If you are an expat determined to settle in Singapore, you have to know things about buying a property here. There are some restrictions to look out if you want to buy a property in Singapore. As a foreigner, you have restrictions but it doesn’t mean you can forego owning a property here.
There are two types of properties here in Singapore: non-residential and residential. Under the residential type, it could be restricted or non-restricted. If you choose a “non-restricted residential” property, you are allowed to own it. Examples of “non-restricted residential” properties are condominiums like Twin View Condo, commercial property, and industrial property.
Now you know that you can buy, the next challenge is finding a condo that is best suited to your needs. In choosing a condo, you need to be guided by these four things:
When deciding on the budget, make sure if your company will pay it or not. If you will pay it, how much should you allot every month for the lease? You decide on the range maybe $3,000 to $5,000. You can look for $5,000 per month lease or you can simply rent an apartment. This amount should give you about 1,000 square feet. If you want to live in a prime district like Orchard, Bukit Timah and Holland Road, expect $15,000 to $30,000 per month.
Singapore is a modern city and most people speak and understand English so do not worry settling in. The location of the condo will determine your convenience. Take into consideration how far it is from where you work and where your kids’ study. Expats in Singapore choose to live in East Coast because of the activities around it. East Coast is a favorite play area for people who enjoy cycling, bowling, roller-blading, and canoeing. It has also Tennis Centre and Golf Course. In terms of food selections, there are more than ten restaurants around the area that you can indulge.
Your needs and the family should come first. When making a decision, make sure that you base it on the facilities available around if not the building. If the family enjoys swimming, look for a building with a pool. If you are a fitness enthusiast, make sure it has a gym. If not, make sure to be near the park as you can run there as exercise.
Are you near the MRT station or the supermarket? These are the things that you also need to consider when buying a condo. If these things are near your prospect, do not waste time as units are on a “first come first served” basis.