{"id":35813,"date":"2020-07-30T19:47:19","date_gmt":"2020-07-30T11:47:19","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=35813"},"modified":"2022-06-13T17:25:40","modified_gmt":"2022-06-13T09:25:40","slug":"unemployed-pay-cut-heres-what-sg-homeowners-should-do-now","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/unemployed-pay-cut-heres-what-sg-homeowners-should-do-now\/","title":{"rendered":"Unemployed? Pay cut? Here&#8217;s what SG homeowners should do now"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>2020 hasn&#8217;t been kind to us, at all. And many fear that <a href=\"https:\/\/www.mom.gov.sg\/newsroom\/press-releases\/2020\/0729-labour-market-advance-release-second-quarter-2020\">preliminary employment figures in Q2 2020<\/a> is only a sign of things to come. For unemployed homeowners who are servicing a mortgage, their stress level must be through the roof. If you&#8217;ve lost your job or suffered a hefty pay cut, here are the options you may have at your disposal, to tide you through the toughest of times and preserve your holding power:<\/p>\n<h2>What you can do if you lack holding power right now<\/h2>\n<p>In Singapore\u2019s property market, \u201cholding power\u201d typically refers to the ability of a home owner to keep servicing the property loan and associated costs; this is especially applicable in the event of situations like a market downturn, or a financial emergency.<\/p>\n<p>Here are the possible solutions you can consider if you find yourself in financial difficulty amidst the Covid-19 recession. You can seek the advice of a qualified financial advisor before choosing which option to take:<\/p>\n<ul>\n<li>Defer your home loan repayment, if you haven&#8217;t already done so<\/li>\n<li>Consider renting out a room<\/li>\n<li>Sell or downgrade <em>before<\/em> you actually go broke<\/li>\n<li>Bring on co-owners from the family<\/li>\n<li>If the house is private and paid-up, consider cash-out refinancing<\/li>\n<\/ul>\n<h2>#1: Defer your home loan repayment, if you haven&#8217;t already done so<\/h2>\n<p>To help Singaporeans cope with a potential job loss or pay cut, the government has gotten our banks and financing institutions to give homeowners the option of <a href=\"https:\/\/www.99.co\/singapore\/insider\/defer-home-loan-math-pros-cons\/\">deferring your home loan repayment<\/a> until the end of 2020.<\/p>\n<p>There are two ways to defer your home loan, which we discussed in detail <a href=\"https:\/\/www.99.co\/singapore\/insider\/defer-home-loan-math-pros-cons\/\">in this article<\/a>: defer your entire home loan, or pay only the interest portion.<\/p>\n<p><strong>After the deferment period lapses, homeowners will resume their repayments at a slightly higher installment every month, spread over the remainder of their tenure.<\/strong> You&#8217;ll need to be aware of what you need to pay, and be prepared for it.<\/p>\n<p>The government has yet to announce an extension of home loan deferments past the end of this year, but even a few months of deferment from now until the end of the year can help homeowners keep their family home.<\/p>\n<p>If you choose to defer your home loan, take this time to build up your savings buffer if you can. If you need to find a job quickly, visit this official portal: <a href=\"https:\/\/www.wsg.gov.sg\/SGUnited.html\">https:\/\/www.wsg.gov.sg\/SGUnited.html<\/a><\/p>\n<h2>#2: Consider renting out a room<\/h2>\n<p>If you need extra income each month to cover your mortgage or build up an emergency fund, you can consider renting out a room in your existing home, if space (and your co-occupants) allows.<\/p>\n<p>To get started, <a href=\"https:\/\/www.99.co\/owner\">put up a listing on 99.co<\/a> to get the right property agent to market your property for rent. Remember to set a realistic expectation for the rent you can fetch based on the type of property you live in and its location. You can view existing agent property listings on <a href=\"http:\/\/99.co\">99.co<\/a> to guage the average asking price for rental in your area.<\/p>\n<p>It&#8217;s a soft rental market right now, due to low expatriate demand.<strong> To help you rent out your room quicker, consider specifying &#8220;can cook\/cooking allowed&#8221; and get your agent to place our &#8220;Diversity Friendly&#8221; label on the public listing.<\/strong><\/p>\n<p>If you only need short term financial relief until you find your next job, bear in mind that the minimum rental period is 6 months for private properties, and 3 months for HDB flats. If it&#8217;s your first time as a landlord, we written an article on <a href=\"https:\/\/www.99.co\/singapore\/insider\/7-basic-steps-screening-tenant-on-your-own\/\">how to screen your tenants<\/a>.<\/p>\n<p>Typically, the agent commission for renting out a property is one and two month&#8217;s commission for a one and two-year lease respectively. For shorter leases, it&#8217;s still a one-month commission but you may ask your tenant to bear part of it or even in full (for a short 3-month rental).<\/p>\n<figure id=\"attachment_17345\" aria-describedby=\"caption-attachment-17345\" style=\"width: 600px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-17345\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2018\/06\/HDB-valuation.jpg\" alt=\"Female real estate agent holding a file\" width=\"600\" height=\"400\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2018\/06\/HDB-valuation.jpg 720w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2018\/06\/HDB-valuation-150x100.jpg 150w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2018\/06\/HDB-valuation-600x400.jpg 600w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2018\/06\/HDB-valuation-440x294.jpg 440w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><figcaption id=\"caption-attachment-17345\" class=\"wp-caption-text\">The perks of getting a property agent to help rent out a room is that they have the experience of screening tenants for you.<\/figcaption><\/figure>\n<h2>#3: Sell or downgrade <em>before<\/em> you actually go broke<\/h2>\n<p>If you&#8217;re dependent on unreliable income sources to service your outstanding mortgage and\/or see your savings dwindling at the moment, you may want to be proactive and consider downgrading by selling your property.<\/p>\n<p>This is obviously easier for those who already own a second property. But for those who don&#8217;t, it could be a good idea to bite the bullet sooner rather than later. For instance, It could be a good idea to start looking for a buyer now, and seeking a cheaper property to downgrade to so you can gain a cash buffer.<\/p>\n<p><strong>But before you do that, speak to a qualified financial advisor and check whether <a href=\"https:\/\/www.99.co\/singapore\/insider\/hdb-sale-proceeds-cpf\/\">the CPF monies you owe<\/a> will deny you the cash buffer you need when you sell your home.<\/strong> This applies to both private and HDB properties paid for using CPF, including grants.<\/p>\n<p>Again, to get started, <a href=\"https:\/\/www.99.co\/owner\">put up a listing on 99.co<\/a> to get the right property agent to market your property for sale. Don&#8217;t delay the decision for too long; if you wait till the last minute, that&#8217;s when you&#8217;ll pressured to sell fast and get a bad price, or even make a <a href=\"https:\/\/www.99.co\/singapore\/insider\/negative-sale-hdb-condo-debt\/\">negative sale<\/a>.<\/p>\n<h2>#4: Bring on co-owners from the family<\/h2>\n<p>If they&#8217;re okay with it, you could get other family members to be co-owners and take on part of the mortgage. For example, if your children are of working age, you could list them as co-owners right now, and get them to help with the housing costs.<\/p>\n<p>Obviously, this might lead to disagreements and fallouts down the road, depending on the personalities at play, so this is not a solution to be taken without due consideration.<\/p>\n<h2>#5: If the house is private and paid-up, consider cash-out refinancing<\/h2>\n<p>This is a little too long to describe here, but check out our <a href=\"https:\/\/www.99.co\/singapore\/insider\/property-jargon-of-the-day-cash-out-refinancing\/\">explanation of cash-out refinancing<\/a>. With low interest rates currently, this option will be a godsend for those who have fully paid up their private property but need emergency cash.<\/p>\n<p>Yes, unfortunately cash-out refinancing is only available for private homes; HDB flat owners are not allowed to take out such loans on their property.<\/p>\n<p>&nbsp;<\/p>\n<h2>Do you have any other suggestions to increase holding power? Let us know in the comments below!<\/h2>\n<p>If you found this article useful, 99.co recommends <a href=\"https:\/\/www.99.co\/singapore\/insider\/us-fed-zero-rates-home-loans\/\">US Fed pledges &#8220;near zero&#8221; rates through 2022. How will home loans respond?<\/a> and\u00a0<a href=\"https:\/\/www.99.co\/singapore\/insider\/selling-your-property-wrong-fix\/\">5 ways selling your property can go horribly wrong (and how to fix it)<\/a><\/p>\n<p>Looking for a property? Find the home of your dreams today on Singapore\u2019s most intelligent<a href=\"https:\/\/www.99.co\/?utm_source=blog%20main%20site%20conversion\">\u00a0property portal 99.co<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2020 hasn&#8217;t been kind to us, at all. And many fear that preliminary employment figures in Q2 2020 is only a sign of things to come. For unemployed homeowners who are servicing a mortgage, their stress level must be through the roof. If you&#8217;ve lost your job or suffered a hefty pay cut, here are&hellip;<\/p>\n","protected":false},"author":59,"featured_media":35814,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,53589,57131],"tags":[55109,54872,53798,53599,56082],"persona":[],"class_list":{"2":"type-post","15":"entry","16":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Unemployed? Pay cut? Here&#039;s what SG homeowners should do now - 99.co<\/title>\n<meta name=\"description\" content=\"From a property owner&#039;s POV, here&#039;s 5 ways to keep your head above water during the Covid-19 recession if you&#039;re unemployed or had a pay cut.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.99.co\/singapore\/insider\/unemployed-pay-cut-heres-what-sg-homeowners-should-do-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unemployed? Pay cut? 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