It is no secret that Singapore has one of the most expensive housing markets in the world. To buy a house in Singapore, you must have deep pockets and be prepared for a long and complicated process. If you’re considering buying a house in Singapore, here is what you need to know.
The different types of housing available in Singapore and what each one offers
There are four main types of housing available in Singapore: public housing, private housing, HDB flats and executive condominiums.
Public housing is managed by the Housing & Development Board and comprises HDB flats. These are the most affordable option for those looking to buy a property in Singapore, with prices starting from as low as S$90,000. However, strict eligibility criteria need to be met to purchase an HDB flat. For example, you must be a Singapore Citizen or Permanent Resident and have a family nucleus of at least two people. You also cannot own any other property at the time of purchase.
Private housing includes condos and landed properties such as terrace houses, semi-detached houses and bungalows. Singapore house prices for private housing can range from around S$1 million to tens of millions. One of the main advantages of private housing is that there are no restrictions on who can buy them.
Executive condominiums (ECs) are public-private housing aimed at Singaporeans who want to own a property but cannot afford a private condo. ECs are only available to Singapore Citizens and Permanent Residents, and sure income ceilings need to be met to be eligible for purchase. Prices for ECs are similar to those of private condos, starting from around S$1 million.
How to go about finding a house that’s right for you?
The first step in finding a suitable house is to figure out your budget, which will help narrow your options and make the search process less overwhelming. Once you know how much you can afford, start looking at different properties online and in person. It’s also a good idea to engage the services of a real estate agent to help you with the search process.
When looking at properties, your current and future needs must be kept in mind. For example, if you’re planning on starting a family shortly, it might be worth looking for a property with more bedrooms. Or, if you work from home, you might want to find a property with a dedicated home office.
It’s crucial to consider the location of the property. If you want to be in the city’s heart, you must be prepared to pay a premium. But if you are willing to live in a more suburban area, you can find cheaper options.
What do you need to do before signing any paperwork?
Once you have found a property you are interested in, the next step is to start the paperwork. You first need to get a valuation report from a registered property valuer, which will give you an accurate idea of how much the property is worth. Once you have the valuation report, you can start negotiating with the seller on the price.
Once you have agreed on a price, the next step is to get a loan from a bank or financial institution. Comparing different loans and interest rates is essential before settling on one. You should also make sure that you are comfortable with the repayment terms.
The last step before signing any paperwork is to engage a lawyer to review all the documents and ensure that everything is in order and that there are no hidden clauses. Once everything has been checked and you are happy with the conditions, you can sign the paperwork and officially become the property owner.
The importance of getting a home inspection
It is vital to get a professional home inspection done. It is to ensure that no hidden defects or damage could cause problems in the future. The home inspector will check for structural damage, electrical problems, and plumbing issues. If any problems are found, you can use this as leverage to negotiate with the seller on the property’s price.
A home inspection isn’t mandatory, but it is highly recommended. It is a small price to pay for peace of mind, and it could save you a lot of capital in the long run.
Tips for settling into your new home smoothly
Buying a house and settling into your new home can be stressful. But you can do a few things to make the transition smoother.
First, you should change the locks on all the doors. It is to ensure that only you have access to the property. It would help if you also took the time to familiarize yourself with the area. Explore different routes to work or school to find the quickest and most efficient way.
It is also a good idea to meet your neighbours and introduce yourself; it will help you feel more comfortable in your new neighbourhood and make new friends. Finally, don’t forget to update your address with all your important contacts like your bank, doctor, and employer.
Upcoming New Launch Terra Hill Condo for Sale in Singapore
Terra Hill is a residential development with 271 units of modern apartments spread across a 5-story tower in District 5. The freehold land size is 208,443 sq ft. The luxurious condo enjoys a serene neighborhood and excellent facilities. Located next to Kent Ridge Park, Terra Hill’s proximity to the city center also made it one of the most sought-after developments in 2022. The well-established locations are West Coast Highway and Ayer Rajah Highway, which are nearby to make traveling around the island a breeze. In addition, the Pasir Panjang MRT is less than 500m away from the condo development.