Finding a suitable property in Singapore these days is not easy. There are numerous factors to consider before you can successfully have one. One factor that you need to remember is the Singaporean government’s policy known as the Property Market Cooling Measures, which limits the number of properties that one can have in Singapore. If you are eyeing a certain property in Singapore and this is your first time to purchase one, here are some things that you need to bear in mind:
- Know your agent. Before you find a property agent in Singapore, it is best that you do some research first. Do some online searches about licensed real estate agents near your area and learn more about them. Information such as the number of properties they have successfully sold will give you an idea about their competence. You can also talk to their former clients to give you an idea of their professionalism. This way, you can be sure that you will only get the best property that you always deserve.
- Find multiple locations that could be your potential first property. Getting ahead is one of the best things you can do to get the best property in Singapore. Choose different locations that you think could bring in serious cash flow for you. SG is not a big country that’s why properties are priced according to the location. If you are going to use the property as your residence, make sure that it is strategically located near schools, shopping places, and the Central Area. You can consult with your real estate agent on this matter.
- The use of property. How do you intend to use the property? Are you going to buy a property for personal use or for business? Considering these things will help you get the ideal property and get ahead of the competition.
- Know your budget well. Are you willing to go over and beyond your budget? This is an important question you need to ask yourself when buying a property. Another thing that you need to bear in mind is how you are going to finance the purchase of the property. Are you going to pay in cash or through bank loan? Things like these will help you consider your financial capabilities especially if you are offered a good property that might exceed your budget.
- Learn more about your potential renter. If you are going to use the property as an investment, knowing basic information about your potential renter will help you determine his or her capability to pay rent on time. This is to ensure that you are going to get your investment back without hassle. Currently, you can gain rental revenue of 2.83 per cent if you receive regular payment from your tenant.
Buying a property in Singapore is indeed a good way of making money, especially if know exactly what you are doing. If you don’t provide yourself with enough information, you will surely experience hardship such as nuances and legalities along the way. However, if you have a good property agent to guide you on your first purchase, you can be on your way to making an excellent investment. Finally, after consulting with a real estate agent, don’t make a decision right away. Take some time to evaluate the information that you have gathered. Careful calculation is absolutely necessary when buying a property so that you will only reap the benefits that you deserve on your first property.