The Need to Check:
Yes, you do need to check a number of things before going to buy a Singapore property. This is mainly because if you do not do so then there is a high chance that you may get a damaged estate at higher costs. Now what all things you have to check is being clarified in the following and if you follow this methodically then you are bound to get the best- no matter what.
The things- to- check list:
At first, check up what the seller wants you to buy and whether it is matching your requirement or not. The ‘Think before you leap’ idea works best in this case. Do not end up buying something that you do not require just by getting lured by the glossy appearance.
Check the surroundings of the place. Check the surroundings to make sure that the place suits you and you can reside there.
Then you can go for the interiors. Keep a sharp note on something that may be damaged and if you get to notice one, let the buyer know immediately and if you are determined to buy it, inform him that you want to get that repaired and then only you will buy the estate.
Lookout for the rates that they want. Before that, keep yourself updated with the market value of that kind of estate so that you have an idea whether the Singapore property rates are okay or are being called high.
Not everyone can buy a big house for themselves. But is renting the only option? How about striking a balance? In such a situation, buying an apartment seems to be the best option. Let’s consider a few facts in brief.
What are the Pros?
Buying Sg property is pretty easy when it comes to the legal aspects. Anyone contributing to the economy can buy an apartment.
Banks offer loans at very low rates for buying apartments. Banks extend loans to foreigners too. The procedure is easy, and the individual can show proper proof of income.
The biggest overhead expense involved with buying a property is definitely the capital gains tax. So here’s a good news: for buying an apartment, you don’t have to pay a capital gains tax.
Buying an apartment is an investment. It yields long-term benefit rent revenues.
What is the Catch?
Banks will not provide loans to cover the entire price of the apartment. The maximum they will grant is 70 percent of the cost. The terms of the loan depend on age and income. But it seems like a great bargain anyway.
The only other risk involved in buying an apartment in Singapore is market fluctuation. But with the booming real estate market, it is unlikely. Besides, it can happen with any economy. So it is advisable to buy the property from an experienced Sg property agent.
By weighing the benefits and risks, it is clear that buying an apartment in Singapore is a safe option. It provides the assurance of ownership without having to splurge too much.
Why do you need to know that?
It is always suggested that before taking up the responsibility of going through Singapore condo transactions and picking out one, you need to know some specific guidelines regarding the commission rates. It is because if you do not even have the faintest idea about this issue then it is possible that you can be exploited off your money, which is not at all a good thing.
What are the Things to be known
Commission about the private property sales- For the vendor the commission is about 1-2% of the total sale price while for the purchaser it can stand null and void or up to 1% of the sale price. One agency does not have the audacity to collect commission from both the vendor and the purchaser at a go. This rule is not to be broken unless any special case arises.
For HDB Resale flats, the vendor pays 1-2%of the price and the purchaser pays about 1% as a service fee. In this case, commission is payable at the first appointment or at the finalization of the deal. Here only in case of direct transaction the agency can collect the commission from both the purchaser as well as the vendor. And in cases where co- broke transaction is involved, two parties collect the commission. While the vendor’s agent collects the money from the vendor, the purchaser’s agent collects the commission from the purchaser.
So now you hopefully know how to pay the commission and whom to pay while going for your Singapore condo.