Taking the Plunge

Wai Mun Fong and Benedict Koh

Chapter 15 in Managing Your Personal Finance:From Start of Career to Retirement and More, 2020, pp 99-104 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Dear David,Once you’ve worked out a budget for your property purchase, the search for your dream home begins. If you’re like most people, you can barely wait to pick your choice property, pay the deposit, start the conveyancing process and declare yourself the new legal owner of the property. Over the years, your mom and I have bought a few properties. If there’s just one piece of advice you should remember, it is this: don’t rush into a transaction. Take your time to study the prevailing demand and supply conditions in the market, survey property listings, check transacted prices, talk to real estate agents and view as many properties as you can before you say, “This is it!” Remember you are buying a property, not a piece of cake! It is extremely costly to back out of a transaction once you’ve paid the seller a deposit or exercised the option. Based on our experience, I’ve developed a ten-step procedure to guide you in buying a property…

Keywords: Personal Finance; Investment; Managing Money; Retirement planning; College planning; Borrowing; Buying Bonds; Investing in Real Estate; Estate Planning (search for similar items in EconPapers)
JEL-codes: D14 (search for similar items in EconPapers)
Date: 2020
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