What To Check Before Buying Singapore Luxury Apartments?

What To Check Before Buying Singapore Luxury Apartments? 19 May 2021

Buying a property is never an easy task. There are several important, and key factors that need to be thoroughly thought about and well were taken before you buy a property or Singapore luxury apartments.

Here we have sorted out some important and key things you must check before you buy a property or apartment in Singapore. Have a look and make your big decision accordingly.

1. What Do You Need?

First things first, you need to list down your requirements. You need to ask yourself some important questions. What number of bedrooms are you looking for? What is your preferred area? What amenities are you looking for? And most importantly, what is the purpose of your purchase? Are you purchasing a property to live in, or are you buying it as an investment?

Believe us!! Investment or not investment changes the whole scenario of your search. You might not want to live in a commercial place, but a commercial property may be a big source of profit. Similarly, the number of rooms does not make a difference when buying a property for investment, but it is an important factor if you plan on living in the property. So, first, figure out your purpose, and then jot down your requirements before buying a Singapore luxury apartment.

2.  Who Can Buy What?

Well, if you are a Singapore citizen and you hold a Singapore passport, you can buy whatever you want. However, there are some limitations for expatriates. Public housing or HBD is a simple no-go area for expats.

You can buy executive condominiums. These are basically luxury apartments in Singapore. But it comes with a 5-year minimal occupational period (MOP). This means you will have to live in it for at least five years before reselling.

Landed properties such as bungalows, terrace houses, cluster houses, and shop-houses are another option for expatriates. You can buy them, but you will need approval from Land Dealings Authority Unit before buying them.

3. Budget

Now that you know your requirements and you know what you can buy, you need to analyze your budget. If you are opting for a mortgage, ask your banks regarding documentation and how much are you eligible for. Or, if you are planning to pay by cash or taking a loan from any other source, plan out your purchase according to your budget. Never ever buy a property that you cannot afford.

4. Rental Yield

If you are buying Singapore Luxury apartments for sale just for the sake of investment and planning to rent it out for some extra monthly income, rental yield is an important factor, and you must not forget it.

Location plays a key role while renting out a luxury apartment. So, choose the central district area to buy a property to rent out as these locations have high rental yields and attract renters. Sea-facing or coastal areas are also a good place for property investment. These properties can be used in resort homes.

5. Choose the Right Real Estate Agent

Once you have finalized your budget, the purpose of your property, and your requirements, you should hire a good real estate agent. Real estate agents are experts in their field, and when investing a good enough amount, you should seek help from the experts.

Real estate agents would provide you the valuable information regarding the luxury apartment property market in Singapore. They will guide you about the pros and cons of buying a particular property and guide you towards the best area according to your requirements.

So, always tell your complete requirements to your agent and let them guide you towards the best property. Also, a good realtor would help you in negotiation, paperwork, and post-buying chores like moving in.

6. Personally Visit the Site

A site visit is critical before finalizing and putting forward an offer to the owner. A personal visit would give you a look and idea that pictures cannot provide. You can open and shut cabinets, check the switches, look around the neighborhood, and most importantly, FEEL the atmosphere. You cannot know which property is best for you without visiting it and feeling its atmosphere.

Also, some sellers provide misinformation. It might be mentioned in the advertisement that the property is 5 minutes walk from the bus station while in reality, it is 15 minutes walk. A pro tip is to never trust word of mouth. Always personally confirm all the information provided.

7. Bid Your Price

After you have viewed all the properties shown by the agent and you have weighed all the pros and cons of the property, it’s time to finalize the Singapore property for sale and bid your final price.

Check how long the property has been on sale. If it is newly listed, the seller might weigh for a higher price. And if the property is on sale for a long time and the seller needs money urgently, he might settle for a lower price. So, a pro tip is to check the situation of the seller and then place your bid.

8. Check Legal Documents

Properties are big investments, and a little negligence and fault can give you a great deal of trouble. Therefore, we suggest you thoroughly check all the legal documents before finalizing the deal. Here is a checklist to help you:

  • Check the title documents of the property.
  • Check the nature of the title. Whether it is leasehold, freehold, or development right
  • In case of development right, the development agreement and power of attorney is in favor of the seller.
  • Check all documents are duly stamped.
  • Check all taxes and bills are paid, and there are no dues.
  • Lastly, don’t forget to verify the identity of the seller.

We hope our guide would help you through the buying process. Well, if you want to save your precious time and energy contact us. At PropNex, we help you find the property of your dreams. We do not just bombard you with plenty of options; we tailor the options according to your needs and requirements.

Get started today for a complimentary home evaluation!

Tony Yee CEA No: R010000I Contact: 98267448

Approval Code: PMSA-2020-02-000179