Buyers' Guides

It is quite common that as a first-timer,

Buyers don't:

• ask the right questions when choosing a servicing agent/salesperson.
• ask for clarification of HDB Checklist requirements so as to better appreciate the sequence of events for public housing transactions.
• ask enough questions of their lender and end up missing out on the best possible mortgage deal.
• act quickly enough to make a decision and someone else gets to buy the flat/house.
• get the right agent or salesperson who is willing to help them through the home/HDB flat buying process.
• do enough to make their offer look appealing to a seller.
• consider resale matters before they buy. Be sure you work with an Accredited real estate Agency/Agent/Salesperson who can discuss different options and address your questions and concerns! It is then that you would have a pleasant and wonderful buying experience.

1. Research before you start your SEARCH.
Decide what features you most want to have in a home, what neighbourhoods you prefer, and how much you are willing to spend each month for housing/accommodation.

2. Be REALISTIC.
It is fine to be picky, but don’t be unrealistic about your expectations. There is no such thing as a perfect home and there will always be pros and cons. Use your list of priorities as a guide to evaluate each property.

3. Review your finances before making the MOVE.
Review your credit situation and be sure you have enough money to cover your down payment and completion costs. Then, talk to a lender and get prequalified for a mortgage or to look at your loan eligibility and repayment scheme that is offered by HDB (public housing). This will save you the heartache  of falling in love with a house but only to realise later that you cannot afford it.

4. Do not ask too many people for opinions.
It will drive you crazy. Select 1 or 2 people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide WHEN you are moving.
When will your lease be up? Are you allowed to sublet? How tight is the rental situation in your area? All of these factors will help you determine when you should move.

6. THINK long term.
Are you looking for an initial ‘nest’ flat/home with plans to move up/upgrade in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you buy as well as the type of mortgage terms that will best suit you.

7. INSIST on a home/flat inspection.
If possible, get a warranty from the seller to cover defects for a year.

8. Get help from an Accredited Agent/Salesperson.
Hire a real estate professional who specialises in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative will work solely for you.

Moving to a new home can be stressful, to say the least. Make things easier for yourself by planning far in advance and make sure you’ve covered all the bases.

1. Plan ahead
Develop a master “to do” list so you won’t forget something critical on your moving day, and create an estimate of moving costs.

2. Sort and get rid of things you no longer want or need
Have a garage sale, donate to a charity, or recycle.

3. Don’t throw out everything
If your inclination is to just throw everything away, you are probably right. However, it is possible that you may go overboard in the heat of the moment.

Ask yourself how frequently you use an item and how you’d feel if you no longer had it. That might help to eliminate regrets.

4. Pack similar items together
Put toys with toys, kitchen utensils with kitchen utensils. It will make your life easier when it's time to unpack.

5. Decide what, if anything, you plan to move on your own
Precious items such as family photos, valuable breakables, or must-haves during the move should probably stay with you.

Don't forget to keep a "necessities" bag with tissues, snacks, and other items you will need that day.

6. Remember, most movers won’t take plants
If you don't want to leave them behind, you should plan on moving them yourself.

7. Use the right box for your items
Loose items are prone to breakage.

8. Put heavy items in small boxes so they are easier to lift
Keep the weight of each box under 25 kg, if possible.

9. Do not over-pack boxes
It increases the likelihood that items inside the box will break.

10. Wrap every fragile item separately and pad bottom and sides of boxes
If necessary, purchase bubble-wrap or other packing materials from moving stores.

11. Label every box on all sides
You never know how they wll be stacked and you do not want to have to move other boxes aside to find out what is there.

12. Use color-coded labels to indicate which room each item should go in
Color-code a floor plan for your new house to help movers.

13. Keep your moving documents together in a file
Include important phone numbers, driver’s name, and moving van number. Also keep your address book handy.

14. Print out a map and directions for movers
Make several copies, and highlight the route. Include your cell phone number on the map. You don’t want movers to get lost! Also make copies for friends or family who are lending a hand on moving day.

15. Back up your computer files before moving your computer
Keep the backup files in a safe place, preferably at an off-site location.

16. Inspect each box and all furniture for damage as soon as it arrives
Having identified any damages, highlight them to the supervisor concerned for an immediate joint inspection and assess damages.

17. Make arrangements for children and pets.
Moving can be stressful and emotionally draining. Kids can help to organise their things and pack boxes ahead of time, but if possible, it might be best to spare them of the ordeals of the actual moving day.

• Are there enough sockets in every room for cable TV and high-speed Internet access?
• Are there ample telephone extensions or jacks?
• Is the home pre-wired for home theater or multiroom audio & video functions? Does it have in-wall speakers?
• Does the home have a local area network (LAN) for linking computers?
• Does the home already have wiring for DSL or another high-speed Internet connection point?

Not all real estate practitioners are ACCREDITED. The term ACCREDITED is a trademark of SAEA that identifies a real estate professional who is a member of the SAEA (Agent or Salesperson) and subscribes to its strict Code of Conducts and Ethics.

Nine (9) reasons why it is important to work with an ACCREDITED Agent and/or Salesperson.

1. Expert guiding YOU through the process.
Buying or selling a home usually requires a huge volume of documentation and paperwork to be executed and for HDB flat transactions - requirement for compliance of checklist that will ensure smooth processes and experience. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

2. Get OBJECTIVE information and opinions.
ACCREDITED Agent and/or Salesperson can provide information on utilities, zoning, schools, and more. They will also be able to provide objective information about each property. A professional will be able to help you answer these 2 important questions: Will the property provide the environment I want for a home or investment? Next, will the property have resale value when I am ready to sell it?

3. Getting the BEST property in the market.
Sometimes the property you are seeking is available but not being actively advertised in the market, and it will take some investigation by your ACCREDITED Agent and/or Salesperson to find all available properties that suit your needs.

4. Capitalising on their negotiating experience.
There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. Your agent/salesperson can advise you as to which investigations and inspections on the property are recommended or required.

5. Property marketing power.
Real estate are not sold by means of advertising alone. In fact, a large share of real estate sales comes through as the result of a practitioner tapping on his previous contacts of previous clients, referrals, friends, and family. When a property is marketed with the help of an ACCREDITED Agent and/or Salesperson, you do not have to allow strangers into your home. Your ACCREDITED Agent and/or Salesperson will generally prescreen and accompany qualified prospects to view your property.

6. Real estate has its own language.
If you don’t know a Comparative Market Analysis (CMA) from an ACCREDITED Agent and/or Salesperson, you can understand why it is important to work with a professional who is immersed in the industry and knows the real estate language.

7. ACCREDITED Agent and/or Salesperson have done it before.
Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change.

ACCREDITED Agent and/or Salesperson, on the other hand, handle hundreds of real estate transactions over the course of their career.

Having an expert on your side is critical.

8. Buying and selling is EMOTIONAL.
A home often symbolises family, rest, and security — it doesn't just consist of four walls and a roof. Because of this, home buying and selling can be an emotional undertaking.

For most people, a home is the biggest purchase they will ever make.

Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues that are of utmost importance to you.

9. ETHICAL treatment.
Every member of the SINGAPORE ACCREDITED ESTATE AGENCIES (SAEA) - ACCREDITED Agent and Salesperson - makes a commitment to adhere to a strict Code of Conducts and Ethics, which is based on professionalism and aimed at protection of the public.

As a customer of an ACCREDITED Agent and/or Salesperson, you can expect honest and ethical treatments in all transaction-related matters.

It is mandatory for ACCREDITED Agent and/or Salesperson to take the Code of Ethics orientation and they are also required to complete a refresher course every 4 years or such intervals as deemed fit.

Make sure you choose an Accredited Agent/Salesperson who will provide top-notch service and meet your unique needs.

Before you make your final buying or selling decision, you should have been guided by a professional. An accredited Agent/Salesperson can alert you to potential problems with a property and allow you to make an informed decision. Ask these questions to prospective agent/salesperson:

1. Is the services you rendered in line with industry standards or meet the minimum recognised standards?
Ask whether the agent/salesperson’s experience and qualifications meet all industry/statutory requirements and comply with a well-recognised standard of practice and code of ethics, such as the one adopted by the SAEA (Singapore Accredited Estate Agencies)

2. Do you belong to a professional association?
There are 2 associations for housing agency services providers.

Unfortunately, some groups confer questionable credentials or certifications in return for nothing more than a fee. Insist on members of reputable, non-profit trade organisations; request to see a membership card.

3. How long have you been in residential real estate sales? Is it your full-time job?
While experience may not directly co-relate with one's skills, real estate — like many other professions — is mostly learnt on the job.

4. How experienced are you?
Ask how long the agent/salesperson has been in the profession and how many real estate transactions he/she has completed. He/she should provide customer referrals on request.

While an Agent/Salesperson also may be highly qualified, he/she should describe their training and let you know whether they have plans to work with a more experienced partner.

5. How do you keep your expertise up-to-date?
Agents and Salespersons’ commitment to continuing education is a good measure of their professionalism and service. Advanced knowledge is especially important in cases in which a home is older or includes unique elements or when new government policies/legislations requiring additional or updated training.

6. Do you focus on the residential property segment?
Make sure the Agent/Salesperson has training and experience in the area of residential real estate agency, which requires different skill sets from those of commercial and industrial properties etc. If you are buying a unique property, such as a conservation home, you may want to ask whether the Agent/Salesperson has experience with that type of property in particular.

7. What designations do you hold?
Designations include Accredited Agent (CEHA qualified) or Accredited Salesperson (CES qualified) — which require that agents/salespersons take additional, specialised real estate training.

8. How many homes did you sell and buy last year?
By asking this question, you will get a good idea of how much experience the practitioner has.

9. How many days did it take for you to sell the average home? How did that compare to the overall market?
The Accredited Agent/Salesperson you interview should have these facts on hand, and be able to present market statistics to provide a comparison.

10. How close to the initial asking prices of the homes you sold were they to the final sale prices?
This is one indication of how skilled the Accredited Agent/Salesperson is at pricing homes and marketing them to suitable buyers. Of course, other factors also may be at play, including an exceptionally hot or cool real estate market.

11. What types of specific marketing systems and approaches will you use to sell my home?
You do not want someone who is going to just put a For Sale sign and hope for the best.

Look for someone who uses aggressive and innovative approaches, and knows how to market your property competitively. Buyers today want information fast, so it’s important that your Accredited Agent/Salesperson is responsive.

12. How long will the period of your appointment be?
The market standard for an agent or salesperson’s exclusive appointment lasts for a period of three (3) months.

13. What’s the cost?
Costs can vary, depending on the type of house (HDB or private), and the scope of services.

14. What type of advise do you provide?
Ask to see samples to determine whether you will understand the Accredited Agent/Salesperson’s CMA (Comparative Market Analysis) style.

15. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction?
While it is usually acceptable to represent both parties in a transaction, it is important to understand where the practitioner’s obligations lie. Your Agent/Salesperson should explain his or her agency relationship to you and describe the rights of each party.

16. Can you recommend service providers who can help me obtain a mortgage, make home repairs, and help with other things I need done?
Because Agent/Salesperson are immersed in the industry, they are wonderful resources for seeking lenders, home improvement companies, and other home service providers.

Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers.

17. What type of support and supervision does your agency office provide you with?
Having resources such as in-house support staff, access to real estate legal advice, and assistance with technology can help an agent /salesperson sell your home.

18. What is your business philosophy?
While there’s no right answer to this question, the response will help you assess what is important to the agent/salesperson and determine how closely the Accredited Agent/Salesperson’s goals and business emphasis matches that of your own.

19. How will you keep me informed about the progress of my transaction? What is the frequency?
Again, there is no correct answer to this question, it depends on your desired preference.

Do you want updates twice a week or do you not want to be bothered unless there’s a hot prospect? Do you prefer to be notified by phone, e-mail, or a personal visit?

20. Could you please give me the names and phone numbers of your three most recent clients?
Ask recent clients if they would work with this Agent/Salesperson again. Find out whether they were pleased with the communication style, follow-up, and work ethic of the Agent/Salesperson.

Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as smooth-sailing as possible.

1. Use only an ACCREDITED agent/salesperson who you can connect with.
Not only does home buying constitute a big financial commitment, it also involves an emotional one. It’s critical that the Accredited Agent/Salesperson you chose is both highly-skilled and a good fit with your personality.

2. Remember, there’s no “RIGHT” time to buy, just as there’s no PERFECT time to sell.
If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing the home of your dreams.

The housing market usually does not change fast enough to make that much of a difference in price, and a good home does not stay on the market for long.

3. Don’t ask for too many opinions.
It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder for you to make a decision.

Focus on the wants and needs of your immediate family — the people who will be living in the flat/home.

4. The reality that NO flat/home is ever perfect.
Make a list of your top priorities and focus on things that are of utmost importance to you. Let g of the minor ones.

5. Don’t try to be a Bargain Hunter out on a KILL.
Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra low price or by refusing to budge on your offer may cost you the home you love. Negotiation is about give and take.

6. Remember your flat/home does not exist in a vacuum.
Do not get so caught up in the physical aspect of the house itself — room size, kitchen, etc. — that you forget about important issues such as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.

7. PLAN ahead.
Do not wait until you have found a flat/home and made an offer to get approval for a mortgage or home insurance; and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Maintenance and repair costs in your post-flat/home be included in the buying budget.
Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass.
Buying a flat/home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a flat/home in the first place and what made you fall in love with the property you have purchased.

10. Choose a home first because you love it; then think about appreciation.
Flats/homes can appreciate over time, a flat/home’s most important role is to serve as a comfortable, safe place to live.

Increase the chance of getting your dream flat/home in a competitive housing market, and lower your chance of losing out to another buyer.

1. Get prequalified for a mortgage.
You will be able to make a firm commitment to buy and your offer will be more desirable to the seller.

2. Stay in close contact with your real estate agent/salesperson to find out about the newest listings.
Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go fast.

3. Scout for new listings yourself.
Look at websites, browse your newspaper’s real estate classified section, and drive through the neighbourhood to spot For Sale signs. If you see a flat/home you like, write down the address and the name of the listing agent. Your real estate agent will schedule a showing.

4. Be ready to make a decision.
Spend a lot of time in advance deciding what you must have in a home so you won’t be unsure when you have the chance to make an offer.

5. Bid competitively.
You may not want to start out offering the absolute highest price you can afford, but do not go too low to get a deal. In a upbeat market, you will lose out.

6. Keep contingencies to a minimum.
Restrictions such as needing to sell your flat/home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you will probably be able to sell your house quickly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.

7. Do not get caught in a buying frenzy.
Just because there’s competition doesn’t mean you should just buy the house. And even though you want to make your offer attractive, do not neglect inspections that help ensure that your house is sound.

Your neighbourhood has a big impact on your lifestyle. Follow these steps to find the perfect community you can call home.

Is it close to your favourite spots?
Make a list of the activities — movies, health club, church etc. — that you engage in regularly and stores you woul visit frequently. See how far you are willing to travel from each neighbourhood from which you are considering to engage in your most common activities.

Check out the school in the vicinity.
Check out the schools in the vicinity.

Find out if the neighborhood is safe.
Consider not only the number of crimes but also the type — such as burglaries or armed robberies — and increasing or decreasing trends.

See if you will make money.
A well-informed Accredited Agent/Salesperson or the government planning department also may be able to tell you about planned developments or other changes in the neighbourhood — like a new school or expressway — that might affect value.

Make personal observations.
Once you have narrowed your focus to 2 or 3 neighborhoods, go there and walk around. Are homes tidy and well maintained? Are streets quiet? How does it feel? Pick a warm day if you can and chat with people working or playing outside.