5 Tips to Buying Properties in Singapore

The real estate industry is hot property. If you are looking to buy an HDB flat or a terrace house in Singapore, you have to know how to look. Below are some real estate buying tips for you.

1. Select a reliable real estate agent. Do not just hire any random agent. You must find a real estate agent who is familiar with the location and type of property you want. Be sure that agent is a member of the Institute of Estate Agents (IEA). The agent must also be from a Listed Housing Agency. You must advise your agent on the type of property you want to have. The agent may provide inputs like letting you know if you are eligible to buy an HDB flat or a terrace house in Singapore.

2. Ensure that the seller is allowed to sell his or her property. If a seller of a mortgaged property lost money on a sale, the bank may not allow the transaction. For a seller of an HDB flat, there is a minimum occupation period that the seller must attain before he or she can sell the flat. If a seller becomes bankrupt, the seller can continue with the transaction if he or she has a written consent of the Official Assignee.

3. Compare the cost of buying a home you like against the actual amount of money you are willing to spend. If the property is too expensive, then talk to your real estate agent about it. He or she may find a property that is right for your budget. If you are thinking of getting a loan, talk to two to three banks about customized financial plans. Of the three, pick one that works best on your situation.

4. Visit the properties that your agent has picked for you. Bring a notebook and pen to note down the pros and cons of each property you visited. The stuff you observed will help you narrow down your options. Notice the surroundings. It is okay to ask yourself questions such as do you see yourself living in that area? Are the neighbors friendly? Does the neighborhood look safe? This is the proper time to ask the seller about the approved renovations done in the property. You may also want to ask what renovations are allowed by the HDB.

5. Once you found a home you like, discuss with your agent the price you want to offer to the seller. The seller could make a counter offer. If you are buying an HDB resale flat, check on which of the 14 schemes your purchase falls under. Check if your transaction is affected by the ethnic integration policy. If all things are set, then you are ready to complete the sale. The seller will hand over the property and you will now have your very own HDB flat or terrace house in Singapore.