Buying Residential Apartments in Singapore? Read This
Singapore is one of the most foreigner-friendly countries in Asia. If you are traveling to Singapore for work or for leisure, you will get around pretty easily as the English language is one of the official languages spoken here (along with Malay, Mandarin Chinese, and Tamil). With its rich cultural diversity, efficient infrastructure and transportation system, and being the safest country in Asia, it's no wonder that expats in Singapore are growing as the years pass.
If you are one of those who've been dreaming to buy an apartment in Singapore, here are essential criteria to consider.
Location
Although Singapore is a small city, finding the right place for you is not as easy as you think. You will weigh your options based on varied considerations. In finding a place to call home, bear in mind your priorities. Are you moving in solo or with your family? Do you need a place near your office or a place near a school for your child? Does your area have a school, a hospital, or a mall nearby? Do you own a car or would you be commuting to work?
Location
It would also be a good idea to research on future projects within your prospect location. For example, MRT lines are expected to operate in 2030 so finding a cheaper apartment away from the center might not be so bad. Wherever your location will be, expect that any residential property in Singapore never disappoint. They will always have the necessary features of an ideal neighborhood.
Budget
With the continuous price hike on private properties in Singapore, it is better to come up with a budget and stick to it. Apartments may cost more than HBD flats, but they offer a more splendid generous set of communal facilities. For those who don't want to shell out a fortune for condominiums, which are on the top of the price list, then getting an apartment is a great option.
Budget
Compute your total sum meticulously. One grave mistake in buying residential apartments in Singapore is underestimating. The purchase price is not the only thing you are going to pay. Other costs such as property valuation reports, duty fees, property taxes, and different types of insurance come into play and add a huge amount in your computation.
Loan
Getting a home is a big financial obligation. Home loans make it easier for buyers to score a nice residential unit even without a huge amount on hand. Today, many banks offer loans up to 80% of the net purchase price with low interest rates and even without capital gains tax. Even foreigners can be granted up to 70% of the apartment cost. However, keep in mind that the down payment will be settled up front.
Loan
Ask yourself a series of questions before settling on a home loan offer. Is the down payment reachable? Is the interest rate low? Are the loan to value and debt ratio favorable? Can you handle the loan tenure? Are there late payment penalties?
Conclusion
Buying a residential unit in Singapore might sound too complicated especially if it is your first time. Getting a reliable real estate agent is highly recommended to guide you in making sound decisions in