Why You Should Buy a House in Singapore
So you’re interested in buying a house in Singapore? You want to be a part of the most innovative city in Southeast Asia?
Singapore has one of the world’s most expensive home markets, but it’s the tops the list in Most Liveable Cities Southeast Asia. Choosing to purchase a house in Singapore and call it home can be one of the best decisions you have ever made.
However, there are several things to consider before you make the move to buy a house.
- Why do you want to buy it?
This might seem like a simple question to answer, but buying property for investment or occupation purposes is important. This is because it will determine the kind of return you’re looking to get out of the property. If it were for investment purposes, you would obviously have to think about capital gain first and foremost. And if it were for your own occupation, capital gain may not be much of a concern (yet), but more on household size.
Having the right reason to purchase a property will help you to select the most suitable one. Even though there are many types of property for you to choose from in Singapore, you have to make sure you pick the right one to suit your purpose.
- What type of housing are you looking at?
Understanding the types of properties available in Singapore will help you to narrow down what you need. HDB (Home & Development Board) homes offer build-to-order homes, which are usually studio apartments, flats, executive condominium and design & build properties.
Private housing has more selection ranging from high-rise apartment to condominiums to strata titled cluster housing to semi-detached to bungalow. These homes are often more elite and exclusive because of their land area.
Choosing the right one will ensure that you will have a home that you’re content and satisfied with.
- Where do you plan to stay in Singapore?
Singapore is diverse nation with many races living together on the same island. Divided into 28 districts, every part of Singapore offers a different living experience and you should consider these areas before deciding to purchase a house in Singapore.
Consider important things based on your familial needs such as schools or learning institutes, facilities, public amenities and places of importance for your lifestyle. Many real estate developments are built in near vicinity to these facilities and amenities so you don’t really have much to worry about. However, it’s good for you to know what they are as well as get to know the areas.
- Home value is important to consider because depending on your plan, you may want to sell your house in the future. Understanding the resale value of your house based on its location can come in handy when you’re looking to sell the house.
- Know your basic rights when it comes to purchasing property in Singapore. Depending whether you have Singapore citizenship or not, there are certain laws that will be applied differently in these situations.
Do your research and homework on the laws for home purchasing. You also need to get as much information as possible as your rights as a homebuyer. Not only that, research and read up on the developers of the properties of your choice. This will give you good insight on the credibility of the developer as well as to safeguard the safety and security of you and your family.
Buying a house in Singapore shouldn’t be a daunting task. With a little homework, research and seeking for important information, you will be soon opening the doors to your dream home!