One of the surest and greatest ways of making a lot of money nowadays is investing in property. But this will only happen when you are knowledgeable, and you know what you are doing, but if you are new in the field, then it can turn out to be a very risky market for you. But if you have the right guide like this one, and you have good information on what happens in the marketplace, then you will make a handsome amount from investing in property more especially in Singapore.
Taking into consideration that Singapore is a very small country geographically, and that it is densely populated, you can be sure that the cost of land acquisition and extension of property is high. This is why it is important that you have a deep and better understanding before you go into investing in property in Singapore.
Below, we highlight some of the factors that you need to consider before you decide to invest in property in Singapore:
Reason for Purchase
The first factor that you should take into account is the reason why you are investing in property in Singapore. Make an establishment, if you are buying the property for your stay, or for purely investment purpose. Answering this question is important as it goes a long way in determining the type of property you will purchase, its size and location.
The above is informed by the fact that what will be a suitable home for you may not make an ideal property for investment and vice verse.
The Down-payment Money
The second and most important thing that you should establish is the amount of down payment that you will need. This is because the amount of down payment needed to a large extent determines your purchase budget. Some other factors that can influence the amount of cash that you will need for your down payment are if you are taking a bank loan or an HDB loan.
In addition to the cost that you will incur in purchasing your property, there are some other additional costs that you will have to incur as a property owner. Some of these costs include the agent cost, the resale levy that you will have to pay to complete the purchase process, and the renovation cost if you will have to make some renovations to your property.
This can be described as the most important factor to consider when investing in property in Singapore. Bearing in mind that Singapore is not a large country, location is important as the value of your property will be directly affected by where it is located. Ensure that the property you want to invest in is located in a good neighborhood that is secure and close to basic social amenities.
Take the above into consideration, and you will soon be enjoying your returns from your real estate investment.
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