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Planning for Your First Property – Part 2

In the previous article, we examined the 4 main pillars of buying your first property:

1. Mortgage

2. Renovation

3. Furniture and appliances

4. Property tax and insurance

Having covered mortgage and renovation already, we now delve into the remaining two pillars. Following a brief description of furniture and appliances, we then discuss the various financing methods available and provide our take on which method is best. Finally, we give a quick 101 regarding the most important bits that you need to know for property taxes and insurance.



Furniture and appliances are household essentials – they are absolutely necessary for us to live comfortably and efficiently in our homes. They are household essentials that turn your house into a home for living. Apart from serving functional uses, the right design and combination of furniture and appliances will accentuate the aesthetic appeal of your house.

So, what are the various methods of paying for them?

1. Bank Loans

For this purpose, a bank loan can come in two forms – a furnishing loan or a personal loan. It is necessary to highlight that a furnishing loan is distinct from a renovation loan, that is, you cannot use the funds disbursed from the latter to purchase that Milo Baughmann-esque swivel chair from luxury Italian brand, Marioni.

Furnishing loans are not offered by all banks, for it may be deemed superfluous. Personal loans, as do furnishing loans, provide quick and effective relief for negotiating a tight financial corner, but typically come at higher interest rates. Ultimately, bank loans, though effective, are forms of debt only taken on after careful consideration of your current and predicted financial health.

2. Financing (installments)

Payment in installments allow a purchase of furniture or appliance to be paid for in tranches over the course of months (or years). Some