Parents may not be property experts but their advice is sound in a commonsensical way, so here are their tips for first-time buyers
The current property boom reminds me of the time I bought my apartment about seven years ago. The year was 2002 and the Government had relaxed one key regulation concerning property purchases.
Instead of having to put down a 20 per cent cash down payment on a home, buyers now needed to come up with only 10 per cent cash, and could take the rest of the down payment from their CPF savings.
It was a major change for young working adults like me who had worked for a few years and accumulated some savings, but not enough to comfortably stump up say, $100,000 on a $500,000 home.
Suddenly, smaller and reasonably priced apartments appeared on my horizon. My job prospects seemed certain, so I went house-hunting with my parents in tow. A few weeks later, I had signed on the dotted line and was preparing to move into my new studio apartment.
When the rule changed in 2002, I met many first-time buyers like me at showflats around the island. Some were scouting for a good investment with good rental yield, but many were singles or young couples who were looking for a place to live.
Lush Dream Home 