Rachel Lim, a single Singaporean, is looking to purchase her first property.
She has her eyes set on a 2-bedroom condominium unit in the heart of the city, priced at $1.2 million.
Rachel is aware that she needs to consider various taxes and duties associated with the purchase.
She plans to finance the purchase with a combination of savings and a bank loan.
Rachel is also considering renting out one of the rooms to help cover her mortgage payments.
She is keen to understand the financial implications, including stamp duties, property tax, and potential rental income tax.
Rachel consults with Jonathan Tan, a property agent from Tan Realty Pte Ltd, to get a clearer picture of her obligations and potential benefits.