Looking to do some house hunting or even score yourself a new apartment? In this episode, we have Rozi Faith, a Real Estate agent, to answer all of your questions. Whether young adults with plans to get their own first house or even investors looking for practical tips before investing, this THTP episode will make sure to give you the essentials and even new insights before saying “deal” on a certain property.
We’ll also be getting into the details, such as must-knows on the steps before buying a house, affordability, precautions to look for, and other useful tips for getting the best deals. Join us in this episode to discover more practical and expert tips for getting through the dynamic landscape of house hunting.
What to Listen For
- Rozi’s personal background and career switch, from having a background in education to being a real estate consultant.
- The increasing cost of housing in Singapore.
- Importance of treating and making the right decision for the first house, as an investment, and planning for future homes.
- The cruciality of having the proper calculations.
- The key components required for a purchase — cash, CPF (Central Provident Fund), and a loan.
- The utilization of CPF — covers a significant portion of the house cost.
- In-depth dive on additional CPF Housing Grant (AHG) and Enhanced CPF Housing Grant (EHG). Available for first-time buyers along with the CPF, in making the purchase more affordable.
- How loan amount is determined by various factors such as salary and age.
- Government grants and subsidies are available for first-time buyers.
- How real estate consultants can help buyers, especially first-time buyers, in guiding buyers through complex housing laws and regulations.
- Moving houses strategically to achieve debt-free retirement.
- Common mistakes made by young couples, include making the wrong housing choices and facing financial loss.
- The main focus for young couples to build their property portfolio for long-term financial growth.
- The benefits of having multiple properties over time could give.
- New vs. Resale Flats — BTO flats are subsidized by the government and offer facilities, resale flats can be cost-effective due to grants and minimal renovation needs.
- Considerations for purchase — age of the flat, location, and financial calculations.
- Rozi’s recommendation to purchase flats that are relatively new (around five to ten years old) and strategically located.
- Lease Decay — the decrease in a flat's value as it gets older.
- The importance of valuation and how it impacts the cash over valuation (COV), which is the additional amount buyers may need to pay.
- COV (Cash Over Valuation) concept and negotiating to minimize cash payments.
- Significance of the location, including proximity to MRT stations and amenities.
- Rozi’s advice for young couples to avoid overspending on weddings and instead prioritize saving for a house.
- The need for forward planning beyond the first house purchase, regarding long-term housing goals and to be open to upgrading or making changes in the future.
- Misconceptions and skepticism about real estate agents' motives, emphasizing the importance of trust and integrity in an agent's approach.
Selected Links From the Episode
Rozi Faith Naser (@rozifaith.properties)
Halal Travel Podcast
The Halal Travel Podcast hosted by Hazirah, Adrie, Najaah, and Sufi as they talk candidly about travel, food, life, and everything else in between and sometimes with awesome guests! Listen to moving and inspirational stories from our guests from all walks of life.
Check out The Halal Travel Podcast page here!