Singapore is a great market for expats who are looking to buy property. In order to make you search successful, consider the following steps for a property search in Singapore.
Choose the Right Property Type
The price range for different types of property in Singapore can be significant. Whether you’re looking for a studio or a condominium, it’s important to know this ahead of time so that your agents can help you look in the right places. For instance, a buyer looking at studios may take a different approach than someone looking for HDB flats in Singapore.
Consider the Location
Depending on your budget, you may have difficulty finding a property in your price range that is centrally located. However, many of the more outlying areas of Singapore are well connected to the MTR, making them convenient for getting around. If you want to stretch your money further, consider expanding your target areas to include any properties within reach of the MTR.
Choose the Right Time
The Singapore housing market fluctuates frequently, based on seasonal and economic demands. If you are looking to buy in Singapore, the time of year may affect the properties you can find in your price range. Speak with a local real estate agent to help you choose a timeline for your search. If you prefer not to wait to start your search, it helps if you plan to stay long-term; this can help you put the house on the market again when the prices are up. This way, you won’t lose money on your property investment.
choose the right time
Use Property Sites with Caution
Even when you’re a certified buyer in Singapore, you might have some trouble breaking into the local housing market. Housing sites can be especially daunting to foreigners, since they may not be in English. However, the current popularity of these sites makes them one of the best tools for conducting your housing search in Singapore.
This is why it’s important to get a local agent to help you with your search. Shop around to find someone who is attentive to your needs, who can help you break some of the cultural barriers to buying a home in Singapore.
Look in the Right Price Range
One of the biggest ways that you can help your search is to choose the right price range for your property in Singapore. A good rule of thumb is to choose something that will only eat up 1/3 of your income. This can be difficult to calculate if you must pay property taxes in Singapore as well as income taxes to your home country. Sit down with a financial counselor to determine how much house you can afford to buy in Singapore.
There are a number of considerations when buying a home in Singapore; you may not be used to the ways of the local market. Don’t be afraid to reach out and get help before making the big financial decision of buying a home in Singapore.