Singapore is now a very popular place to buy property. You can find everything in Singapore from modern condominiums to small bungalows. Some properties come with extensive amenities. The real estate market in Singapore can sometimes be confusing. A few tips will help to make choosing and buying a property in Singapore easier.
Decide Why You Are Buying the Property
The first tip is to decide why you are buying the property in Singapore. This will make a large difference about what type of property you should be looking for. There are a few different classifications of property. You need to decide whether you are buying it as your residence, as an investment property or as a property that you will repair and sell later. Know exactly how you will use the property.
Be Certain the Property Can Be Sold
You need to be certain that any properties you are considering buying can actually be sold. This means you need to qualify to own property in Singapore. You also want to ensure that the person selling the property has the legal right to do so. Several different things could make a sale illegitimate. The person might not have met the minimum occupancy time. Check everything so that you are positive you really can buy the property.
Use a Real Estate Agent
One of the best things you can do is to use a real estate agent when looking to buy property in Singapore. A real estate agent will have the knowledge and experience you need to navigate the sometimes complex paperwork and markets. The agent will have extensive knowledge about all aspects of Singapore properties in 2014. An added bonus is that the agent will help you to avoid frauds. Look for a properly licensed real estate agent.
Always Visit the Properties First
You do not want to rely solely on pictures, online virtual tours or the impressions of other people. You always need to personally visit the property first. This can take some time although it can be an invaluable experience later. Explore all parts of the property both inside and out. Assess the state of the property. Look at the neighbours, the view and any amenities. Actually seeing the property yourself can make a large difference when weighing your options.
Get Financing Approval Before You Start Looking
You are likely going to need some type of financing in order to buy a Singapore property. You want to talk to the bank and get pre-approval for a specific loan amount before you start looking. You might want to shop around between banks looking for the most favourable terms. This is important for two reasons. The first is that you will know exactly what you can spend. The second is that it lets you act quickly when you do find a property you want.
Know What You Can Afford
It is important to know what you can afford before you decide to purchase a specific property. The down payment and fees are not all you will have to pay. You are going to have to pay property taxes, maintenance fees and possibly other fees depending on several factors. You need to determine exactly what you will have to pay on an annual basis. This will ensure that you are able to maintain and keep the property without encountering financial problems later.
A property in Singapore can be an amazing place to live. It is also a worthwhile investment for those familiar with the real estate market. You need to take advantage of all the advice possible to ensure you pick the right property and can finish the purchase without problems.