Navigating the Complex Singapore Real Estate Market With These 5 Easy Steps
Good quality properties are very hard to find in Singapore. There are countless housing options available and an intimidatingly large database to peruse and process. Using the right website, the process of finding property in Singapore can be simpler and easier while still yielding the desired results.
Identify Your Target Property
More often than not, people searching for properties fail to fully understand their needs, preferences, and goals before even viewing properties. As a result, the process becomes more stressful to bear or they end up buying a property they will regret 5 to 10 years from now. Sit down and think of what your target qualities for a property in Singapore are.
Are you looking for HDB for sale or a condominium unit? Perhaps a swimming pool, in-house gym, or any other amenity you wish to have access to? HDB flats, short for Housing and Development Board, is an allocation system that provides flexibility in timing and location for people shopping for new homes in the country and are either existing homeowners or foreigners who just moved into the country.
Aside from housing type, environmental factors will also play a key role in home shopping. Is the condo near MRTsystem, which gives you access to most establishments and social services in the area? Is the neighborhood safe to live in? Are the rooms for rent priced fairly based on other rented housing options within the area?
Do Diligent Research
If there is anytime to put on your researcher shoes, investing in a property is one of the best times to do so. You will be spending a great sum of money for this purchase, so you have to be sure you are locking in the right property. There are a plethora of legitimate and free-to-use resources online, one of which is 99.co Singapore property news. These news websites offer unbiased information regarding current economic conditions, changes in real estate policies, and property listings that have already been vetted.
Start your research by looking into a few Singapore-based realtors who are worth considering and contacting. Realtors will offer more in-depth information about properties than any other resource. They can go beyond the abstract level of property buying and investing. Although they cost money, hiring realtors is well worth the data and advice they bring to the table.
Now let’s get down to brass tacks, which is budget. Know how much you can spend on a Singapore property as this sole factor will predominantly guide your decisions when picking a property. Understand that your currency value may increase or decrease depending on where you are coming from. For example, if you are relocating from the U.S., your money has higher buying power when you relocate to Singapore. Over the last decade, however, Singapore’s economy has been prospering hence the costs of good in the area have also been rising.
Sit down with your family members and assess both existing savings and accessible financial aid. Do you have good credit scores to get a home loan in Singapore? Are you waiting for a considerable inheritance from parents or grandparents? Will you be able to buy basic necessities during your first few months in your new Singapore pad? These are all important considerations to tackle early on. Failure to address these issues can result in future monetary troubles and drastic lifestyle changes.
Singapore is a great place to live in and invest. The economy is promising, low crime rates, cutting-edge public transportation and public facilities, accessible social services, and a hospitable culture. There’s practically a hundred reasons to either relocate or invest in Singapore.