26/09/2026
Thinking of buying your first property in Singapore?
Before you start scrolling through PropertyGuru or booking every showflat, there are 5 things you should consider first.
Number 1 — Know your real budget.
Don’t start with, “What property do I like?”
Start with, “What can I comfortably afford?”
Look at your cash, CPF, income, existing debts and the loan you can realistically qualify for.
For HDB buyers, an HDB Flat Eligibility letter can help you understand your eligibility, grants and financing options.
Number 2 — Don’t use your maximum loan as your maximum budget.
Just because the bank says you can borrow a certain amount doesn't mean you should.
CPF Board suggests keeping your monthly housing instalment within 25% of gross monthly income as a prudent guide, while TDSR is capped at 55% of gross monthly income.
You still need money for renovations, insurance, property tax, maintenance, holidays and emergencies.
Number 3 — Understand your CPF.
Your CPF can make buying a property feel more affordable today.
But remember — money used for your home is also money that could otherwise remain in your CPF for retirement.
So don't just ask, “Can I afford the monthly payment?”
Ask, “What will this decision do to my retirement?”
Number 4 — Choose the right property, not just the nicest property.
Think about location, remaining lease, layout, transport, schools, amenities and your future plans.
If you're buying a resale property, visit at different times of the day and check things like noise, natural light, condition and surrounding environment.
And Number 5 — Think beyond your first home.
Your first property doesn't have to be your forever home.
Ask yourself:
Will this property still make sense if my income, family size or lifestyle changes five to ten years from now?
Because your first property isn't just about where you live today.
It can also affect your future financial options.
So before you buy, don't just calculate the purchase price.
Calculate the full cost, monthly commitment, CPF impact and your future options.
If you're buying your first property in Singapore and want to work through the numbers, message me “FIRST” and I'll help you look at the numbers before you make a decision.
Wayne Soon
Real Estate Investment Planning & Advisory
HP: 8810 5478