Thinking of buying a home together before marriage?

It’s not uncommon for young Singaporeans couples to plan for their first property purchase even before they get married. But before you jump into marriage and pay the deposit for your new home, here are five things that you should do! (Cover image credits)

#1: Making sure you’re ready to commit

Regardless of whether you’re intending to get a BTO or resale flat, you’ll have to apply under the Fiance-Fiancee Scheme, which is for couples who are “ready to commit to marriage”.

You might be tempted to rush things along, especially if it appears all your close friends have already applied (or are applying!) for flats. Plus, the sooner you apply for a flat, the more you’ll receive a larger amount in government subsidies. Applying to buy a flat is a huge decision – so make sure both parties are serious and ready to commit to marriage, before doing so!

#2: Understand that you might lose your deposit

We don’t have the numbers for resale flats, but according to HDB, about 1% of couples who apply for BTO flats end up cancelling their bookings. This is typically because of a relationship breakdown, or a change in housing plans.

If this happens to you (touch wood!), know that you’ll have to give up your 10% down payment, which works out to over S$30,000 or more for a standard Punggol four-room flat. That’s a lot of money to be flushing down the drain!

#3: Consider your other options

Even if you want to move into your own apartment immediately after getting married, you don’t need to purchase a flat before you wed. Few young Singaporeans know about this, but HDB has a Parenthood Provisional Housing Scheme (PPHS) in which they provide rental housing for married couples who need temporary housing while waiting for the completion of their new flats.

This means you can get married first, then apply for a flat, and stay in a rented apartment of your own whilst waiting for your flat to be constructed. Plus, the rental rates in these PPHS flats are extremely affordable. You can get an entire 3-room flat in Toa Payoh for just $700-$800; talk about a property hack!

#4: Planning your timeline

Whatever you do, don’t buy a flat without getting your timeline sorted out first. Here’s why this is important: you’ll need to submit your marriage certificate within three months from your BTO or resale completion date. If you’re applying for the CPF Housing Grant, the timeframe is even shorter – you’ll need to submit your marriage certificate during your Completion Appointment with HDB.

Bearing this in mind, you’ll have to make plans to get married either before your Completion Appointment, or within three months after you get your flat. To simplify things, many couples opt to just sign their papers at the Registry of Marriage (ROM), and defer their wedding banquet to a later date. Sit down with your partner and talk about when the big day should be!

#5: Having an honest discussion about your finances

Buying a property isn’t just about pooling together enough money to meet the down payment. You’ll need to plan to make sure you can comfortably meet your monthly payments for the next two decades. Discuss whether you’d like to set up a joint account, or whether you simply want to maintain your individual accounts. Do also set aside a “buffer” for renovations and other hidden costs, insurance bills, and a rainy day fund, before deciding what’s your budget is for your first property.

If you’ve successfully completed all five steps and you’re positive that you want to go ahead with your property purchase, congrats on your soon-to-be home. Check out our homeowner’s guide to house-hunting which will hopefully help you nab the apartment of your dreams!

Find the home of your dreams on Singapore’s largest property portal 99.co today!

If you found this article helpful, 99.co recommends 7 things Singaporean homeowners wish they knew before buying property and What you need to know about HDB’s Sale of Balance Flats (SBF).