Buying Your First Private Property before 35 years of Age

Buying a private property will involve more complex questions than when buying a HDB flat because there are more financing and holding options for buyers. This article will touch on 3 useful points for those who are buying their first private property before they turn 35 years old.


     Table of Content

  • How Much Downpayment Do You Need?
  • What is Your Objective?
  • Have an Exit Strategy?


first private property

   📌 1. How Much Down Payment Do You Need?

  • For private properties, you will need minimum 5% cash.
  • The remaining 20% can be covered by CPF and 75% from bank loans.
  • If your income falls shorts of the required amount for the 75% bank loan, you may consider using pledging or show cash methods.
  • When you buy before 35, you can take the maximum 30 years loan tenure as allowed by law.
  • See my article “Everything about Income Requirements & Loans for Your 1st Condo” for more details.
  • The very first step is to get your In-Principle-Approval (IPA) done with a bank to determine what is your maximum loan allowed.
  • This loan amount will then answer your questions; How much cash do you need to come out with? What is the price range of the property that you should be looking at?
first private property

📌 2. What is Your Objective?

  • What is your objective in buying?
  • If you are buying to stay yourself or with your spouse, I will suggest at least a 2 Bedroom unit.
  • Everyone is looking for more space in this post-covid era in Singapore.
  • Work-from-Home or Home Based-Learning trends will remain. 
  • A 2 bedroom will attract both investors and families buying for own use when you sell later.
  • When buying as investment, be aware of undue influence from parents when making your final decisions. 
  • Our aged parents are used to bigger spaces and tend to prefer enclosed kitchens and utility rooms.
  • If you are not staying there, why do you need a big space?
  • If you intend to lease this investment property, what your tenants like maybe more important than what you and your parents like.
  • This challenge is real if you are looking to your parents for partial financial support.
  • Investment is all about entering at the lowest possible point.
  • For example, go for 2 bed 1 bath unit which will save you at least $100k for one-less toilet as compared to a 2 bed 2 bath unit
first private property

📌 3. Have an Exit Strategy

  • The most important question in any exit plan is: how long do you intend to hold this property?
  • If you are buying as investment and want a shorter holding period (e.g., 3-5 years), new launch condos or newer condos may be a better choice.
  • You can buy a brand new 99-years condo and sell within 5 -10 years.
  • Newer condo tend to have better capital appreciation.
  • Lease decay is not a problem when the condo is below 10 years.
  • Unlike HDB flats, there is no minimum occupation period for condo
  • You can sell it after 3 years without incurring sellers’ stamp duties.
  • If you intend to stay in the property for a longer period (e.g., >10 years), I will suggest a freehold property so as not to face any problems with regards to lease decay.
  • Alternatively, you can look for an older 99 years condo.
  • These condos will be more spacious and affordable with greater en bloc potential.
  • After you have found an ideal resale condo, be sure to check out my article “Buying a Resale Condo: 4 Powerful Negotiation Tips” before putting up any offer
first private property

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Should I buy a BTO or a condominium for my first property? The answer varies from buyer to buyer. Factors to consider include your income and your priorities. Schedule an interest-free consultation with the experts from Property Den!

Dennis Lim

Dennis has more than a decade of experience investing in real estate. Like many fellow Singaporeans, he grew up in a HDB flat with dreams to live in a condominium. Through careful financial planning & hardwork, this became a reality when he was 30. He now owns 3 private properties in Singapore and has helped hundreds of Singaporeans to achieve their goal of upgrading their homes in land-scarce Singapore.

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"Dennis came with strong recommendations from a dear friend. He helped me with the purchase of my first property. He was very patient and never once tried to hard sell me to buy a property. Dennis is a trustworthy and knowledgeable professional who I highly recommend with confidence to everyone I know!"




"Dennis was very helpful and has guided us throughout on the process. He managed to get good number of clients for viewing of our unit. He is very responsive and always readily available when needed. He has excellent negotiation skills as well when required for the deal"