Buying a property in Singapore or anywhere else for that matter can be very intimidating. Should you go for an apartment unit or a bungalow house? Which area or neighborhood should you start looking for properties at? What’s the legal process like for transacting something as big as a house? These are only a few of the critical questions that merit a solid response. Make sure to answer them first before actually heading out to open houses.
Why Are In The Market?
Sure, you’re in the market to buy a property, but why? There are only two possible answers to this question – either you want to build an investment portfolio with certain exposure on Singapore real estate or you are looking to move into the country and is looking for a place of residence. Either reason will predominantly affect the property choices you look at and the decisions you make along the way.
Establish Investment Goals
Each property for sale in Singapore will have some unique qualities that determine its potential appreciation rate and amount. As an investor, it is prudent to look at these qualities to pinpoint which one best complements your investment objectives. For example, buyers looking to flip properties for a profit should concentrate in prime areas and neighborhoods where there is no shortage of real estate demand and where housing prices are able to soar in expeditious rates. This type of investment property meshes well with an investor with short-term goals as it does not require them to lock up capital for long time horizons.
Sit down and assess your budget. You probably have a sold number in mind that’s guiding you when shopping for properties, but keep in mind that there is far more to property ownership than its price tag. What most buyers fail to consider or are too anxious to even talk about are the hidden expenses of buying property for sale in Singapore or anywhere else in the world. Costs that can catch you off-guard include homeowner insurance, home inspection and surveying services, property taxes, and closing fees.
Consider HDB Flats
What other countries refer to as public housing, Singapore calls it HDB, Housing Development Board, flats. Upwards of 70 percent of Singaporeans live in this type of housing, which is usually self-contained complexes that have in-house public services like clinics, schools, and grocery stores. Expats, however, cannot easily procure an HDB flat. They must either wait until they become Singaporean citizens, have another citizen in the family, or be given permanent residence in the country.
Work With a Realtor
In most cases, realtors are overlooked because of the associated fees they charge. However, getting just the right property in Singapore will require a professional with the street smarts and experience navigating the local real estate space. Find a licensed and experienced realtor who understands your specific needs and goals, has a large enough portfolio of properties available that fit your criteria, and can proficiently represent you at every step of the acquisition process.