- What can you buy? There are various property categories in Singapore like public housing where maximum public resides and is not available for foreigners, a private residential property which is bit costly but will fewer restrictions on foreign ownership and the condo Singapore new lunch, which are public-private hybrids, but these foreigners can buy only after 10years of completion. Thus, you can see that condos and private property are the best options for foreigners. After looking at all conditions and budget you must decide first what you should buy according to your budget and preferences. A real estate agent Singapore can help you in knowing every detail about properties available in Singapore.
- Whether you want long term, short term or medium term: While looking for buying a property in Singapore, you should first decide how long you have the intention to hold the property. The Government of Singapore levies a Sellers Stamp Duty for every individual who is selling a home during the initial four years after purchase. If your stay in Singapore is less than four years then it is better to rent a house. Because of the Singapore property capital appreciation in the long term, if you hold a property for a long period, it gives you a good incentive when you retire. So, it depends on you to decide the length of the term you want to hold the property.
- Your budget: Property in Singapore is not cheap. For taking loans banks will require mortgages for lending loans for foreigners who can demonstrate the required income. According to regulations, they can only take a loan of value 80% f the total value of the property. Depending on the location you may have to pay the heavy down payment. So, based on your budget you have to decide the location and place where you want to buy the property. A real estate agent in Singapore can give good information on this.
- What is the opportunity cost you obtain by buying a property? Buy locking you into a good piece of property in Singapore, there is some kind of tradeoffs. You may end up with the buyer's repentance in the future. The heavy down payment is another opportunity cost, that you can otherwise invest in some other things like mutual funds. So these are few things you should keep n mind before deciding to buy a property in Singapore.
As various members of Singapore multinational staff can attest, most of the foreigners come to Singapore, fall in love with the country and live there for several years. But one thing is for sure that ownership is always good than renting but if your stay is for less period, then owning a property is not n good option.