Singapore provides a wide range of accommodation facilities in the form of public housing estate and private housing facility to support its huge local population and also the foreigners. Buying or renting the most appropriate apartment or house requires a lot of effort and consideration.
An effective house hunt procedure can greatly help in getting the ideal property at competitive market rate. Before deciding on buying or renting a house one has to consider few factors that are the budget, location, type of house and amenities available.
Types of Homes
Housing facility in Singapore is primarily provided by the public housing facility under the Housing and Development Board. Over 80% of Singaporeans reside in these housing estates. These estates have access to schools, clinics, food outlets, supermarket, recreational facility and an excellent transport network at close proximity. Though an expatriate has to fulfill certain criteria, there are various schemes available for buying or renting an apartment in these HDB Estates.
Private housing includes condominiums, apartments and landed property that are developed by private concerns. Certain guidelines have to be fulfilled to buy or rent such property.
Location of the house is of prime importance before deciding to own or rent a house. For this one has to consider various factors that are most convenient and suitable to oneself and one’s family. These include closeness to one’s work place, spouse workplace, kids’ school, shopping area, food outlets and easy access to road and rail transport.
Depending on personal choice one has to consider all the amenities available nearby. Many housing estates offer world class amenities that comprise shopping malls, hotels, parks, entertainment and recreational facilities. Preference of having an MRT station as well as bus interchange can also be regarded as convenient transport facility before opting for a residential home.
The prospective buyer has to decide on the budget that he has set aside for investment in residential housing. Any expatriate has to see whether their company is providing for the housing facility or they have to bear it themselves. Thereafter one has to fix a reasonable range that can be $2,000 to $5,000 or other flexible range before opting for an apartment of personal choice. If the monthly budget set aside is of high range then one can opt for a luxurious flat with added facility of gym, swimming pool and tennis court.
Sources (Agencies, Properties consultants, Brokers)
Property consultants, brokers and agencies in Singapore make property buying and renting hassle free and easy. It also saves a lot of time and money of the prospective investor while looking for an ideal residential property. These consultants and brokers cater to all specific needs and requirements of property investor.
Things that foreigners/expatriates should do
After deciding on their budget, location, amenities and facility a foreigner or expatriate can consult a reliable agent or broker to meet their specific housing needs. Thereafter they can ascertain the value of the property in order to obtain a loan. Financial institutes and various banks grant loan to all foreigners after fulfilling certain criteria. Thereafter all purchase formalities and documentation has to be done. The buyer can also opt for inspecting the property before taking over the property.
Singapore’s booming economy and a progressive real estate property market has led to an ever growing demand among property buyers. Foreigners and expatriates can make easy and cost effective purchases or rent an apartment by following these house hunting guides. These tips and house hunting guides should be considered and evaluated properly to obtain the most suitable apartment of your choice.