A checklist to relationship-proof your property before buying one
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A checklist to relationship-proof your property earlier ownership one
Before making probably the biggest financial delivery of your life, answer these questions first to avoid wrecking your relationships with your spouse, parents and the in-laws.
(Photo: Pixabay/Gerd Altmann)
09 February 2022 06:30AM (Updated: 04 Jul 2022 07:11PM)
Hullo, information technology'southward me, your average Singaporean. I practical for my build-to-social club (BTO) unit of measurement with the Housing & Evolution Board (HDB) at 26, got married at 27, and moved into my flat at 28. Planning the wedding and renovation was taxing, merely my property-buying process? Super like shooting fish in a barrel. Information technology's because, thankfully, my married man and I are on the same page on virtually things.
Notwithstanding, I know that not every couple has it easy. Buying a property together is a big commitment, so get through this checklist and questions before making the downpayment.
Proceed Away FROM THE IN-LAWS (UNLESS THEY'RE AWESOME PEOPLE)
While some couples are fine with – and are even looking for – properties near their parents' homes, don't assume that your spouse will be okay living near your parents. To make things off-white, cull a belongings that is equidistant from both sets of parents. Of class, make the exception if you're gunning for the proximity grant or are the master caretakers of an ageing parent.
Earlier getting married, I lived in Bedok and my husband lived in Pasir Ris. Naturally, we applied for a BTO in Tampines, a mature manor that is in the middle of the two neighbourhoods.
Some questions to inquire your spouse:
- Are you comfortable living almost my parents?
- What do your parents recollect of us buying a flat near my parents'?
READ: 10 noob questions about buying your start property, answered
TALK ABOUT BABIES
Having kids mean you need an extra room and a dissimilar set of savings, too. If you are not planning to be parents anytime soon, perchance it's best to buy a studio apartment or two-bedroom unit, then your money is non locked upwards in a more expensive property. Simply if y'all plan on living in the property for practiced, perchance purchase a bigger unit to make room for raising your kids.
My husband and I agreed that our purchase is not for investment, and that nosotros would live in the flat for as long equally we tin can. A five-room apartment is platonic to raise children in, but as it was out of our upkeep, we chose the iv-room flat instead.
Some questions to ask your spouse:
- When do you program to have children?
- Is this property the one you'd want to raise your children in?
List DOWN YOUR PREFERRED Amenities
It's not sexy pillow talk for sure, just knowing what amenities you need will narrow downwards the type of property or the location of your future home. Gym rats can consider condominiums while those who survive on takeout may prefer mature estates with lots of hawker centres. Also consider how far you are willing to travel to piece of work and if you demand an MRT station nearby. Some properties are nowhere near 1 simply take access to buses that go nearly everywhere.
Tampines is a mature estate but we decided on a BTO unit at that place considering of our upkeep and the lack of options (we weren't considering condominiums or resale flats). Plus, information technology is only 25 to thirty minutes (including waiting time) away from Tampines Cardinal, where the MRT station and supermarkets are. And it is likewise near IKEA, Courts Megastore and Behemothic Hypermarket.
Some questions to enquire your spouse:
- If the holding is near your workplace, how about I drive the machine to work?
- Is having amenities such equally park connectors, swimming pools, and business hubs important to y'all?
READ: Resale HDB vs condominium: Are flats a bad investment?
LIVE TOGETHER Starting time (OR TRAVEL WITH One ANOTHER)
It'southward worth spending some fourth dimension with your other one-half to empathize each other's habits. Yous will have a better sense of how much space you both need, or if either of you similar to be close to the urban center or prefer somewhere close to nature.
Although nosotros've never lived together before getting married, my married man and I did share a room at my in-laws' while waiting for our BTO to be completed. Living in shut proximity for over a year immune me to empathise my husband in the context of a home. I realised he needs blackness-out curtains, and that we need lots of wardrobe space.
Some questions to ask your spouse:
- How far are you lot willing to walk to, say, an MRT station or a mall?
- Are you okay with a pocket-sized space for the two of us or prefer large spaces?
- What is something you cannot compromise?
READ: Is information technology actually that bad an idea to buy a 40-year-one-time resale HDB apartment?
WORK OUT YOUR FINANCES AND DISCUSS Buying
The dominion of pollex is that y'all shouldn't buy a property priced more than five to seven times of your almanac household income. Apart from this, decide how yous're going to service your abode loan repayment; will it be a 50:50 deduction from both Central Provident Fund (CPF) accounts or a ratio dictated by who earns more or less?
Side by side, discuss the terms of ownership. While near couples cull a joint tenancy (this ensures that one co-owner will take over the share of the other when one co-owner dies), some prefer a tenancy-in-common agreement. This allows a co-owner's share to exist taken over by a sibling or child. Investors like this arrangement as it is easier to de-couple and avoid Additional Buyer Stamp Duty (ABSD). It's worth finding out more virtually how tenancy-in-common works.
As we are not holding investors, my husband and I preferred the more straightforward terms of joint tenancy. We too split the loan repayment l:50.
Some questions to ask your spouse:
- Are you okay with a 50:50 home loan repayment plan even though you earn less?
- How would y'all want the property to exist divided in the case of divorce or expiry?
- Are you lot okay sharing the belongings with my mother or sibling if I pass on?
This story starting time appeared in 99.co.
Source: https://cnalifestyle.channelnewsasia.com/cna-lifestyle/checklist-relationship-proof-your-property-buying-one-236936
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