Looking for a House for Sale in Singapore? Here’s What You Should Know
Looking for a house for sale in Singapore may be a challenging quest, but the rewards are priceless and in less than a year you can become the proud owner of your own very house.
Before getting to the stage where you can relax and verbalise the fact that you finally own a house, there are plenty of things to consider.
There are many surprises homeownership brings, so ensure you are well prepared to start the home search quest!
Here are 10 things everyone should know when buying property in Singapore.
1. Don’t shop with your heart
Once you’ve started your quest and found a house for sale in Singapore that you really think it’s the right fit, it will be tempting to go with the first choice. Falling in love with the first property you encounter can be tempting, but during the viewing process it’s important to shop with your mind and be guided by practical matters!
2. Be mindful about your budget
Decide on a property you can afford now, not in the future. Even if you’re pretty certain that you’ll be earning more in the future, you might also find that circumstances might change. Before making a decision, use a mortgage calculator to estimate your maximum affordability.
3. Don’t focus only on the up-front purchase price
The purchase price of a new home may be tempting, but keep in mind that it’s just one part of the equation. At the end of the deal, you will realise that investing in a house means more costs will add up. Make sure you are well-informed about all the costs associated with your potential new house and that your budget also includes insurance, taxes, mortgage and maintenance and repair fees.
4. Think of resale and rent value
Your home is more than your home — it’s an investment. Don’t fall for the first place that’s priced in your range. Keep in mind that you should be able to sell or rent the property whenever you want to.
5. Work with a savvy property agent
A savvy property agent will work together with you to understand your needs, protect your interests and guide you to the entire buying process – from negotiating to navigating home inspections.
6. Getting a Loan Approval-in-Principle
Do apply for a loan AIP before heading out to buy your property. Sellers will be more willing to engage in a negotiation with buyers who have AIPs.
7. Explore the neighbourhood before purchasing
Before you decide to seal a deal, take some time to explore your potential neighbourhood to get a much better feel of the area. Also, doing your research on different neighbourhoods will help you from an investment perspective as well. Will you want to rent your house at some point in time? If yes, it’s better to choose a neighbourhood with a high rental demand.
8. Don’t get hung up on small things
There are a few questionable elements that just don’t work for you in a potential home, but don’t let this discourage you. Remember that cosmetic changes are easy to make once you move in.
9. Do a proper home inspection
Before signing the papers, make sure you pinpoint any issues that could potentially end up becoming costly repairs.
10. Be realistic about the timeline
The average home buying search takes about 12 weeks, so ensure you have a realistic timeline about the process to prepare all the necessary steps.
Also published on Medium.