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Searching for the Right Executive Condo for You

Searching for the Right Executive Condo for You

It is without a doubt that hunting for an apartment can be a very tedious task and most definitely for a good reason. It will not just require a lot of your time, but the process will most definitely leave feeling disappointed, frustrated, overwhelmed and even desperate. While you are in search for the Rivercore residences EC that you most desire, it is important that it is very effective. In order to get through with that, it is recommended that you keep stress very much far from the picture.

Just as you present certain questions to yourself, and you make some decisions on your limitations. For instance, if perchance you want to reside at a place that is about few minutes’ walk from your workplace or school, talk a walk or perhaps look at a map around the neighborhood just so that you can make the decision on how far away you need to look.

In addition, you will need to think about if there are alternatives that are acceptable to meet your needs. For instance, if you are need of sufficient storage space. It would be an ideal choice to opt for a building that provides each tenant with a storage area in the basement; however, it may not be necessary.

Whenever you have made up your mind on what it is that you are looking out for in an apartment, it is only right that you go hunting with your pre accessed criteria in mind. It is important that you do not waste your time to check out listings for an apartment that do not in anyway meet your needs and requirements.

Searching for the Right Executive Condo For You

For first timer buyers of the Rivercove Residences EC, you have to consider the legal matters first since you need to check out whether or not you are eligible for the EC units in Singapore. This is just to remind you that no matter how less difficult it is to own an EC unit, you need to check out the factors that will remind you just what made other properties in Singapore taking ownership to it really difficult.

Comparing the prices

The most significant information that you need first to know before you compare the prices of the EC units is its sale price together with its floor area. With this information, you’ll be able to derive the price per square feet. It will be easier for your mind when working on this measurement unit. Most of the time, the agent or developer will provide the floor area in square meter units, which then you can convert it into square feet.

Eligibility

Are you aware of the incoming ceiling when it comes to buying an executive condo unit? If you have a gross monthly income with your partner wherein it exceeds the $14,000 amount, you are not eligible for the purchase of the EC unit. The HDB will be checking up on your payslip of the recent 3 months in order to verify whether or not you are qualified.

If you have a gross income below 10,000, you will likely get 30,000. between 10,000 and 11,000, you will likely get 20,000. This last tier is grant is at 10,000. You will get more information if you go the HDB’s official page. Keep in mind that grants are quite touchy subject as there are a lot of arguments that don’t get settled right away. Some are even debating whether or not the family is able to afford the EC and if they do, there is no need for them to get subsidized. There is a high possibility that the grant will be removed soon, too. Also, when the time comes you want to sell your flat, the housing grant will return the CPF account to you.

The amount that you can borrow

Five percent of the property is required to be paid in cash, which is also referred to them as the booking or reservation fee. The reaming 15 percent of your down payment will be used to pay for all the CPF. The bank that you plan on loaning up for buying the property would be up to 80 percent coming out from the house’s sale price. If you are purchasing a $900,000 property, you get to loan up to $720,000. If you are planning to live with your partner and your combined CPF is at $100,000, you can use all of this as borrowed to you. Then you will have to pay for the remaining 80,000 in cash.

Banks also have access through your loan serviceability before they even make the loan service available to you. This is based on the MSR or Mortgage Servicing Framework that is established by the MAS.

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