Four Questions To Ask Yourself Before You Buy A Property In Singapore
When foreigners move to Singapore, they are often shocked with the prices of real estates. The costs of housing might be higher than you can expect, even more, significant than in San Francisco. Because of this, any transaction requires detail analysis, and you should always request the services of an experienced real estate agent. The agency will help you make a right decision, but still, you need to consult this issue with your family. If you are still not sure what to, then we have for you four fundamental questions, you should find an answer to.
What can you buy or rent
Before making any harsh decisions, keep in mind that Singaporean Government has a strict rule when it comes to selling and buying properties. There are some differences between properties and what foreigners are allowed to buy. For example, private residential properties have fewer restrictions, but they are more expensive. On the other hand, public-private hybrids are cheaper, but they come with the conditions foreigners need to meet. The third type is the houses, but they are intended for high – end residents, considering the price of the land. Considering the rentals, they don’t have any limitations, and if you want to buy an apartment, you have to live five years there.
Is this a long – term or short – term solution
When you are thinking about your future, picture yourself living in Singapore. Can you imagine living there? If you can’t, then don’t invest large sums of money because the selling procedure is equally complicated as the buying one. In this case, it would be better to rent a property, until you make the right decision. Within the first year of purchase, you won’t be able to sell your property, and if you don’t like living here, then you are basically trapped.
How much money are you willing to pay
Investing money in property is such an important step, regardless of the place or country. Private properties in Singapore aren’t cheap, so you need to think carefully. All major banks will provide you a loan if you prove them that you have a steady income. In some cases, they will request a 20% of down payment. This is an excellent opportunity for all foreigners who are planning to move and have a secure job; you don’t have to pay everything upfront. This is the same case as with mortgages in America.
Think about your future
While owning a property in Singapore can be a significant advantage, especially if you look at the prices. But, you still need to think about the future and are you planning to move here permanently. By locking yourself with a property and mortgage can be a risky decision, in this case, you need to be sure you can always sell the house or an apartment and get your money back. On the other hand, if you are looking to go cheap, the house might not have the same market value within a couple of years.