Taking the Leap Into Singapore’s Real Estate Market

Singapore’s real estate market is a jungle, filled with commission-hungry brokers and property variations from one tree to the next. If you’re in the market looking to procure a good piece of land either as an investment or as a new abode for your family, here are some golden nuggets of wisdom you should take to heart.

Appoint a Good Real Estate Agent 

Blowing off the services of a good real estate agent may save you a few Singaporean dollars, but it will likely make the process more unbearably complex than it needs to be. Hiring a real estate agent before starting your search is better than taking on the expertise of one much later into the buying process. Your real estate agent will be able to better serve your needs and preferences if he/she takes on your case from the start.

Decide on the Property Type 

There is a wide range of single-family homes, high-rise condo units, and service apartments in Singapore you can choose from. Once you’ve narrowed it down to a handful of choices, your broker will invite you to view properties that fit your personal criteria. While inspecting units, pay attention to key property characteristics including its foundation, plumbing, fixtures, etc. Take your time to consider these things as property investments like studio apartments in Singapore are long-term big ticket items.

Prepare Relevant Documentation 

Once you’ve decided on a property, put one percent of the purchase price as consideration for the right to purchase from the seller. This option to purchase is often prepared by the seller’s party or by a third-party real estate agent. Having the option to purchase gives you a predetermined period of time to decide whether to proceed with the purchase or not. Alternatively, you can prepare an Offer to Purchase, which your agent can prepare. This will get the attention of the selling party. These options do cost fees and deposits, which will not exceed $1,000.

Finalize the Sale 

Completing the sale usually takes 2 to 4 months, and is often left to the real estate agents from both parties side. During this phase, For HDB resale flats, you are left with a window to consider the desired purchase, eligibility checks, and financial applications that will affect the outcome. The window given is usually around 21 days.

Buying property in Singapore should be made hassle-free. After all, you’re already digesting the financial burdens of financing a home. Use the step by step guidelines to traverse Singapore’s real estate market and its intricate set of laws and regulations.