4 Useful Tips on Purchasing Real Estate Property in Singapore

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Published: 29th October 2012
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Looking for a home or private property in Singapore? Many things have to be taken into consideration before making the decision to buy a property in Singapore . Here are some useful buying properties tips that you should really consider.

1. Appoint a Property Agent.

The first step to any property transaction is appointing a real estate agent. As your representative throughout the process of buying and selling, it is crucial for the property agent to be competent and experienced in the market, as he will be able to will guide you in selecting the property of your need. A good property agent can also act as a consultant should you require any legal and financial advice upon purchase.

Discuss with the agent clearly all the criteria that you want to achieve in order to buy a property, such as dimensions, location and price. Clear instructions will help your agent direct you to the ideal residence quickly and accurately. Furthermore, this will help the agent to provide you professional advices.

You should stay with one agent per transaction because appointing more than a representative will lead to confusion and embarrassment since most agents in Singapore share the same portfolio.

2. Financial Planning

Budgeting is another big aspect that you have to look into before purchasing a house. Bear in mind other monthly expenses that come with owning or renting a home. Make sure you plan your budget carefully before planning to buy your dream home in Singapore. Once you have decided on the location, then check out terms and conditions of Bank loans that will be suitable for you.

There are several software exists to assist agents to accurately calculate the cost of buying a home. Providing your agent with accurate data regarding your financial status is vital and will help him to formulate a proper financial plan.

If you're buying, talk to 2 or 3 banks and discuss a financial plan that you're comfortable with. Your banker will also be able to advise you on the loan quantum available to you. This will help you decide on your budget. Keep the documents or paperwork handy as the banks ask for them while giving you a loan.

3. Pay Attention while Inspection.

Based on your needs, the housing agent will search for suitable living spaces. Once narrowed down to the select few, you will be cordially invited to view the units. During the rounds of inspection, pay attention to the furnishings, fixtures and other special arrangements, if any. Do not feel hesitant in negotiating for renovation and price. Property investments are long term big ticket items; so make sure you are perfectly satisfied with the unit before agreeing to the purchase.

Furthermore, check out the convenience factors like locality, transportation, requirement for the rooms or total area, facilities like playing grounds, recreation club etc. Make sure the market area, banks; hospitals are within your reach. Another thing to take note is that you should follow some etiquette while viewing the properties. Always make a note of the surroundings and the pros and cons of the property.

4. Negotiate the Price

Once you find a home that you like, discuss with your agent with regards to the asking and market price for the property. Make an offer to your agent regarding the property and evaluate it with the prevalent market price. Your agent will help you to take a decision on this. Do not take any hasty decision regarding the property.

Compare that property with those that you have viewed. Refer to your notes about the property. Your agent should be able to help you to decide on an offer price. The rule is to start the offer at a price that seems fair to you and wait for a counter offer. If the seller is serious, you should receive a counter offer.

However, remember that you are not the only one looking around for a good deal. By all means don't rush into making a hasty decision but if you don't decide soon, someone else will.

Buying a home will be one of the biggest purchasing decision you make in life, as making any mistakes might lead to serious consequences. This is why you need to acquire some property investment knowledge before you invest or buy any property. To learn more about property investing strategies, join our FREE Property Investment Seminar here.

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