It is really exciting to buy a property for many people. It is seen as a form of investment through which you can grow your money. Many prefer to buy a property in Singapore even though the cost of living is super expensive. There are many reasons for this behaviour. Many condominiums are available for buying like OLA EC, Parc Riviera, Parc Greenwich and Orchard Residences in Singapore. They offer luxurious condos that have many facilities embedded within them. But if you are new to buying properties in Singapore, you will be confused on how to begin the process. It is necessary to know gain some first-hand information before buying property in Singapore. This article will discuss about the facts that must be considered before choosing your first Executive Condominium in Singapore.
Buying a property in Singapore like Parc Greenwichhas become a trend for a few reasons. The first one is that, after a few years the price of the property will increase and when you sell it, it becomes profitable. The other reason is you can rent the property and earn money through it. However, before buying any property look out for a few things first.
Facts to Consider before buying your First EC in Singapore!s
- The first one is the location of the property you desire to buy in Singapore. It should be accessible from other locations, train stations and bus stops must be nearby. For example, Parc Greenwich is accessible and has a railway station near it.
- Other facilities like hospitals, schools and malls should also be present nearby the chosen location.
- See if the property is freehold or for lease. This is because Singapore has many properties that are leased and hence sold at lower prices than freehold properties.
- Check whether the property is new or built many years ago. The price range can differ a lot depending on the time the property was built.
- If you are a foreigner who likes to buy property in Singapore, there are some restrictions. Foreigners are allowed to buy both public and private properties. However, you must first know the rules well enough before buying in Singapore.
- Look for some local expert who will let you know about the rules and restrictions. Usually if you are a non-Singaporean Permanent Resident, you will be allowed to buy a property that is more than ten years old. In case of Foreigners, land cannot be bought by them.
The next thing that you need to consider is the tax that you should pay for buying property in Singapore. There is a buyer stamp duty, registration fee, legal fee and real estate agent fee that must be paid by the buyer. Another tax must also be paid which is ABSD. While for Singapore Permanent Residents it is 5% for their first property and 15% for second, non-Singaporean Permanent Resident must pay 20% irrespective of the number of property they bought. This tax is known as Additional Buyer’s Stamp Duty in Singapore.You will need the help of a lawyer who resides in Singapore.
This is an important thing to do since Singapore is an expensive city to live in. The cost of the EC will vary depending on the location. The EC will cost a lot and you might have to take loans. However the interest rates are lower in Singapore which is a relief. You will have to have a clear idea about the mortgage that you are going to pay. However, if as a foreigner you fail to pay the interest, the bank will repossess the condo without any mercy.
Find an Agent to buy your First EC
After you have gone through the rules and restrictions of the government of Singapore to buy a property, you have to find an agent.Local agents can help you with the search of EC that you desire. Even many locals looking to buy a property in Singapore use these agents to avoid any issues that might arise. A fee is required to pay the agent for helping you find a suitable Singaporean Condo.
You can even search for websites that show you the details of the EC available. There are many such websites that are specially designed for serving this purpose. PropertyGuru, Savills, and iProperty are some best websites that will help you in choosing your first EC. For example, if you search for ParcGreenwich, you will learn about the number of condos remaining to buy and its price. Also, the various facilities will also be listed in the website for each property.
We hope we have given some general guidelines on buying your first Executive Condominium in Singapore. By the time you have finished this article, you will have a clear idea of what to do in the process of choosing your EC.
Problem solver. Incurable bacon specialist. Falls down a lot. Coffee maven. Communicator.