Some Factors Worth Considering When Buying Properties in Singapore
Although not very big, Singapore is a top place to consider when business and investing are concerned with its top-class infrastructure and well-regulated society. The modern city-state’s free trade ideology and free economy have helped to attract investors, coupled with available incentives for businesses. The real estate market has not been left out with foreigners putting in their money, and with good reasons as well. If you are thinking of buying a property in Singapore also, here are some important factors to consider.
Eligibility
If you are an expats, there is eligibility issue which you need to negotiate successfully to be able to buy a property in Singapore. There are some restrictions against foreigners when certain properties are concerned. You need to determine where you stand with regards to the requirements spelled out in the Housing Development Board (HDB) laws and the Residential Property Act.
Location
Care has to be taken in the choice of location where you wish to have a property. You need to consider the average property value in that area. What facilities are available? How accessible is the area? How safe is the location? How much will a property in the area cost in a few years’ time? Marina One residences are good examples of ideally located properties with easy accessibility and good potential for price gains in the years ahead. If you would rather stay close to expats, you will want to check out places such as Orchard Road, Nissam Road, Nathan Road, Clementi and East Coast.
Financial resources required
When thinking about buying a property, your entire focus should not be on the amount of initial capital involved. There will be additional expenses you need to take care of, including insurance, taxes and insurance. For instance, you get to pay 4% of your property’s annual value in taxes if you occupy it yourself or 10% if rented out. There are also miscellaneous other costs such as attorney’s fees, stamp duty and government department fees.
Market situation
Sometimes, the secret to making a good purchase is knowing when to make your moves, if the reason for purchase is speculative in nature. Failure to get this right could result in significant losses. Experts advise that you should buy when the volume of transactions in the property market is rising sharply, while price is not. It is indicative of rising demand, which you can exploit to your own advantage.
Urban Redevelopment Authority (URA) master plan
It is advisable to consider the impact of the URA master plan when investing, especially when doing so for the long term. This master plan gives a clear idea of where essential amenities are expected to spring up in the months or years ahead. You should consider buying in areas where the proposed amenities are to be sited, as such would help boost your property’s value at their completion.
Singapore is not only a place where people will enjoy working in, but also one that is great for raising a family. Little wonder it is a very popular tourist destination in Asia, with its numerous tourist attractions.
The city-state offers a great place to make investments, particularly in the real estate market.