Buying a property, whether it’s for a long-term investment plan or permanent relocation to Singapore, can be an overwhelming process. You’re navigating through a foreign real estate market that has at least hundreds of options to choose from with a large sum of money you may have borrowed from a bank that expects to be repaid without much leeway. No pressure, though, as we discuss simple tips that will alleviate the burdens of buying houses and service apartments in Singapore.
Before investing in a foreign property, make sure your existing one isn’t denting your monthly income or savings. Paying for two mortgages at a time can be financially debilitating. Instead, straighten out your finances first by paying for any credit card balances and mortgages. Clearing out your outstanding debt also boosts your credit score, which ultimately leads to better chances of your loan application getting approved for decent monthly rates.
It mainly depends on what reason you have for buying property. Entrepreneurs may purchase rental units or shophouses while more traditional investors can go for hotels and luxury estates. People looking to move into the country permanently can go for HDBs, condominium units, and studio apartments in Singapore. Public housing is very common in Singapore. In fact, as much as 80 percent of the country’s population live in HDB flats. HDBs are affordable and designed to accommodate different renter budgets. You can even get financial assistance if you qualify.
The environment you live in and, more importantly, your family lives in should be well-examined. You don’t want to be living in an area that has a high crime rate, impoverished, densely populated, or inaccessible to basic social services like a health clinic or public school. While Singapore is a country revered for its low crime rate and low corruption rate, it still pays to visit the area yourself and look for any red flags that may suggest danger.
Having a broker at your side simplifies all the related steps in buying property. They can handle and explain relevant paperwork and documentation, represent you when speaking with sellers, and make sure that your case progresses without undermining or breaking any legal policies.
Check the apartment or HDB resale value before buying it. This is smart if you are expecting to move again some time in the future. HDB.gov.sg is an excellent source of updated information concerning resale prices for different property types and locations. While the numbers there won’t exactly be the amount you’ll get for your property, the estimates are close enough to make a sound decision.
Singapore is undoubtedly one of the most promising countries not only in Asia but across the globe. With this anticipation in mind, the country’s real estate market has become the target of both local and foreign investors and tenants looking to move into the country. Using the guide above, you’ll be able to avoid the crowded market and get to a property that fits your family’s needs and lifestyle preferences.