Resale Home Buying Checklist

Purchasing a resale private home in Singapore is an exciting yet complex process that involves various stages. Each stage requires careful consideration to ensure that you are making an informed decision. Here’s a detailed checklist to guide you through the eight key stages of buying a resale private home in Singapore, with tick boxes to keep track of your progress.

Stage 1: Planning your Dream HomeBefore diving into the search for a property, it’s essential to plan out what your dream home looks like. Start by considering your lifestyle, financial situation, and long-term goals.

Determine your budget: Consider your savings, financing options, and how much you are willing to spend.

Assess your affordability: Calculate your monthly income, expenses, and how much you can comfortably spend on housing costs each month, including mortgage payments, property taxes, and maintenance fees.

Tip! Speak to a DBS Home Advice Specialist for professional advice.

Contact me

Obtain In-Principle Approval (IPA): Approach banks or financial institutions to get an in-principle approval for your loan. This gives you an idea of the loan amount you're eligible for and helps you set a realistic budget.

Apply In-Principle Approval

Stage 2: Researching Your Dream LocationOnce you have a vision for your dream home, it’s time to research the best locations that meet your needs and preferences.

Identifying Your Preferences: Consider the right district, distances to work, schools, and transport options.

Research property prices & Market trends: Ensure that the area fits within your budget while also providing potential for future value appreciation.

Consider amenities & facilities: Not forgetting essential amenities like shopping, entertainment hubs, and healthcare facilities.

Stage 3: Explore HomesNow that you’ve narrowed down your location, it’s time to start viewing properties. This is a crucial step in finding the right home.

Set up viewing for shortlisted properties: Based on your location and criteria, list out properties you’re interested in. and engage a licensed agent to help you navigate the entire buying process, including price negotiations!

House viewing checklist: Schedule viewings to get a sense of the space, condition, and layout of each property.

Note defects or concerns: Look for any repairs or renovation work that might be needed.

Explore the neighbourhood: Nearby amenities may impact the noise level and value of peaceful living.

Stage 4: Making Your OfferOnce you’ve found the perfect home, the next step is to make an offer.

Negotiate the price: Don’t hesitate to negotiate with the seller if the asking price is higher than your budget.

Engage Professionals: Work with a qualified conveyancing lawyer within DBS Panel to draft and review the sale and purchase agreement.

Sign the Option to Purchase (OTP): Sign the OTP to secure the property at the agreed price for a specified period. Pay the Booking Fee: Commonly called the option fee, is usually 1% of the purchase price and is paid when you receive the Option to Purchase (OTP) from the seller. This fee secures the property for you during a typical 14-day option period, during which the seller can't sell it to anyone else. It shows you're serious about buying and gives you time to sort out your finances and checks. If you go ahead with the purchase, this fee counts toward the total price; if you don’t, the seller keeps it.

Stage 5: Securing Your Purchase

Secure mortgage loan approval: Ensure your bank or financial institution approves your loan for the home purchase. Connect with your Home Advice Specialist for guidance or leave your contact here.

Prepare your downpayment: Ensure you have the required downpayment ready.

Exercise Options: Work with your lawyer to ensure all documents are submitted to the seller’s lawyer.

Sign the Sales & Purchase Agreement (SPA): Both parties move on to signing the Sale and Purchase Agreement (S&P Agreement), which sets out the full terms of the sale. This agreement is usually handled by your lawyer, and the rest of the purchase process—like paying stamp duty, completing the mortgage, and finalizing the sale—follows from there.

Stage 6: Finalising the SaleWith your finances in place and the legalities sorted out, it’s time to close the deal.

Handle additional costs: Additional costs includes stamp duties (BSD and possibly ABSD), legal fees, valuation fees, and apportioned property tax or maintenance fees.

Prepare for the final payment: You’ll need to pay the balance of the purchase price, usually around the completion date (typically 8–12 weeks after exercising the OTP).

Finalise Financing: Confirm your home loan with the bank and sign the loan agreement. Your lawyer will work with the bank to disburse the loan in time for completion.

Pay the Balance: Pay the balance of the purchase price as stipulated in the agreement.

Transfer Ownership: Work with your lawyer to ensure that the ownership transfer is done smoothly.

Collect Keys: Once all payments are made, and documents are signed, you will officially own the property.

Stage 7: Moving InThe big day is finally here—time to move into your new home! Here are the steps to ensure a smooth transition.

Plan renovation: Consider any renovations or upgrades to make the home truly yours.

Tips! Explore renovation themes and financing options like DBS Renovation Loan or Personal Loan.

Set up utilities and services: Set up electricity, water, internet, and other essential services before you move in.

Arrange property insurance: Plan for renovation and prioritise big-ticket items. Explore suitable plans like myHome Protect II and eDecreasingTerm.

Fulfil ongoing obligations: Pay property taxes, maintenance fees, and other recurring expenses.

Stage 8: Settling In & Personalising Your SpaceNow that you're officially a homeowner, it’s time to make your space truly yours.

Execute move-in day: Plan for the move by including logistics which includes packing, transportation.

Get to know your neighbours: Introduce yourself and settle into the community.

Manage your finances: Review your detailed monthly repayment schedule and potential home loan savings. Use DBS Repayment Calculator to ease this process!

By following this comprehensive checklist, you can confidently navigate the process of buying a resale private home in Singapore. Each stage is crucial to ensuring that you find the right property at the right price and settle into a space that suits your needs for years to come.Take ownership of this checklist. Download it here and check off each box as you navigate your home-buying journey!Happy house hunting!

Home MarketplaceDBS Home Marketplace is an all-in-one platform designed to simplify the home buying journey, from purchase to living in a new home. It offers tools like a home planner to determine affordability, repayment calculators, guides, renovation solutions, and utility and furnishing deals.In addition to these tools, the marketplace offers various financial products such as home loans and personal loans to aid in financing a home purchaseHome Marketplace

Notes and disclaimers:
1Terminal Illness (TI) is defined as an illness, which in the opinion of a medical examiner and on agreement of our appointed medical examiner, is likely to lead to death within 12 months from the date of diagnosis. In the event of TI during the policy term, the Death Benefit will be advanced in a lump sum.In collaboration with Chubb
myHome Protect II is underwritten by Chubb Insurance Singapore Limited (“Chubb”) and distributed by DBS Bank Ltd (“DBS”). It is not an obligation of, deposit in or guaranteed by DBS. This is not a contract of insurance. Full details of the terms, conditions and exclusions of the insurance are provided in the policy wordings and will be sent to you upon acceptance of your application by Chubb. You have a free look period of 30 days from the date you receive the Policy. If you decide to cancel the Policy within these 30 days, please inform Chubb in writing and they will cancel the Policy from its start date and refund the full premium paid, provided no claim has arisen. This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation ("SDIC"). Coverage for your policy is automatic, and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Chubb or visit the General Insurance Association or SDIC websites.In collaboration with Manulife
eDecreasingTerm is issued and underwritten by Manulife (Singapore) Pte. Ltd. ("Manulife") (Reg. No. 198002116D) and distributed by DBS. It is not an obligation of, deposit in or guaranteed by DBS. This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (“SDIC”). Coverage for the policy is automatic, and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Manulife or visit the Life Insurance Association or SDIC websites

Useful Links

Others

Need Help?

Markets