Should You Buy A Private Property As Your First Home? Here Are The Pros & Cons

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With home prices high across the board, there will be some buyers who are now wondering if 2022 is the right time to commit to a private property. A resale flat can seem to offer more space at a lower cost, but with eligibility restrictions that could bite in the future. It’s important to take a long-term view at this point, and also to look at factors beyond just the price point. If you are considering making a private property your first home purchase, here are some pros and cons that you should take note of.

Pros:

Fewer eligibility issues
Fewer restrictions on resale
Immediate rental is on the cards
Might be required for certain pet owners
Cash-out refinancing is possible later
TDSR will improve your affordability

Cons:

Much higher cash outlay
Banks are far less forgiving to young couples
Maintenance fees are much higher
En-bloc risk
Difficult to get a BTO flat when downgrading

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Chapters
0:00 - Intro
PROS
0:50 - Fewer eligibility issues
1:35 - Fewer restrictions on resale
3:03 - Immediate rental is on the cards
4:13 - Might be required for certain pet owners
CONS
5:00 - Much higher cash outlay
6:05 - Maintenance fees are much higher
7:19 - En-bloc risk
8:21 - Difficult to get a BTO flat when downgrading
10:09 - Outro

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Stacked is an online editorial aimed at helping Singapore home buyers, sellers, and renters make better decisions. By regularly conducting research and publishing our findings, we hope to give our readers a much better perspective on buying, selling, or renting Singapore real estate.

Editorially independent, our articles are published in-house and do not receive sponsorship. We hope to provide unbiased, reliable content that our readers can use.

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