Singapore is known to be the most welcoming country to business people, and the idea of owning a property there is undoubtedly enticing. Besides, the regulations for real estate ownership are also foreigners-friendly since there is no obligatory minimum ownership like in other South-East Asian countries. If this info interests you, then let us discuss further below!
Consult a Property Agency
Although Singapore is foreigner-friendly, you are still required to consult a local professional property agency. They’ll help you with the legal paperwork and give you local insight on your estate choices. And unless you are a property broker or investor who knows the ins and outs of real estate business, advice from a field property agent will be invaluable knowledge for your decision.
However, you should first know how to pick an eligible realtor to trust. First, check their reputation online. Second, get in touch with their client. And third, have a direct talk with the agency’s representative to evaluate his/her knowledge of the estate.
Know the En-Bloc Potential
In a city-state like Singapore, land is scarce, and there are always chances for redevelopment and land acquisition by a much bigger developer. And this enterprise is termed en-bloc sales, where a third party buy a whole condo/apartment. To learn more, you can check en bloc potential 2019 of estates in Singapore on Sotheby’s.
Many factors can affect a property’s en bloc potential. First, if a condo/apartment is surrounded by underutilized areas, the chances of en bloc sales to happen are high. Second, it would be better if you find out about the city’s development plan and see if your desired condo gets the impact or not.
Hire a Property Lawyer
A lawyer is your best bet on knowing the state’s regulations on property ownership. He/she can also be your safest security against future legal problems, which can surely cost you a significant amount of money. And all you need is to spend around $2000 on the service.
Besides, a lawyer can be your best advisor in reviewing the condo rules and purchase agreement. It is not uncommon to find many owners who spot discrepancies and unfair points later after they’ve signed them.
Consider a Mortgage
Applying for a mortgage can significantly reduce your financial burden of purchasing the condo since the price of estates in Singapore are multiples of those in Hong Kong and Ho Chi Minh. And luckily, banks like HSBC, UOB, and DBS are all open to foreign applicants.