Are you looking for a family property for sale in Singapore? Singapore, the southeast Asia city-state has become a major magnet for expats. Since 1973 the government of Singapore has restricted the ownership of residential property in the country by foreigners. The market is segmented to favor citizens of Singapore due to the limited supply, given that Singapore has limited land space. At the same time, the government also encourages foreigners who make an economic contribution to the country to buy residential homes.
Buying property in a foreign country especially in Singapore can be quite complex. Here are a few tips for purchasing property in Singapore:
Select a Real Estate Agent
Appoint a competent and an experienced real estate agent in the Singapore market. Let your agent know what type of property you are looking for, location, size, and your price. A real estate agent has the information you need to locate the ideal residency quickly and accurately. They will also point you in the direct direction should your require any legal or financial advice while purchasing a property.
Assess your affordability
According to Singapore property news, private homes prices have weakened for the 11th straight quarter. Therefore, there is no better time to purchase property in Singapore. Once you have found the residential property you want, it is important to assess your affordability. The down payment and mortgage in Singapore can eat up a significant amount of your liquid net worth and your paycheck.
While you can take advantage of the current private home prices, mortgage rates in Singapore are floating and not fixed. A small uptick in interest rates can have a significant impact on your monthly cash flow.
A foreigner in Singapore can only own a landed property if they have a special land approval from the land development authority giving them permanent residency. However, there are no restrictions on the ownership of an apartment. Seek approval before buying a house that has an attached piece of land.
Singapore’s real estate market is quite volatile. This means if you may not be able to sell your property in a down market. It is imperative to consider the risks vs. the gains of purchasing property for sale in Singapore considering you can be relocated in a whim by your employer.
Following the right procedures can make your property purchase a fuss free experience in Singapore. Make sure you have considered all the risks and you are absolutely sure about your purchase to avoid overstretching your finances.