Single, married, alone or with family, purchasing a new home can be both exciting and scary. There are questions that home buyers need to ask themselves:
1) Can I afford this home?
2) What is our joint family income?
3) Do I/we get any HDB grants? If so, how much can I get?
4) If I can't afford to purchase, am I eligible to rent?
5) What happens if I lose my job? Can I rent out a room for additional income?
These are the questions a lot of buyers go through before signing the dotted line. It is prudent to ensure that you are able to afford the home you intend to purchase. In Singapore, the Housing Development Board offers several different schemes that caters to your financial options. For first-time buyers, you may be eligible for the following grants if you meet the set criteria (read here for more):
Enhanced CPF Housing Grant (EHG)
Additional CPF Housing Grant (AHG)
Special CPF Housing Grant (SHG)
And if you prefer to rent instead of purchasing a home, you may look into the Public Rental Scheme. Benefits of renting includes a lower subsidised fee, and if you require further assistance, you can seek further financial assistance from Ministry of Social and Family Development (MSF) and voluntary welfare organistions.
There may come a time when you might consider renting out a room for additional income, like when you lose a stable job or when you need supplementary income. To ensure safety and prevent overcrowding, the HDB does allow owners to sublet their homes, but there are guidelines and conditions. For example, who can you rent to? How many rooms can you rent out? How long must the lease be? For more information on renting out your room(s), please click here.
For the latest property updates, reach out to award-winning realtor, Risdian Isbintara for a consultant.
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