Blog : Buying a flat

Thinking of buying a flat? Are you eyeing on the Build-to-Order (BTO) flat or an HDB resale flat? There are three things to consider when buying a flat. The property’s price- What’s the selling price of the property that you are eyeing? What about the potential renovation costs, administrative fees and agency fees? With so many factors in play, it is easy to make miscalculations when budgeting for a new home. Use Ohmyhome’s affordability calculator to find out your maximum home loan and the property purchase price that you can afford based on your income, age and loan commitments. Can you use your CPF when buying a flat? Not every single dollar in your CPF account can be used! There are limits on how much of your CPF savings you can use, and your CPF Ordinary Account (OA) may only be used for the purchase of private property. There are Legal Fees too. Legal conveyancing has to be taken into account as well when budgeting for your property. Any lawyer that protects you will have to first be authorised by signing a Letter of Authorisation, Declaration, Consent & Agreement. Legal work is also required before CPF savings can be activated for the purchase of property.