My parents had every right to worry for me, because I’d announced my plan to purchase my own place in a year’s time.

Buying your own place isn’t a cake walk, especially as a single Singaporean. We face an arduous wait in a market of fluctuating home prices, interest rates and uncertain job security along with inflation thinning our wallets.

Yet there is more than a silver lining to the pressure of becoming a homeowner, and I’m a living testament that nothing is impossible, so here’s what I’ve learnt.

If you fail to plan…

Whilst it’s important to have concrete budgets, buying conditions and a timeframe in mind to guide you through, planning bigger and further helps to keep your plans foolproof.

There’s no denying that a solid contingency plan along with a level of flexibility enabled me to manoeuvre my homebuying journey, safe and sane. From a surprise retrenchment that impacted my budget, an unexpectedly low home loan from the Housing Development Board (HDB), going without a proximity grant and renovating during the pandemic¹, these details required me to regroup on the fly.

If the pandemic has taught me anything, it’s to have an initial plan and be ready for that to fail.

It is all about the money

My parents played a big part in setting me up for success. I was always encouraged to have a savings account of my own – depositing part of my salary into it no matter how big or small the paycheck was. When I started working full-time, they would request a portion of my salary as part of their allowance regardless of what else I wanted to do with the money at the time.

I may not have understood this unspoken rule at the time, but when I started budgeting for my own home in 2022, my parents’ efforts were not for naught – as it turns out, they were putting aside some of my allowance to them, for me, which turned out to be a saving grace.

The figures didn’t lie; I barely earned enough to afford a home in 2022², and the approved figures from my HDB loan had fallen short from what I’d initially expected – all of which meant I had to pay more upfront for the home I’d set my heart on. Way too much anxiety and nail-biting ensued after I found out.

But after combining the savings my parents and I had kept aside along with (deep breath in!) the approved HDB loan, withdrawing from the Ordinary Account (OA) of my Central Provident Fund (CPF) and supported by the resale housing grant (and exhale!) my financial obligations were significantly lightened.

Loan is not a bad word

Whilst my mortgage could be covered by CPF contributions, I still needed to pay for appliances and furniture.

More importantly, I had to cover my renovation loan.

A loan which many tried to dissuade me of, and rightfully so when we consider the uncertainty of bank interest rates and risks of unpaid debt. After all, the additional stress is the last thing anyone needs when they’re buying a home, so I did two things to boost my confidence in not only taking on the loan, but serving it:

1) Budgeting:

Compromises had to be made, particularly towards identifying what I needed versus what I wanted.

The cooling measures³ introduced meant I had to relook at the location of my home – which I insisted on being a 4-room resale – and choose an area that was priced within my means.

Within the home, I found it easier to deprioritise big-ticket or aesthetic purchases, such as realising the swanky but expensive Chesterfield couch would be best left on my wish list instead of a proper refrigerator. Selecting more affordable materials during renovation helped, especially when building my dream wardrobe or my many bookshelves.

Budgeting has now become part of my financial lifestyle, and I’m proud to say I’m not stopping anytime soon.

2) Alternative income:

In the immortal words of any Singaporean – Money Never Enough.

Working hard is no longer enough to boost my personal savings, so I needed to work smart too! Taking on a side hustle helped me to set more money aside every month. I also started upgrading my work skills so I could take on better freelance projects.

Luckily for me, both factors continue to work in my favour, which now allows me to comfortably pay my mortgage, serve my loan and still set aside some funds for my personal savings.

Listen to your elders

Many might agree that buying a home in current times is not the same as it was generations ago. However, this doesn’t mean our relatives don’t have good intentions when they dole out their words of wisdom.

After all, between me being a first-time homebuyer and my relatives moving through several properties in their lifetime, they do have an upper hand in experience.

From locations that have a good proximity to future MRT lines, what a good flat layout does for my feng shui, down to how to avoid overpaying for a resale flat, my folks, relatives, and friends had either an opinion or a cautionary tale from their own experience to share – all of which came from a protective, good heart. I found it all insightful and it was strangely heart-warming to see their love language shine in such a unique way!

The best piece of advice I got? Place your washing machine and dryer in a space with ample sunlight to reduce levels of humidity and prevent mould from building!

Empty nests need love too

It’s a difficult and emotional milestone for any parent to face when their child moves out of the family home, and this was something I kept in mind.

I found myself allocating time to pack during the wee hours of the night, because my parents were often emotional when seeing me load my childhood bedroom into a multitude of boxes. I also took steps to keep them reassured of my presence, as well as alleviate their concerns – setting aside time to talk to them about their weekend plans to stay with me, ensuring they had a set of keys to my new home or just reassuring them that I’ll always need them no matter where I go.

One of their greatest concerns was my safety at home (it doesn’t help that I’m incredibly clumsy!) and their parental peace of mind is important to me, so I made sure I was covered by a reputable insurer (Singlife!) for my personal accident insurance. I did not forget to insure my home too. After all, my dad always reminded me – if I’ve put in all this effort to build my nest, why wouldn’t I want to protect it too?

Support circle

Sometimes, we don’t have all the answers, and it’s ok too.

Purchasing my own home was not a one-woman job. It required expertise and coordination from multiple factions and was at times very overwhelming.

With so many horror stories of renovation delays, scams, and price negotiations, I knew it was important for me to be surrounded by a support group.

From my closest friends and family for their companionship through a hectic day to the expert advice of industry professionals such as my property agent, loan adviser and my interior designer, I knew I was in good hands which allowed me to make rational decisions.

In time, I may move again, but I know I will be better prepared with these lessons under my belt, but until then, I’ve come to fall in love with the space I’ve made for myself.

Most importantly, I’ve developed greater appreciation towards the hard work it takes to make a house into a home!