We all know that buying a house anywhere in this world is not straightforward. You want to look at the sale if it is valid by obtaining exclusive advice from the real estate agent and the area, which contains the comprehensive transaction procedure, and real estate taxes. It is essential to be connected with a capable and knowledgeable realtor. He could act as your representative and negotiate the purchase price of your dream property. He could also act as your advisor should you need legal and financial advice associated with the property’s purchase and mortgage program.
Following the broker would be able to identify and shortlist a few properties for your approval, you will be expected to create short trips. The trips are to be sure that you are happy with the exterior and interior layouts of the home such as the fittings of the house before deciding to purchase. Property investments are long-term so you will need to be certain that you would be happy before agreeing to the selling price. Pasir Ris 8 Condo is ideal to inspect the property one final time prior to signing the choice to buy.
Things you should take into consideration when budget your money
- Stamp duty of 3% of the purchase price – In excess of 300,000, you Have to cover 3% of the cost to the Inland Revenue Authority of Singapore.
- Legal price
- Onetime fee of estimated 3,000 is paid to the attorney
- Equity of at least 30 percent of the purchase price
Within 14 days after signing the option to Buy, if the amount Exceeds 300,000, you are required to pay a stamp duty of 3% of the purchase price. If you apply for a bank loan, banks generally allow borrowers to a secured loan of 70 percent of their purchase price. This means that you will need to prepare the 30% equity. For the expats, you need to understand that the Singapore government limits foreign ownership by expats of the private residential properties as governed by the Residential Property Act in 1973.
This Residential Property Act was amended in 2005. Foreigners can now buy non-condominium developments of less than 6 degrees. However, you want to seek approval if you want to buy land, landed possessions, and semi-detached and terrace homes. To get the approval, you want to submit the application to the Singapore Land Authority. You might choose to prepare your entry and re-entry permits and other qualifications before applying.