire and home contents insurance are in place

Renting Your Next Home

Before you view — budget & must-haves

• Is the rent within a comfortable share of your income (~30–40%)? What would you sacrifice first — location, size, or lease length?
• Confirm your pass is valid and aligns with the lease term you want
• HDB: confirm your pass type can rent an HDB flat (EP / S Pass / WP / Student / DP / LTVP) — tourists cannot
• Pets: both the landlord and the MCST must allow them

Viewing & checking the unit

• Visit at different times — noise, light, traffic, parking
• Test the aircon and water pressure; check actual condition, not just the photos
• Confirm what's included: furniture, appliances, fittings
• Commercial: confirm URA approved use matches your business before you commit

Making your offer (LOI)

• Your Letter of Intent sets the rent, term, diplomatic clause and a good-faith deposit (~½ month)
• The good-faith deposit is forfeited if you pull out — sign only when you're sure
• The LOI is not the tenancy agreement; its terms must match the agreement exactly

The tenancy agreement — read before you sign

• Check your names/FIN, the address, start/end dates, rent and due date
• Security deposit (1 month per year) and how long after lease-end it's returned (14–30 days)
• Diplomatic clause: lets you leave early after 12 months (~2 months' notice) if you leave Singapore or change jobs — ask for it if you might need it
• Minor-repairs threshold: know what you pay for vs the landlord
• Aircon servicing: is it your responsibility? Quarterly is standard
• Without a diplomatic clause, leaving early usually means forfeiting the deposit AND paying the remaining rent — flag if your plans are uncertain
• Tenancy stamp duty: 0.4% of the total rent for the lease (e.g. $3,000/mth × 24 months → $72,000 → $288), e-stamped within 14 days — usually the tenant pays

Moving in & during the lease

• Inventory list with photos, signed at handover — this protects your deposit
• Set up utilities (SP Group) and internet — apply at least 14 days before your move-in date
• Condo: book your move with the management office — bulky items usually only during working hours and Saturday morning; confirm the rules and any lift deposit
• Service the aircon on schedule if it's your responsibility
• At the end: joint inspection; deposit returned within 14–30 days minus any damage beyond fair wear
• Will you document the unit's condition well at move-in — photos and notes?

Renting Out Your Property

Before you let it out — eligibility & the numbers

• HDB: only Singapore Citizens may sublet the whole flat — PRs cannot, even after MOP
• HDB: confirm the 5-year MOP is served; renting rooms only means you must keep living there
• Mortgaged property: confirm your loan package allows subletting (some restrict it)
• Check your MCST by-laws — pets, renovation and move-in rules
• You'll declare the rental income to IRAS each year — budget for it
• Work out your real net yield after MCST, property tax and vacancy — not just headline rent
• What's the goal — covering the mortgage, holding for capital growth, or maximising income?

Pricing & preparing the unit

• Get recent rental transactions for your block and unit type — price to the market, not to hope
• Declutter, deep clean, fix minor issues, and service the aircon before photos
• Professional photos — they drive the enquiries
• Decide what's included: furnishings, appliances, light fittings (list them)

Choosing a tenant

• Verify the tenant's pass (EP / S Pass / Work Permit / DP / Student / LTVP) — valid, and when does it expire?
• Rule of thumb: tenant's income around 3× the monthly rent
• Corporate tenant: check the company is active (ACRA) and the signatory has authority
• Confirm exactly who will live there — no further subletting without your written consent
• HDB with a non-Malaysian foreigner/PR tenant: check the Non-Citizen Quota for your block first

The offer & tenancy agreement

• Expect a Letter of Intent (LOI) with a good-faith deposit (~½ month) before the agreement
• Don't stamp the LOI — only the tenancy agreement is stamped
• Security deposit: 1 month per year of lease (1-yr → 1 month, 2-yr → 2 months)
• Diplomatic clause (leases > 12 months): decide if it 'restarts' or 'carries forward' at renewal
• Set a minor-repairs threshold (e.g. tenant covers up to $150–$200 per incident)
• Aircon servicing clause: quarterly, who pays, and records kept
• Tenancy stamp duty is 0.4% of the annual rent, stamped within 14 days — confirm who pays (usually the tenant)
• HDB: register the tenancy with HDB within 7 days of move-in

Handover & during the tenancy

• Inventory list with photos, signed by both at handover — your best protection on the deposit
• Confirm the SP Services (utilities) arrangement
• At lease end: joint inspection, then return the deposit within 14–30 days
• Deduct only for damage beyond fair wear and tear — not normal ageing
• How will you handle repairs and issues during the tenancy — responsive but fair?

Buying a Shophouse, Commercial or Industrial Unit

Start here — own use or investment?

• Is this for your own business, or an investment you'll lease out?
• Buying in your own name, or through a company/SPV — have you weighed the tax and liability difference?
• Are you GST-registered? It changes whether you can claim back GST on the purchase

The money — no ABSD, no CPF, maybe GST

• Buyer's Stamp Duty (BSD): 1%/2%/3%/4% then a flat 5% above $1.5m — no ABSD on top
• 9% GST applies on top of the price if the seller is GST-registered — a GST-registered buyer can typically claim it back as input tax
• CPF cannot be used at all — budget cash + loan only
• LTV is set by the bank/valuation, not a fixed residential percentage — get your IPA first so your offer is real
• Property tax: flat 10% of Annual Value for non-owner-occupied commercial/industrial
• Industrial only: is this within the Seller's Stamp Duty holding period? Commercial (office/retail) has none

Use & approvals

• Run a formal URA SPACE use-check for the specific unit (~S$53.50) — don't rely on the listing description alone
• Industrial (B1): light/clean industrial only — other uses are ancillary (the 60% rule) or need a fresh application
• Conservation shophouse: confirm what's protected (façade, structure) and what change-of-use history the unit already carries
• Does the unit need URA approval, MCST/landlord consent, AND a trade-specific licence (SFA/Police/MOH/ECDA)? Getting one doesn't mean you have the others

Due diligence

• If tenanted: get the tenancy schedule, passing rent and lease expiry (WALE) — not just the asking yield
• Compare passing/transacted rent against your own comps, not the seller's projection
• Check MCST/service charge, sinking fund health, and any pending special levy
• Industrial: confirm floor loading, power supply and access match your intended operation
• Leasehold: how many years are left, and does the income/yield you're buying justify that clock?

Offer to completion

• Offer to Purchase (OTP) with the same 4pm-deadline mechanics as a home — option 1%, exercise +4%
• BSD (+ GST if applicable) payable within 14 days of exercising
• Completion typically 8–12 weeks — loan + cash only, no CPF
• If GST applies, confirm the invoice/tax-claim timing with your accountant before completion

Leasing Premises for Your Business

Before you view

• Check the zone/use tables first — don't fall for a unit before confirming your trade is even allowed there
• Map out every licence your trade needs (URA use, MCST/landlord consent, SFA/Police/MOH as relevant) — approval for one doesn't mean the others follow
• Budget beyond rent: GST (9%), service charge, fit-out cost, and a reinstatement reserve for when you leave

The Letter of Intent

• Good-faith deposit on the LOI converts into your security deposit once the TA is signed
• Get the fitting-out period (rent-free or otherwise) written into the LOI — it's a blank on the form; if you don't ask, you get zero
• LOI → TA signing deadline is typically 7 days — don't let it lapse
• Retail premises (goods/services, lease ≥1 year) must use the separate Code-of-Conduct lease forms — confirm which applies to you

The tenancy agreement

• Security deposit: 2–3 months is the commercial norm (vs 1 month/year for homes), plus 1 month advance rental
• Rent is quoted per sq ft — confirm whether GST (9%) is included or added on top
• Reinstatement: the landlord decides what must be restored to handover condition at exit — budget for it from day one
• Licence risk is 100% yours — losing your permit doesn't end the lease and rent keeps running
• Any employee without a valid MOM pass on the premises triggers immediate termination and full deposit forfeiture
• There is no diplomatic clause in commercial leases — is your business commitment genuinely for the full term?
• Make the lease conditional on your use/licence approvals coming through — don't sign unconditionally and hope

Stamping & move-in

• Tenancy stamp duty: 0.4% of total rent for the full lease term, e-stamped within 14 days — tenant pays
• Photo inventory + handover condition signed by both parties before you fit out

During & exit

• Rent unpaid 7 days past due entitles the landlord to terminate and re-enter; interest runs at 10% p.a.
• Request renewal in writing ≥2 months before expiry, or lose the right — renewal is at prevailing market rent
• At exit, have you budgeted the actual reinstatement cost, not just the deposit you expect back?

Letting Out Your Commercial Unit

Before you list

• Confirm the approved use matches what your prospective tenant's trade needs — a mismatch kills the deal at URA SPACE stage
• Are you GST-registered? If so, rent must carry 9% GST on top
• Be precise about what 'fitted' means if you're marketing it that way — a tenant's expectation and your actual condition need to match

Pricing

• Price against transacted psf for comparable units, not just asking rents
• What's your real vacancy cost if you hold out for a higher rent versus taking a solid tenant now?
• Selling later? A tenanted unit's takeover/assignment terms should be clear from day one

Choosing a tenant

• Verify the company is active (ACRA) and the signatory has authority to sign
• Confirm the tenant's trade licences are realistic for this unit before you commit — their approval risk becomes your vacancy risk if it falls through
• Security deposit: 2–3 months is the commercial norm, plus 1 month advance

The tenancy agreement

• Set the reinstatement clause clearly — what must be restored to handover condition at exit
• Retail tenant? The Code-of-Conduct lease forms apply instead of the standard TA — and GTO (gross turnover rent) terms if relevant
• Fit-out approval process: what the tenant can alter, and what needs your sign-off first

Cash flow

• Declare rental income to IRAS; property tax is a flat 10% of Annual Value for non-owner-occupied commercial/industrial
• If GST-registered, file GST on the rent collected
• Late rent: 7-day trigger to terminate and re-enter; interest accrues at 10% p.a.

Selling a Shophouse, Commercial or Industrial Unit

Start here

• Why are you selling now, and what's the minimum number that makes it worthwhile?
• Tenanted or vacant possession — which gets you a better price for this asset class?

The money

• If you're GST-registered, 9% GST applies on top of the sale price — the buyer may be able to claim it back if they're also registered
• Industrial only: check whether you're still within the SSD holding period — commercial (office/retail) has none
• Commission is typically plus GST — confirm with your agent
• Property tax adjustment to completion date

Preparing the asset

• If tenanted: have the full tenancy schedule and passing rent ready — buyers price off documented income, not verbal claims
• Confirm the per-level approved use on URA SPACE (~S$53.50) — a buyer will run this anyway; better it's clean before you list
• Have MCST/service-charge statements and sinking-fund status ready
• Disclose the current fit-out/reinstatement state honestly — it affects the buyer's own reinstatement math

Pricing & evidence

• Price against transacted comparables (URA REALIS), not asking prices
• If quoting a yield, disclose the basis (gross/net, what it's computed from) — never present it as a forecast

Offer to completion

• Offer to Purchase (OTP), same 4pm-deadline mechanics — option 1%, exercise +4%
• If tenanted, the sale is subject to the tenancy — the tenant and their deposit transfer to the buyer
• If GST applies, confirm invoice timing with your accountant before completion
• Completion typically 8–12 weeks from exercise