Author Archives: Hong Cao
Author Archives: Hong Cao
Purchasing a real estate property is a serious and significant investment whatever the property you choose and some trading rules are the same in every real estate market. However, Singapore is specific in many aspects regarding its dynamic and complex real estate property market, as well as regarding the mere types of property the country offers. Since Singaporean real estate market is highly under the influence of foreign investors and global economy fluctuations, prices and offers at real estate market vary significantly over the time and require constant insight. At the same time, some types of real estate property, especially residential real estates are specific for Singapore. Here’s a review of some of the most common real estate offers at the market you will come across while searching for an adequate residence.
When choosing a residential real estate property in Singapore, the first thing to decide is whether you prefer (and can afford) landed or non-landed residential property. Due to competitive and more affordable prices, non-landed properties are more popular among locals and foreign investors but landed property is considered to be a trait of the highest economic and social standard. Working class usually settles in one of the several types of non-landed real estates. HBD flats, apartments, and condominiums are the most common types of residential property. Condos are quite popular due to their cozy construction, the location at the downtown, solid connection with city traffic and infrastructure. Also, condos provide commodities such as swimming pools, tennis courts, and many other convenient features. HBD flats are public, private estates and are slightly less comfortable, but rather affordable and their size may vary according to the number of tenants. If you prefer landed property, you get to choose among bungalows, terrace houses, semi-detached houses, and shophouses.
Singapore is the highly attractive location for starting or developing business. Thus there’s an increasing interest in commercial real estates among foreign and local companies. Depending on the location, commercial estates are divided into Grade A and B groups, each with its specific features and finally prices. There’s a myriad of various sizes and construction styles among commercial building depending on real estate’s primary purpose. Thus, you will find office blocks with classic building ideal for companies and small businesses, bigger buildings designed for larger companies or shopping centers and much more.
If the industrial branch is characterized by some traits, such as air pollution during industrial processes, causing noise, potential safety hazards and many similar aspects, then it requires the industrial type of real estate instead of commercial. Since Singapore hosts a wide range of enterprises and developing industry branches, it provides various types of leasing and purchasing industrial real estate properties. This includes different warehouses, storages, building constructed for factories, manufacturing firms, business parks and much more. These real estates are settled in separated zones of the country according to all term and laws referring industrial zone and real estates.
Investing into real estate market and property is a big decision and potentially risky financial move, especially if you are not educated enough. At the top of it, Singaporean real estate market may be particularly complex and specific in some aspects that require professional assistance and thorough knowing of the trading rules dominating here. Singapore is attractive for foreign investors; it offers a wide range of different real estate types, residential property as well as commercial and industrial and the prices fluctuate according to the local and global economy. To avoid some common and potentially costly mistakes, especially if you are a layman and first-time buyer, read these instructions you might find useful.
A thorough investigation of all the possible expenses included into the total price is the only way to prevent bankruptcy or being short and running into debts when purchasing a desired real estate property. The overall required money includes much more than just a mortgage. Do not forget to include taxes, interest, stamp duty fees, insurance and some other costs that figure as well. Also, check your mortgage loan terms with your bank before you run into purchasing, just to make sure you got yourself covered on all sides. Also, don’t go purchasing a real estate in Singapore, before you get a pre-approval for a mortgage. So-called AIP (Approval In Principle) will inform you about the total loan you are eligible for.
Don’t be bold and overestimate your skills and knowledge, because avoiding professional help and assistant might cost you a lot. Hire a trusted real estate expert or at least consult real estate company and their lawyers and realtors to give you professional, experienced directions and advice or to lead you smoothly through the whole process of market research and transaction. Aside from the fact that property agent will help you find the real estate that suits your budget and needs, he will give you expert’s tips on when to buy, how to decrease the total price and how to ensure the legal aspects of the transaction.
Purchasing a real estate without thorough inspection before signing any contract is irresponsible and risky, even if you are a foreign investor. When visiting and inspecting the pinned real estate, the best is to take some construction engineers with you to check for installations, air conditions, pipes, heating settings and other potential risks and drawbacks.
When conducting preliminary research of real estate market in Singapore, keep in mind two things. Prices of real estates in Singapore sometimes fluctuate significantly within just a few months. Also, consider the fact that the whole transaction procedure usually takes about twelve weeks to complete it. When it comes to these features, you need to have time limitations and timeline in mind. On the other hand, you should thing in long-terms when planning potential future selling of that property, renting it or reconstructing. Calculate rental yields and study price predictions, as well as some Singapore’s real estate laws to get the clear picture of what the true market value of your real estate will be in the future.