Singaporeans are vocal about the property prices in their country. As a matter of fact, it has been identified that most of these prices have skyrocketed for the past couple of years. This was quite related to the financial crisis which took place in the United States in the year 2008. There was an increase that first-time buyers were quite overwhelmed in the beginning. The cheap financing available all over the world is not a secret to many. As this is the case, it is just right to understand how the real estate market is in Singapore.
Singapore as a Prosperous Investment Place
Many are fond of conducting business in Singapore because it is the easiest place to invest in. Topping this is the fact that this country puts so much emphasis on law and order. This is why it is not shocking why many individuals are not afraid to conduct business here. The country is capable of implementing strict laws which do not fail to protect its investors and buyers. The protection mentioned here is the answer as to why most investors are attracted. There may be heavy restrictions but they are only intended for the protection of people’s money who are part of the property market in Singapore.
The Demand and Supply
As of February 2013, there are already 5.1 million people found in the country. With that figure, Singapore was able to release a white paper which sees 6.9 million people in the same small state come 2030. Today, there might be no adequate housing found in it yet. This transpired because of the influx of people. But that would not be the case all the time. The increase in the demand for housing has become positive. With its limited land, it is projected for the place to be red hot in 2030. Who would not want that?
Should You Invest in Singapore?
Is the toughest question asked now? Please remember that only 15% of properties in the said country are private properties This goes to show that almost 85% of the market is available for foreigners to purchase. These private properties encompass condominiums, apartments and landed properties. To utilize the basic economic terms, property prices are perceived to head up mainly because of the limited supply and cheap financing which is always intended for liquidity.
Since there is a projection that the population will rise to 6.9 million, there will surely be an effect on the prices of property in Singapore too. Economic factors would have a big impact on the prices too. It may be both for short and long-term. The same is also true with the demand and supply which can also dictate the movement of the property market. All of these are seen as a potential for many Singaporean investors out there. Why should it not?
Needless to say, Singapore is bound to have a competitive property market. This is an assurance indeed!…
Have you ever imagined an exclusive neighborhood packed with manicured lawns, lined trees and spacious backgrounds? All of these are the best because they speak about privacy which most people yearn for. If this is your preference, it is about time you consider purchasing your own bungalow in Singapore. This can be the answer to your dream house!
When it comes to a city-state where land is very limited, owning one can indeed be expensive. A ton of the visitors, residents, and expats are seen living in condos, apartments, and flats. However, what makes it living in a bungalow more convenient? Well, let us start with the fact that Singapore is somehow luxurious to be in. It goes with 1,000 good class bungalows that are around the country. This has to be noted.
Bungalows in Singapore
These are some other things that you should remember about most Bungalows in Singapore:
There is exclusivity in Singapore. Indeed, bungalows are good for those who want to pursue a long-term investment. Most bungalow sales have fared well even in struggles as compared to that of other housing projects and property values. For the last couple of years, there have been efficient financial gains which are reported by bungalow owners who finally decided to sell their own properties.
Bungalow owners normally enjoy the plot of land which features their properties. Good class bungalows are expected to have at least a plot of 1,400 sqm. This would provide owners and their families a ton of room for playing, and other purposes. There is also another restriction when it comes to bungalow owners. That involves having enough amount of greenery and grass on their property. This kind of stipulation is required to adhere to the environmental laws of Singapore.
Bungalows may either be single story homes or two-story houses. There might be a restriction on the height too. This is usually done so that low-rise feels of the bungalow neighborhoods may be preserved.
The advantage of owning and buying a bungalow would provide owner room so that future extensions may be undertaken. Bungalows may be renovated and remodeled since there is a large space which is a larger space available for owners. You may install a swimming pool for a new wing or a new floor. There is a big size for bungalows which may also serve as a garden. This is another good idea too. Most maintained and improved bungalows would easily fetch higher resale values. This can be a motivation for most bungalow owners out there most especially in taking care of properties.
There is a law in Singapore that states only citizens can own a property or a land in their country. This is also meant for bungalows which are situated in the city-state. However, there are many owners of bungalows who still rent or lease for the properties so that companies, expats, foreigners, citizens, and corporations would be able to make business on the place. This is an advantage that has to be taken down note.…
Leasing property is a daunting task. It’s all the same story in Singapore. As the landlord you have numerous responsibilities, not just receiving rental revenues come to the end of each month. With monthly income, there is a lot that needs to be done just to keep your tenants satisfied. We are here to discuss some of the challenges you will encounter as a landlord in Singapore.
Well, let’s face it humans are difficult to keep happy all the time. This is because we have different needs, character, and mannerism. Some tenants may be mice while others are down-rig cruel and unfriendly. With such diversity, it a challenge to meet everyone need no matter how much you try.
Regardless, it’s always wise not to argue with your tenants as it will turn to be a battle of them against you. In events of commotion, tenants stand to lose their deposit while you can lose your reputation which is vital in a service industry. As a landlord, you should expect to be upset by tenants who are hesitant to pay up the rent which calls for wisdom.
Becoming adult caretaker
Leasing your property means tenants can call you at any time of the day just to ask for assistance. This is their right as long as they keep paying the rent. To offload some of these pressure, you can choose to hire a property manager, otherwise called agents to manage your units. This way you can have free time and enjoy your vacation.
Cash flow issues
Usually, a landlord uses the rent to pay off mortgage loans. This cash flow will defiantly be tested. Sometimes it due to sheer ignorance but sometimes tenants run into genuine financial difficulties and as a human you have to excuse them for a couple of days. Maintenance cost form units is another expenditure that is difficult to predict. When the elevator breaks down, you have to go out of your way and fix it. To avoid running into a lot of trouble, it advisable to have an emergency fund to ensure that the wellbeing of clients is maintained.
All these responsibilities as a landlord bring across a lot of liabilities. You will be presented with problems that ant your responsibility but be obliged to solve if the form you won pocket. As stated above, some clients are stubborn, never mention that to them, and you have to solve even the slightest incidence otherwise they will negatively influence the entire unit.
It better to protect yourself from these inconveniences. How do you do that? Hire property manager. Such service means parting with a small amount of the monthly rent revenue, but you get to enjoy good relationships with the tenants, and no one will call on your vacation just to tell you their toilet blocked, or the lights can work.…
Many people ignore the importance of hiring a professional for getting their home appraised. But this is very important for buying or selling a home. Many banks won’t even give you a mortgage if you don’t get your home appraised by a professional appraiser. Here are the reasons for doing a professional appraisal of your home.
Get the right price of your home
A real estate agent may do a rough appraisal of your home against the market value. But a professional appraiser will be able to come up with a more accurate pricing of your home. So, your property won’t be overvalued or undervalued.
Regulation of financial institutions
As mentioned before, some financial institutions demand a professional appraisal of your home before offering you any kind of loan. Whether you are getting a mortgage or loan for refinancing or renovation, you will have to do a professional appraisal of your home in order to get your loan approved.
When your property will be transferred to your children you will need a professional appraisal of your home. It is also required when you get divorced and you need to divide your property with your spouse.
Though you might have to spend some money on getting a professional appraisal of your home, it is totally worth it. Your home will be valued properly and you won’t have any trouble getting loans.…
There are many online services available now that help a person to search for houses or sell houses all by themselves. You can save a lot of money this way as you won’t need to hire any real estate agent. However, if you don’t have the right knowledge, you may end up spending more than if you had a real estate agent to help you. Here are the reasons why a hiring a real estate agent is still essential.
Has access to comprehensive database
For a real estate agent, it’s a full-time job to look for houses. They have a comprehensive database of properties and know what new properties are available in the market for sale right away. If you are not a real estate agent, you won’t have access to so many properties.
Good negotiation skills
Real estate agents have good negotiation skills. They have to talk to a lot of people before settling for a deal. They talk to the buyers, appraiser, home inspector and many other people before finalizing the contract. At each step, they need to negotiate. You may not strike a good deal if you cannot negotiate well.
Do all the paper works
The process of buying or selling a home requires a lot of paper works. The real estate agent is an expert in handling these paper works as this is what they do every day. They know all the details and make sure that nothing is missing in the file.
As part of their job, they have to stay updated with all the news related to the real estate industry. So, they will know the current market trend, mortgage rate, and other elements of this market. They will be able to give you good advice on buying or selling properties.
It is always better to have an expert by your side when you are into something as serious as buying or selling home. This way, there is little chance of things going wrong.…
You shouldn’t take the power of social media lightly. It is not only a platform to socialize with your friends, but also a platform to do serious business. Now you can even sell your house using social media. These are the ways social media can be a great tool to sell your home.
You can take some lovely photos of your house. It is recommended that you hire a professional photographer for the job. You can then share it on your social network. Pictures are very effective in selling products.
Make a video
You can make a virtual tour of your home. Videos generate lots of interests and many people will watch your video. In this case, also, it is better to hire a professional videographer for the job who will be able to capture a 360-degree image of your house.
You can target your audience using hashtags. It increases the chance that people who are interested in buying properties will see your post. So, you will have a greater chance of selling your home.
Word of mouth
People share posts on social media and word of mouth is the biggest advantage of using social media as a marketing tool. For example, a person has seen your post and will probably share it on a social network for others to see. Among those people, some of them might really be interested in buying a house. So, there is a high chance of getting a prospective customer.
Social media like Facebook and Twitter have many interesting tools available for selling products. You should study them and use those tools to promote your home. If things go well you may be able to sell your home faster than you had imagined.…