A Concise Guide To Buying A New Home
Congratulations! You have now achieved financial viability to be able to acquire a home. So, you fell in love at first sight at a dwelling set in a certain neighborhood that you feel will be ideal in nurturing a family in your near future.
But hang in there for a minute. Before you sign any contracts or shell out your saved up income for the down payment, you have to consider a few matters involving the home you are purchasing. After all, purchasing the house will be one of the greatest financial investments that you are going to have in your life. This is one decision that you could not afford to be a wrong one.
People tend to let their feelings determine their decision-making in terms of house purchase. These individuals often fail to see the obvious defects of the house that they consider is truly meant for them. Then, when the dust settles after move, they discover themselves disillusioned and frustrated with their first house.
Hence, here are some things to closely look into in selecting and buying a house to call your own.
1. Consider the neighborhood
At your initial visit, a neighborhood may look safe and welcoming. However, prior to buying a house, exert effort to visit the neighborhood at different times of the day (lunch hour, afternoons, evenings, etc.) to have a well-rounded impression of the atmosphere in the neighborhood.
2. Consider the community
A neighborhood where the residents care and look out for each other is an ideal place for kids to grow up.
3. Consider the structural defects
Seen from the street, the house calls to you to purchase it. However, it is prudent to closely inspect the structure to see indicators of potential problems, such as leaks, issues about plumbing and electrical wiring, and invasion of pests.
4. Consider the space
If see yourself establishing a family in the future, you have to choose a dwelling that has enough rooms for all family members.
5. Consider the price
Your bank or housing loan agency will evaluate your income, credit history, employment track record, your available assets, etc., and based on the information will decide the amount that they will be able to lend you. So that you will immediately determine if you can afford to buy a house, ask for a pre-approval of your mortgage.
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Singapore’s Residential Property Regulations For Foreigners
Foreigners may discover renting a hotel room for the entire duration of their stay in Singapore to be a very costly quandary. If a foreigner owned a residential property in Singapore, the expensive dilemma would have been avoided.
The Singapore government officials do not discourage expatriates from acquiring residential properties in the country.
The Residential Property Act of Singapore primarily assists Singapore nationals in their acquisition of their own residential properties by giving reasonable rates. Moreover, the act permits expatriates who are acknowledged by the government to be capable of of contributing to the financial success of the city-state to buy residential properties in Singapore.
Even without any permits or approval from the Singapore government, a foreigner may acquire non-restricted residential properties. Non-restricted residential properties are identified as any of the following:
- apartment flats within a building that is not higher than 6 levels - condominium units in approved condominium development sites under the Planning Act - a lease term on a restricted residential property; the agreement must not go beyond 7 years
Foreign nationals who wish to own all units in an apartment or condominium in an approved development site should have prior sanction from Singapore's Minister for Law.
Furthermore, a foreign national who intends to own residential properties that are categorized as restricted cannot do so without prior approval from Singapore's Minister of Law.
The Residential Property Act of Singapore identifies these restricted residential properties as follows:
- an empty residential lot - town houses, detached or semi-linked homes, or terraced houses built on residential lots - properties not approved for condominium development under the Planning Act
The foreign national who plans to purchase a restricted residential property must fill out a form and then submit this, together with the requisite supporting documents, to the Singapore Land Authority. The Singapore Land Authority is responsible for evaluating and approving the merits of foreign national whether he or she will be eligible to purchase a restricted residential property.
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