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First-Time Home Buyer? 4 Tips for a Stress-Free Journey

May 10, 2021 · Paid Partnership with Great Eastern
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Easing into your new home just got a whole lot easier.

So you’re finally thinking of moving into a new place. How exciting! However, it doesn’t take long for the stress to start settling in. Buying a home can be a daunting process for anyone, but even more so when you’re purchasing your very first home.

It’s more than just packing up and go—between the hefty loans and miscalculated budgets, there’s also an overwhelming list of financial responsibilities to manage as newly-minted homeowners. Before taking the first step on your home-buying journey, here are some important tips to help you get started on the right track!

Sengkang West Road by Metier Planner

Interior Firm: Metier Planner

1. Manage your budget wisely

We know, it’s easy to fall in love with the house of your dreams. But that also makes it easy to overlook certain expenses that you may incur. Before you even start viewing potential homes, it’s important to have a good idea of where your finances are currently at – and how much you can actually afford to fork out. Most of us would probably have to secure a home loan in order to finance it, which requires the upfront cost of a down payment. Working out a comfortable sum that meets your overall budget will help prevent any unnecessary financial hiccups down the road.

Bidadari Park Drive by Jialux Interior

Interior Firm: Jialux Interior

2. Set up a proper timeline

Finding the right home is not something that happens overnight. Moreover, finding an ideal home in your preferred location can take a couple of months.

Once you’ve found your ideal home and exercised the OTP (Option to Purchase), the typical timeframe to complete the property purchase is around 10 to 12 weeks. This is also when a number of payments have to be made, such as stamp duties, conveyancing fees, caveat fees and more. Hence, one should set a realistic financial timeline to ensure that you have sufficient funds to account for these payments when required.

Bishan Street 24 by Livspace

Interior Firm: Livspace

3. Prep for additional home expenses

Be mindful not to blow all your savings on purchasing your dream home! On top of your mortgage payments, you have to account for additional expenses of homeownership such as renovation and furnishing, as well as monthly utility bills and daily household expenses.

Aside from that, you should also have enough funds to tackle unexpected home improvement or repair projects, such as faulty fixtures or flooring upgrades. All these can stack up to a pretty sizable bill, so be sure to factor these expenses in when budgeting.

great eastern home starter kit

Interior Firm: Ethan Interiors

Lastly, don’t forget to set aside some extra cash in case of personal emergencies. You never know when you may experience an unexpected pay cut or job loss (thanks, or no thanks, to Covid-19), so having sufficient rainy day savings will certainly come in handy when you’re in a pinch!

4. Always plan ahead for the future

Having a home is a huge financial commitment. For most of us, it’s likely the biggest purchase we will ever make in our lives – and it’s only the starting point for a host of increased liabilities and expenses to come. Whether you’re settling down or thinking of starting a family, some serious financial planning is definitely in order!

great eastern home starter kit

Interior Firm: Livinci Interior

Sounds like a big undertaking? With proper financial planning, embarking on your homeownership journey will be a breeze. Once you’ve made your dream home purchase and ready to move in, get a little help settling into your new home, with the Great Eastern HomeStarter Kit* (worth $64). Think of it as your handy-dandy toolkit, coupled with attractive offers and discounts.

great eastern home starter kit

Find it a hassle to clean up after renovating? With $40 off Helpling cleaning services, moving into your first home has been made easier. Or are you planning to celebrate your move with a delicious home-cooked meal? With up to $24 off FairPrice Online purchases, have your groceries delivered right to your doorstep. To top it off, every 50th participant will also be entitled to $200 worth of Best Denki vouchers, if you’re lucky enough to be the first 25 winners. Time to go pick out some cool new appliances!

Register here for your FREE Great Eastern HomeStarter Kit today!

This promotion runs till 31 December 2021.
*T&Cs apply.

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