For many people purchasing a home is the single, most significant purchase of their lives and takes a
lot of preparation and research, especially when considering purchasing a Singapore condo. Not only do you
want to find the perfect property, but other factors such as location, accessibility, and size will also
come into consideration.
But beyond the awe-inspiring skyscrapers and fantastic real estate opportunities, Singapore is
renowned for having complex rules regarding housing, affecting both residents and foreigners alike –
making the process even more complicated. However, using the advice of expert mortgage advisors
and helpful online resources or tools – we’re sure that you’ll be able to look past these regulations
and find your dream home.
If you’re new to purchasing property abroad and are considering buying your first condominium in
Singapore – here are several considerations to make before opening your heart (and wallet) to a
piece of Singaporean real estate.
Be Prepared To Spend (A Lot)
Due to being one of the costliest countries in Asia, Singapore boasts a higher cost of living than other
countries whose real estate market reflects. Property prices will vary depending on the location,
size, age, and other aspects that you’re looking for. Still, property prices are generally high, so tailor
your expectations to reflect this.
Whether you’ve got your sights set on a luxury Singapore condo or a one-of-a-kind mansion, you can
expect your budget to be stretched towards the top end instead of the minimum. In addition, due to
Singapore being one of the most rapidly developing countries in Asia, the prices will likely continue
to rise as consumer demand increases.
On the other hand, this makes Singapore an ideal country for property investing, as it commands a
large rental pool and gives homeowners the chance to make a good return on their initial
investment at resale.
Apply For A Home Loan/Mortgage
After you’ve figured out the basics like your budget and what district you’re interested in, you’ll have
to consider which provider you’re going to approach to apply for a housing loan or mortgage. Take
the time to research all the different providers in Singapore that could assist you with your mortgage
application and apply once you’ve found a reputable company.
Several housing loans exist in Singapore, with strict rules and regulations depending on whether
you’re a resident or a foreigner. Navigating Singapore’s strict property guidelines can be challenging,
so it may be worth considering enlisting the services of mortgage experts such as PropertyGuru,
whose advisors can advise on housing loans and many other property-related queries. For more
information or to take advantage of their handy resources and stamp duty calculator, head over to
their website.
Narrow Down Your District
To get a more accurate idea of the price you could be expected to pay, it’s essential once you’ve
looked around all the districts Singapore’s real estate market has to offer to narrow down your
choice to your favorites. Narrowing down a district is easier when you have a budget in mind, as the
closer to the city center you are, the more you’ll have to pay.
Chances are you’ll already have an inkling of the kind of property you’re after, but this may soon
change once you start viewing properties and comparing the prices to your budget, as you might
have to rethink what you originally wanted. Consider whether you’ll be using the property personally
or if it’s just an investment opportunity.
If it’s for yourself, you’ll have to think about what facilities you’ll need and how close amenities are.
Whereas if you’re purchasing with the intent to rent the property out, you’ll have to consider which
demographic you’ll be targeting and what features/amenities would encourage them to stay.
Some of the most popular districts in Singapore are Marina Bay, Singapore River and Orchard Rd.
If your goal is to attract renters, then districts in these areas will be your best bet – although the
price will mirror the district’s popularity!
Outline Your Budget for Purchasing a Singapore Condo
Like any property purchase, you need to have a budget in mind, which means accessing your
finances, determining what you can realistically afford to spare, and conducting market research in
the area, you’re looking to buy. To help determine your budget, make a list of which house features
are necessary, unneeded, and ones you can compromise on, as this will help limit the houses you
look at.
It would also help if you figured out your household income after tax, made a list of monthly
outgoings, cut back on spending, and paid down your debts a couple of months before purchase. Or
you could consider enlisting the services of a financial advisor if you’re still not sure about how much
budget you can realistically afford. Once you’re clear about your budget, it will simplify property
searching and help you narrow down potential Singapore condo properties quicker.