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Planning to get your first home? This is what you need to know

Planning to get your first home? This is what you need to know

Owning your first home is an exciting personal milestone and could possibly be the biggest purchase of your life. From searching for the perfect location to figuring out the costs involved, home-buying can be an overwhelming process. Before taking the plunge, it is best to get your finances in order – so that you can truly call that dream home yours for many years to come.

For most young Singaporeans, a HDB Build-to-Order (BTO) flat is usually the first home they will be buying. The cost of purchasing a BTO flat varies significantly depending on several factors such as location, neighbourhood facilities and surrounding amenities. On average, BTO flats in non-mature estates costs $177,000 for a 3-room flat, $272,000 for a 4-room flat, and $350,000 for a 5-room flat.

It is often the hefty down payment that intimidates first-time homebuyers. According to an article on MoneySmart, buyers taking a HDB loan will have to pay a 10% down payment, while those using a bank loan will need to make a 25% down payment. After getting past this hurdle, preparation for other expenses including legal fees, home insurance premiums, maintenance fees and property taxes will have to be a part of your consideration as well.

Buying your first home is a life-changing adventure and you can reap the rewards by saving early with GREAT Wealth Multiplier, a regular premium endowment insurance plan by Great Eastern that offers multiplied growth of potentially 10X or more on the total annual premium paid.

Disclaimer

Terms and Conditions apply.

The above is for your information only and does not have regard to the specific investment objectives, financial situation and particular needs of any persons.

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

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Great Eastern Holdings Ltd | Great Eastern Life Assurance Co Ltd | Great Eastern General Insurance Ltd