Midtown Modern Showflat by Guocoland
The Showflat for Midtown Modern will be available for viewing soon. These are the things to do before visiting the showflat for your consideration.
1. Make a clear budget.
Experts recommend spending less than five times your net annual income on a residential home. However, if you decide to stretch your limits, ensure not to exceed seven times your yearly net income. Moreover, ensure to have a fixed home loan amount or limit it as well as your mortgage repayment, monthly bills which should not rise above 40 % of your net monthly income.
You are doing it your way. Here are seven essential rental clauses that do exist that you never knew. In most cases, the government accepts for 60 % in the TDSR (Total Debt Servicing Ratio), but that can mean operating on the unsafe side. On average most people can comfortably bear on 60% monthly income, but now surviving on a 40% is a dedication. For instance, if your gross monthly income is S$15,000 monthly, then the most appropriate price for your residential home can be from S$900,000 to S$1.26 million at maximum. In this simple calculation, it means all your monthly repayment obligations should not go beyond $6,000 per month.
Get AIP (Approval in Principle) from the bank at first.
An AIP is a statement that states how much a financial institution is willing to lend to you in case you get a mortgage to buy a house. Most AIPs are viable for only two weeks. Getting an AIP first enables you to clear the doubt that after depositing the non-refundable deposit, you will get the loan.
2. It is recommended not to come with your check book unless you are sure.
First-time visitors shouldn’t come with their payment methods. By doing this, it prevents you from yielding into making deposits. Never underrate the power of persuasion from professionals who have spent the better part of their lives fine-tuning their sales strategy.
3. Prepare a list of questions you would like the property agents to make clear for you.
There are many questions you would like them made clear before you make your buying decision. For instance, you want to know how far is the home from the primary market, noise at night, construction work around the residential house, among others. Such questions enable you to get a clear picture of the entire location where your new home will be.
4. Pack Water, a Power Bank, and a Sandwich
As a first –time visitor, you don’t want to get caught off guard while you are busy in your Showflat viewing note-taking session. The good news is that our Showflat caters all these services to ensure you concentrate on your initial plan without having to waste your precious time and resources.