Singapore may be a small island but it is not a small time country in terms of financial stability, and most especially luxury. Singapore has topped most of worldwide rankings in terms of most expensive properties and highest cost of living. Properties in Singapore are truly in-demand both among locals and expats. Having a piece of property in Singapore is indeed something to be happy about and proud of. However, you need to make sure that you will do necessary preparations before you buy a property in the country. In this article, we will discuss some guidelines to help you:
Choosing the type of property
It is important to know whether you wish to buy a condominium unit, apartment or town house. Rental business is very popular in Singapore. The price range can be from S$5,000 to S$10,000 per month for an apartment in the city center. A town house can be rented for S$25,000 to S$50,000 per month for five or more bedrooms. So if you are planning to buy a property, and then rent it out, then it can certainly be a great investment.
High-rise condominium is a more popular choice among bachelors working in the city or small family with parents working in an office or running a business. These condominiums are equipped with world-class amenities like glass-walled lap pool, rooftop jacuzzi, air-conditioned gym, tennis court, basketball court among others. Buying a unit in one of the swankiest downtown buildings could cost you around S$10 million.
You can rent out your condominium unit for long-term or short-term lease or make it like Airbnb type rentals which is very popular these days.
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Another important consideration is the location. Two of the priciest sectors are the prime shopping areas of Orchard Road and Marina Bay. These two areas are surrounded by business districts across the central and southern parts of the city. So buying a property in these two areas can be a good investment. Many business owners and executives are looking for place to rent in these areas and the monthly rent rate can be very competitive.
If you’re after a vacation vibe, and wanting to target tourists looking for place to rent, then it is best to check out properties in Sentosa Island – a resort off Singapore’s southern coast. Many tourists visit the place, because of Universal Studios theme park and the beaches.
Finding a good real estate agent
It is advisable to find a great real estate agent to represent you – especially if it is your first time buying a property. They will help you find and snatch a great deal. Working with real estate agent also gives you advantage, as they should have knowledge about market prices and the various neighborhoods.
Your agent will help you walk through the entire process of buying a property, from helping you shortlist properties, to negotiating and even up to post move-in support.
With the country’s stable economy and financial power, buying a property in Singapore can indeed be a good investment. Follow the tips that we discussed here to help you start with your property investment.