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Taking the Plunge

In: Managing Your Personal Finance From Start of Career to Retirement and More

Author

Listed:
  • Wai Mun Fong
  • Benedict Koh

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…

Suggested Citation

  • Wai Mun Fong & Benedict Koh, 2020. "Taking the Plunge," World Scientific Book Chapters, in: Managing Your Personal Finance From Start of Career to Retirement and More, chapter 15, pages 99-104, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811212574_0015
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    More about this item

    Keywords

    Personal Finance; Investment; Managing Money; Retirement planning; College planning; Borrowing; Buying Bonds; Investing in Real Estate; Estate Planning;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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