So, you have officially decided to settle down in this country and finding a home should be one of your top priorities right now. However, it is worth noting that purchasing a property in Singapore is a major commitment and it is highly advised to do your research before you settle for a home. Above all, you will need to be prepared for stiff competition within certain prime neighbourhoods and make sure that you have the financial power to support the monthly payments of your new home. That said, we have compiled some essential tips that will help you in your journey to getting a home in Singapore.
Always keep in mind that your home is a long-term investment and make sure that the neighbourhood that you will eventually choose to live in aligns well with your lifestyle preferences. Do also look out for places that are in close proximity to recreational, healthcare, and shopping facilities. Other factors to consider include public transportation access as well as current or future residential development because you would want to own a home that offers quality living and convenience. As you research on potential homes, keep in mind that it is practically impossible to find a perfect place as there are definitely pros and cons to each community. Have a checklist of what aspects are most important to you and utilise it to decide which factors you can compromise on while getting as close as possible to your ideal place.
Be Up-to-Date on Market Trends
Before settling for a home, make sure to get a sense of the market trends and look out for a healthy mix of commercial and business districts within the area. Having the future resale value in mind when you purchase a property will certainly be advantageous in the long run. You would want to get a place that has just the right demand so that it will appreciate in value over time so that it is easier to put it up for sale if you intend to move in the future. Besides, it is always beneficial to stay up to date with the emerging trends of the housing market since owning a home is a long-term investment and it will help you to steer clear of drastic inflation and property tax increases.
Take Note of Extra Costs
Once you have decided on a location, it is time to ensure that you have enough budget to maintain the monthly payments for your new home. We all know that buying a place can be a very complicated process, in which there are fine print and regulations that require meticulous attention. Before committing to a place, you will need to take note of the additional costs as well as terms. Such associated costs that come with buying a home in Singapore include solicitors’ fees, mortgage solicitors’ fees, transfer fees and stamp duties, government department fees, as well as transfer and mortgage registration fee. If you are unsure, always speak to an expert to clarify your doubts.
Spend Within Your Own Means
Budgeting is truly important when it comes to purchasing a property as you do not want to end up asset rich but cash poor, which is a common mistake that many people have made. To avoid setting yourself up for financial disaster, never ever overextend your limits to purchase a pricey place that is way out of your budget. Furthermore, doing so will take a toll on the budget that you usually set aside for personal expenses and indulgent purchases, which means that you will have to put holidays and shopping on indefinite hold. So, do keep in mind to make the wise choice to settle for a home within your own means.
Renting is an Alternative Option
If you are feeling jittery about committing to the long-term aspects that come with owning your own place, fret not! With several apartments and properties available for rent within our sunny island, you can always opt for short-term living options until you have made your decision. From luxurious serviced apartments to private rooms to spacious bungalows, there is bound to be a place for you out here. Alternatively, you can opt to sign up for a co-living community such as Hmlet, who specialise in making apartment-sharing convenient and easy for its users. Simply input your details on their website, select the neighbourhoods that you would like to live in, request for a viewing, and you are all set.
Speak With a Professional
Given the complications that come with purchasing a home in Singapore, speaking with a seasoned and professional real estate agent will help you to navigate this complex property landscape and get the best deal possible. Having a professional’s input in every step of the way will allow you to clear up any doubts that you may have regarding properties and enable you to make the right decisions.