If you’re an expat who’ll be living in Singapore with your family, then you have a number of options available to you in terms of where you’ll live. Many people who are new to the region find it simpler to rent, at least at first, but there is plenty of a property for sale in Singapore as well, and purchasing a home often proves to be more spacious and cost-effective in the end.
1. You Require Approval
Unless you’re a Singapore citizen, you require approval from the Singapore government in order to legally purchase residential land. The good news is that this process is relatively straightforward. If you’re moving on behalf a company, the employer may even handle the process for you. Otherwise, you’ll need to do it yourself. The sooner you begin the better, and you can even complete the process online, which is helpful if you’re currently outside the country.
2. Like at Home, Realtors Make This Process Easier
Nobody knows Singapore property news better than a professional who specializes in Singapore real estate. The Internet has made buying real estate practically anywhere in the world easier, or at least seemingly so. The truth is that real estate is complex, and there’s added complexities because the industry in Singapore does things just a little different than you’re used to. Remember, you can hire an agent from afar, and that person can do much of the work before you ever get there.
3. Consider All of Your Residence Options
There are many different types of property for sale in Singapore. Many expats gravitate toward traditional homes for their families because that’s what they’re used to. Nevertheless, you may have access to more options and cheaper prices if you look outside that box. For instance, there are many multi-family buildings, including skyscrapers, being built in Singapore, and you can invest in a unit as its being built to take advantage of savings.
4. Location, Location, Location
Location is an area where an expat is most likely to make a mistake. At home, you take a lot for granted. You’re probably not abreast of all there is to know about Singapore property news. Nuances can have a major effect on whether a location makes sense for your family either financially or in terms of emotional contentment or whatever. Take your time before choosing a spot.
5. Acquire a Loan in Singapore
If you need to acquire a loan in order to purchase a family home, you’re best off acquiring that loan from a Singapore bank. This isn’t your only option, but generally, you’ll end up paying a lot more if you use a bank in your home country. An advantage of Singapore banks is that they’re attuned to the local housing markets. However, keep in mind that these banks generally won’t give foreigners more than 70 percent of the purchase price, so you’ll need to account for the rest.
Singapore is a wonderful place to live, and buying a home here can be quite rewarding. Nevertheless, buying a home here is quite different than buying one at home, and there are many nuances to consider and account for.