How to buy a property in Singapore

Buying properties in Singapore

 

These “Easy” steps make your buying process a breeze.

 

Step 1: Research and shortlist the location

Tip:  Select a good location for capital appreciation and preservation.

As the saying goes “Location, location, location”. During an ”up” market, housing of any shape & size move, but during a slow moving time, prices in good location will be resilient and also easier to sell.

Key Considerations:

  • Centrality. Proximity to CBD
  • Neighbourhood that appeals to you or have vested interest in such as schools. If you want to sell your property in the future, many buyers will be on the lookout for good schools.
  • Transport. E.g. MRT, bus stop, expressways, traffic
  • Development. Read latest URA Masterplan. Present amenities are important, but future ones are important as well. Future public, commercial and private developments can improve property values in that area.
  • Land lot location. Factors such as T junction, X junction, expressway, viaduct, underpass, gas station, sub station, columbarium, busy road can affect the property’s value

Step 2: Determine your budget. Always buy within your means. Use a bank mortgage calculator to help you determine how much you can finance with a bank loan and how much cash you need to prepare.

 

Step 3: Decide on the type of housing. HDB? ECs? Condos? Cluster house? Landed house?

 

Step 4: View showflats, resale units

 

Step 5: Negotiate and make an offer, Once you have made a successful offer, you will be issued an Option to Purchase. (New condos projects will be issued a Sale and Purchase Agreement after OTP).

 

Step 6: Completing the sale process. 

  • Select a conveyancing lawyer in the list of bank’s panel of Lawyers within the Option period to exercise the Option to Purchase.
  • Pay Stamp duties. E.g. Buyer’ stamp duty, Additional Buyer‘s Stamp duty
  • Typical completion period is 8 to 12 weeks

 

 

The information contained here is for general information purposes only and does not have regard to the specific investment objectives, financial situation and the particular needs of any recipient hereof. The contents may not be published, circulated, reproduced or distributed in whole or in part by  any recipient of this report to any other person or parties without the prior written permission. The  writer is not responsible for and makes no representation as to the accuracy or completeness of such  sources or the Information and accepts no liability whatsoever for any loss or damage arising from the  use of or reliance in whole or in part on the Information. The recipient should not treat the contents as advice relating to legal, taxation or investment matters. Any person or party interested in further  pursuing the matters contained herein are advised to make their own independent investigations and  verification of the Information and any other information such persons or parties may consider to be  relevant or appropriate in the circumstances. This page does not, nor is it intended to, constitute an  offer or a solicitation to purchase or sell any asset or property, or to enter into any legal relations, noran advice or a recommendation with respect to such asset or property

 

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