Buying property in Singapore for the first time may prove daunting. To make the process easier, you should seek information to first understand everything regarding the property market. Don’t allow the enthusiasm of owning an ideal property to inspire your decisions because this may lead to costly mistakes. To simplify the process, here are some things you should consider before buying Singapore property.
Don’t obsess with timing the market
Most people looking for a house for sale in Singapore try to wait for the perfect time to buy. However, you cannot anticipate the housing market, simply because there are no seasons in the industry and prices can shoot to higher levels in few months. The right time to purchase the house is when you have the requisite financing and after spotting the type of house you have been looking for. Therefore, if you are timing the market for the perfect time, you are certainly missing great offers and may end up spending more.
Avoid sleeper costs
Sleeper costs are an important element when buying a home. Such costs include utilities, property taxes and association dues. If you are a new homeowner, you need to budget for sleeper costs. You also need to prepare to pay property tax and repairs if there are broken parts. You can either lose your home in case these costs are not paid, or you may attract huge fines.
Give the property a physical
Inspecting property before buying helps to reveal any faults not disclosed by the seller and this can be a bargaining point for lowering the price. It will cost about $200 to hire a professional home inspector, who will offer information about the condition of the house. You can also seek a neutral third-party opinion about the house and its surroundings.
Prepare a list of must-haves and essentials you feel should be included in the offer. Doing so will help you to sort through different houses so you can pick only those that fit your description, thereby eliminating time wastage and you will only choose the most relevant offers for consideration.
Stalk the neighborhood
Before buying the house, understand everything about the neighborhood. Many people end up selling their homes shortly after buying simply because the neighborhood is not what they expected. Do not fall in the same trap of buying before knowing who will be surrounding you. You can consult with people who have lived in the neighborhood for an opinion that will help you make a decision whether to buy the house or not. Also research about the schools around and how reliable they are. This is necessary if you have kids because you do not want your kids to school at a location far from the home.