Owning property is one of the most satisfying feelings in life. It gives you a sense of security and belonging. However, the process of acquiring property can sometimes be lengthy and tedious. The following tips will help to ease the burden of purchasing property in Singapore.
Choose a Property Agent
A property agent will represent you throughout the process of buying property. A good agent will offer you legal and financial advice upon the purchase of your property. Make sure that you choose only one agent to avoid the confusion and embarrassment caused by hiring multiple agents. Describe the type of property you want, its size, location and average cost to your agent.
Factors to Consider
Make sure that you have listed your specifications for the house. Some of the qualities to look for in a house are:
• Location- the property must be located in an area that you find acceptable.
• Size- the property must be large enough to cater for your needs.
• Facilities- if you want a private pool or a garage on the property, it should be available
• Amenities- facilities like shops, markets and banks should be easily accessible
• Cost- the price should be within your reach
Decide On a Property
The agent will use your instructions to narrow down the list of properties at hand. You can now visit each of the shortlisted properties and choose one that best suits your needs. Pay attention to the details during your visits and do not be afraid to negotiate for renovations or price adjustments.
Ownership and Eligibility to Sell
Once you have expressed interest in a property, make sure that the seller is its actual owner. You may ask for proof of ownership before proceeding with negotiations.
You should also confirm that the owner is eligible to sell the property. If they had taken out a mortgage on the property, the money from the house should be able to clear the loan. If it cannot, the owner should be able to cover the remaining amount or else the bank will prohibit the sale of the property.
Eligibility to Buy
You should consult your agent to ensure that you are legally allowed to buy the property to avoid serious legal implications. This is because Singapore has some strict legal restrictions for foreigners to buy property.
Make an Offer
Once you are completely sure about a property, make an offer that is fair both to you and to the seller. If the seller is serious, they will contact you with a counter offer.
The seller should hand the property over to you upon the completion of the sale. Inspect the property before signing the contract and voice any objections or faults you notice. Ensure that you pay all the taxes involved in the purchase and ownership of property in Singapore.
These tips should guide you well in the process of acquiring the property that you have always wanted to own and make it a lot easier for you. Choose wisely!