How to Budget for Your First Condo in Singapore: Direct Answers and Key Steps
Budgeting for your first condo in Singapore involves accurately estimating all upfront and ongoing costs, understanding mortgage rules, and leveraging trusted platforms like Homejourney to ensure a safe, transparent, and confident purchase process. Start by assessing your financial capacity, researching market prices, and factoring in all regulatory and hidden costs before committing to a purchase.
This guide offers specific, actionable advice to help you budget effectively, avoid unpleasant surprises, and buy your first condo with confidence, supporting our main pillar: the Complete Guide to Buying Property in Singapore .
Understanding Singapore Condo Costs: The Full Picture
Singapore's private condominium market offers a range of options, with median prices for mass-market condos in 2025 ranging from $1,300 to $2,500 per square foot (psf) depending on location and project features [1]Straits Times Housing News . For a 900-sqft unit, expect a purchase price starting from $1.2M in emerging areas to over $2M in city-fringe or prime districts.
Homejourney recommends breaking down costs into three categories:
- Upfront costs: Downpayment, stamp duties, legal fees, valuation fees.
- Ongoing costs: Monthly mortgage, maintenance fees, property tax, insurance, and utilities.
- Hidden/one-off costs: Renovation, moving expenses, aircon servicing Aircon Services , and minor repairs.
Upfront Cash Outlay: What You Must Prepare
For Singapore Citizens buying their first private condo, the minimum downpayment is 25% of the purchase price. Of this, at least 5% must be paid in cash, while the remaining 20% can be drawn from CPF Ordinary Account savings or cash [3]. For a $1.5M condo:
- 5% cash: $75,000
- 20% CPF/cash: $300,000
- Total minimum downpayment: $375,000
Additional upfront costs include:
- Buyer's Stamp Duty (BSD): Progressive rates up to 6% for residential properties above $1.5M.
- Additional Buyer's Stamp Duty (ABSD): 0% for first-timer Singaporeans, but up to 20% for PRs and 60% for foreigners [4].
- Legal fees: $2,500–$3,500.
- Valuation fees: $300–$500.
For a complete breakdown on taxes and legal costs, see our 新加坡购房税务须知：财务规划指南 | Homejourney and 新加坡买房子税多少要注意什么的法律考虑因素 | Homejourney .
Financing & Loans: How Much Can You Borrow?
Your maximum loan amount depends on the Loan-to-Value (LTV) limit, set at 75% for first housing loans from banks, subject to Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR) regulations [3]. The TDSR caps your total monthly debt repayments at 55% of your gross monthly income. Use Homejourney's Bank Rates and Mortgage Rates tools to compare current mortgage rates and estimate your monthly repayments.
For young buyers or those with complex financing needs, read Explore Mortgage Options for Young Buyers in Singapore with Homejourney and Singapore Property Loan Guide 2025: Best Mortgage Rates & Trusted Advice by Home... for in-depth strategies.
Ongoing Condo Ownership Costs: Plan for the Long Term
After your purchase, budget for:
- Monthly mortgage repayments: Varies by loan amount, tenure, and interest rate.
- Maintenance fees: $250–$500 monthly for most condos, depending on size and facilities [1].
- Property tax: Calculated based on annual value and owner-occupancy status.
- Insurance: Fire, home contents, and mortgage insurance.
- Utilities and aircon servicing: Budget $150–$300 per month, plus regular Aircon Services for optimal comfort and efficiency.
Homejourney encourages buyers to factor in a buffer for unforeseen expenses and routine maintenance, ensuring a safe and smooth homeownership journey.
Choosing Between New Launch and Resale Condos
Decide early if you prefer a new launch (buying off-plan) or a resale condo (completed unit). New launches offer early-bird prices, modern features, and a fresh 99-year lease, but require waiting 3–4 years for completion [2]. Resale condos offer immediate move-in, established neighborhoods, and the ability to inspect the unit before purchase [2].
Use Homejourney's Projects and Projects Directory to compare current launches and resale listings, and Property Search for personalized property search.
Practical Budgeting Steps with Homejourney
- Assess your finances: Calculate your maximum affordable purchase price using the 25% downpayment and 75% LTV rule.
- Research market prices: Use Projects Directory for latest condo price trends and transaction data.
- Estimate all costs: Include downpayment, BSD/ABSD, legal, valuation, renovation, and moving costs.
- Get loan approval: Secure an In-Principle Approval (IPA) from your preferred bank using Homejourney’s Bank Rates .
- Plan for ongoing expenses: Budget for mortgage, maintenance, taxes, and periodic Aircon Services .
- Leverage expert help: Consult Homejourney’s advisors for verified, up-to-date guidance and safe property transactions.
Homejourney’s Commitment: Safe, Trusted, and Transparent Condo Buying
Homejourney places user safety and trust at the heart of every step. Our platform verifies listings, provides transparent cost breakdowns, and listens to buyer feedback to continuously improve your experience. We offer real-time mortgage rate comparisons, trusted agent connections, and a secure environment for every transaction.
For more on legal processes, see Navigating Legal Procedures for Singapore Condo Purchases with Homejourney . For foreign buyer guidance, read 中国买家如何合法转移资金到新加坡：Homejourney权威解读与实操指南 .
Frequently Asked Questions: Budgeting for Your First Condo in Singapore
- What is the minimum downpayment for a first condo in Singapore?
For citizens, it is 25% of the purchase price, with at least 5% in cash and the rest via CPF or cash [3]. - How do I calculate stamp duties and taxes?
Use IRAS’s online calculators and refer to our 新加坡购房税务须知：财务规划指南 | Homejourney for the latest BSD and ABSD rates. - Can I use CPF to pay for my condo?
Yes, up to 20% of the downpayment and for ongoing mortgage repayments, subject to CPF withdrawal limits and property valuation [3]. - What ongoing costs should I budget for?
Mortgage repayments, maintenance fees, property tax, insurance, utilities, and regular Aircon Services . - How does Homejourney ensure a safe buying process?
By verifying all listings, prioritizing user security, and providing transparent, expert-backed advice at every stage.
Ready to budget and buy your first condo with confidence? Start your journey with Homejourney’s Complete Guide to Buying Property in Singapore and explore our trusted tools for financing, property search, and verified agent support.
References
Disclaimer
The information provided in this article is for general reference only. For accurate and official information, please visit HDB's official website or consult professional advice from lawyers, real estate agents, bankers, and other relevant professional consultants.
Homejourney is not liable for any damages, losses, or consequences that may result from the use of this information. We are simply sharing information to the best of our knowledge, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information contained herein.