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3 things to ask before purchasing a home in Singapore

Everyone has thought of having a place of their own. Many people work hard just to save enough money to buy their own place. People will start searching for a new home once they have the funds to pay for the cost of buying a house in Singapore.

They would browse numerous listings until they are able to shortlist the homes they will visit.

However, buying the cheapest resale flat in Singapore should not be done without thinking it through. You need to think it through before settling with the Singapore house prices. It is important to hire property experts to help you find the right house. However, you will still be the one who will make the final decision. In this article, we will discuss the 3 questions that you should ask before potentially buying the cheapest resale flat in Singapore.

What is the total cost of buying a house in Singapore?

The main cost of buying a house in Singapore is the property’s selling price. This refers to the whole house unit. If it is a landed property, the selling price will include the cost of the land. This is the most expensive cost to pay when purchasing a home. You can always negotiate to bring down the price. However, you should also prepare more funds in case the seller does not agree to any price down.

Aside from that, another cost of buying a house in Singapore is the renovation and repair expenses. The cheapest resale flat in Singapore may need a renovation in order to fit your preference. If there are some defects that were discovered later on, you also need to pay for the repairs. Therefore, you also need to allot a budget for this aside from the Singapore house prices.

As mentioned earlier, you need to hire experts when buying properties. One of them is a property agent. Property agents know what house a client should buy. They can also help you in shortlisting properties for your prospects. They can also schedule you to visit the property. Negotiating to get the cheapest resale flat in Singapore is easy for a property agent. Thus, this will save you a lot of time and give you a satisfying result.

Another important expert to hire is a conveyancing lawyer. The job of this lawyer is mostly around the legal aspects of selling a house. They make sure the Singapore house prices are reasonable. They also make sure that the sale has gone through the legal process. In most cases, a property real estate agent can do this and just get an approval from a lawyer. Therefore, you should make sure that you hire a good real estate agent that can help you with this.

Another cost to take note of is the moving out and in services. You need someone to help you transport your furniture and other items to your new cheapest resale flat in Singapore. If you have your own vehicle, you need to calculate how much gas and time you will use in transporting furniture. Furthermore, find out if you will take more than one trip to complete the transfer. Therefore, you must allot a budget for this as well.

Once you have figured out the total cost of buying a house in Singapore, you need to check your house funding. Having a sufficient amount of savings is great. All you have to do is make the purchase. However, that is not always the case. Most of the time people seek housing loans and grants to be able to buy a house. That is why you should also canvass for house loaning options to cover the Singapore house prices.

How old is the cheapest resale flat in Singapore?

Aside from the Singapore house prices and costs, you need to know the age of the property you want to buy. You need to know the year when the property was built. This will help you know if you need to expect some defects in the near future. This will help you understand how to maintain it. In addition, you can easily evaluate if you can afford the maintenance costs.

Another reason is to figure out whether the property is appreciating. You can do this by checking the historical transactions of the house. Check if the value of the house is increasing or not. Buying a house is also an investment. You need to make sure that in the future the value is greater than the cost of buying a house in Singapore.

How is the location of the home?

When buying a house, you don’t just think of the house itself. You also need to look at what is around and near the house. Make sure that the house is in a safe environment. There should not be potential dangers near your home. Example, it should not be near a dumpsite. The crime rate in that area should be relatively low. The house should be away from street noise. Therefore, it is vital to observe the neighborhood when you visit the location of the house.

Another factor to consider is the nearby facilities and amenities. Is the house near a bus stop or a train station? Are there hospitals or police stations that you can easily go to? Do they have other facilities nearby that you often go to? Make sure that your house is close to these important facilities.

You should also make sure that there are markets, shopping malls, grocery stores nearby. It is best to visit these places and check the prices of the products and services. Are the prices within your purchasing ability? If so, then that is a good place to live in. If not, it might not be worth the cost of buying a house in Singapore.

In summary

Buying a house requires you to think carefully. Ask these three questions before you make a deal with the house seller. Don’t be afraid to remove a house prospect on the list if it doesn't satisfy your standards. Finding the right house takes time and effort. If you need an easy solution, hire a property agent.

Author: Grace Rae