building your first home

Should you be purchasing your first home now?

First Home.

2 words that bring together a host of emotions and meanings.

In an era where many of us have grown up sharing rooms with siblings or whose room has been used as a makeshift storage unit, the idea of owning your own castle would seem like the culmination of a long cherished dream for many.

But are you ready for your first home? Here are 6 questions that might help you.

1) How long have you been working?

how long you have been working

2) Buying a home, especially in land scarce Singapore, isn’t going to be cheap. How much debt are you currently carrying?

are you in debt

3) Do you pay your credit card bills on time?

credit card payment

4) What do you look forward to on a holiday…

what to do when travelling

5) How frequently do you shop?

how often do you shop

6) It’s Monday morning and you need to get to work. How do you get to work on time?

time to work

Are You Ready To Buy Your First Home?

The Easy Spender

spendthrift

Whoa there. You might want to hold off on making this huge purchase right now. Some lifestyle changes might be needed in order for you to amass enough savings in order to purchase your first home. We understand, you might have just started work and you’re suddenly enjoying heaps of financial freedom. Keep an eye out for interest-bearing bills though.

Are You Ready To Buy Your First Home?

The Distracted

change your lifestyle

Some lifestyle changes might be in order! Unless you’re a trust-fund baby or earning a very comfortable paycheck each month, you might want to have a sober look at whether you’re putting away enough each month for large purchases like a home, or your retirement.

Are You Ready To Buy Your First Home?

The Progress Maker

working towards a goal

Not bad at all! You could be a bit more disciplined (hey, all of us could be), but you’re mindful of your future too. Start small, and with steady care, you’ll be in a reasonable shape to purchase your first home.

Are You Ready To Buy Your First Home?

The Prudent

stay focused

Nice work! While you might not have hedged away enough for your dream home, you have the mind-set and habits that’ll stand you in good stead to maintain a mortgage. You’re willing to spend, occasionally, but you seem to be mindful of opportunity costs and striking a balance.

 


 

Looking to move into your first home?

Find out how to make it a reality

 

Travel


Calculating Your Loan