If you have plans of purchasing real estate properties in Singapore, you have to understand that the market is very competitive. The demand for land and space in the country is at an all-time high. With that said, you have to be smart as well as take your time to make sure that you get the Singapore property you want at the right price and conditions. Below are some tips you should follow when scouting for properties in the country:
- Read about the ownership laws in the country.
This is especially important if you are an expatriate. If you are a foreigner living in Singapore, you don’t have the same buying and selling rights compared to a long-time resident. It might be necessary for you to consult with a property lawyer to ensure that you are doing things right and within the bounds of Singapore laws.
- Get an estate agent.
Whether you want to buy an apartment, a condo unit, a vacant land, or an office space, a property agent can help you find the property that’s appropriate for you. These agents can also serve as your consultants for questions you may have about property acquisition rules and policies.
- Make sure that the property is valued with an accurate estimate.
Just because a house has a price tag of one million dollars doesn’t necessarily mean it’s worth that much. Sometimes, sellers bloat their prices because it’s hard for the government to regulate these things. That said, you should get the assistance of a property appraiser to determine an accurate valuation of the asset you want to purchase.
- Don’t forget to negotiate.
The majority of sellers are willing to cut down their prices as long as you are serious about buying the property. So try to negotiate a lower price for as long as you can.
Whether you are purchasing a piece of property for personal use or business reasons, you should always treat it as an investment. You don’t know how long you are going to use the property, so it’s wise to think in advance. Would you be able to sell the property at a higher price in case you decide not to use it? Is there a likelihood that the property will increase or decrease in value in the coming years? These are just some of the questions you need to ask when looking for properties to buy in Singapore.