Buying a Condo in Singapore Procedure
With the current global pandemic shutting down the world – there are some investors that would like to know; “Is it still worth buying a condo in Singapore?”
The answer is not as black and white as some might expect. Some people believe that right now is not a good time to buy real estate whereas others are investing in the idea that “a global pandemic will reduce property prices, creating an opportunity to buy a condo in Singapore”.
Of course – both of these positions have some truth to them, yet the correct course of action depends solely on your personal finances, your need to buy a condo, and whether or not you have the right opportunity available to take advantage of the current status of the real estate market.
Either way – we highly recommend that you seek out the assistance of an experienced Realtor in Singapore to guide you through the process. This is especially true when we’re talking about New Launch Condos in Singapore.
Understanding the Purpose of Buying a Condo in Singapore
As with any major purchase – it is vital that you understand the purpose or the motivation behind buying a condo in Singapore.
- Are you trying to expand your investment portfolio?
- Are you trying to purchase a home to live in?
- Do you want to access New Launch Condos in Singapore?
Once you understand exactly why you want to buy a condo in Singapore, you can make a more informed decision on your purchase.
For example – perhaps you want to take advantage of lower prices in real estate due to the COVID crises if you’re considering on aggressively expanding your investment portfolio. Of course – you would need the assistance of an experienced Singaporean Real Estate Agent to assist you with these deals – but considering the current state of global uncertainty – property developers for new launch condos maybe more open to price negotiation.
Or let’s say that you’re interested in purchasing a home for your family – perhaps you’re looking to exchange your rent for the opportunity to purchase your own property instead.
All of these factors will influence the motivation behind your purchase – and having this clear can help you answer whether or not it is still worth it to buy a condo in Singapore currently.
How are your finances? And how’s the Singapore Real Estate Market?
This is another important element to understand when you’re considering purchasing anything with a significant price tag. Currently – Singapore is experience an exceptionally high rate of unemployment, meaning that for a significant portion of the Island-State will have limited future income.
This has a direct impact on the real estate market – at least locally – as some property owners might be hesitant to list their properties when there isn’t a huge demand for it. Many would prefer to sit on their properties until conditions are more favorable.
However – this isn’t the case for New Launch Condos. These are often purchased by foreign investors, and despite the COVID pandemic – the Singaporean Real Estate Market actually remained quite healthy.
Oddly enough – the same is running true in the United States and other real estate markets around the world. It seemed that for two months there was a definite lag within sales and resales – but according to some experts – the Singapore Real Estate Market will remain resilient through 2020.
Nonetheless – even though the market is doing okay despite the global pandemic, you may be hesitant to spend a large sum of money, or take out a loan if you’re not sure about your future employment. If you’re certain that you won’t be affected in the long-term over loss of employment – then it may be a good time for you to buy a property now.
As we mentioned – the market “seems” stable, but people are quite volatile. Some folks are trying to unload their properties because they fear a market crash, while others are buying up properties knowing that eventually everything will stabilize once more – and they may have managed to buy properties from panicky new launch condo owners at a cheaper cost.
Buying a Condo in Singapore – Procedure
Okay – now that we’ve gone through all the preliminary questions, it’s time to take a deeper dive into the procedure of buying a condo in Singapore.
We have talked more extensively about buying a condo in Singapore right here if you’re interested in exploring the topic further.
In this article – we’ll simply go over the basic procedure to give you a more complete overview on buying a condo in Singapore.
- Get a Great Singapore Real Estate Agent
- Find a good Property Lawyer
- Get your finances in order
- Find out how much to pay for BSD and ABSD
- Get all the paper work in order
- Make the purchase
While these steps might seem simple just reading it out like this – the fact of the matter is that there are plenty of “in between” actions we’re not listing here. You can discover more in the article linked above.
Nonetheless – some of these “in between steps” include things like OTPs [option to purchase], Accessing your CPF, Title Searches, and much more.
This is why step one is so important. Without the proper assistance of an experienced Real Estate Agent in Singapore – the procedure for buying a condo in Singapore can get overwhelming quite fast. Not only can an experienced realtor guide you through the process – often times they can help you identify opportunities to help save you money and obtain a greater ROI.
Should you buy a condo? Is it worth it?
This article was designed to provide you with some insight and ask the right question to know whether it’s right for you to buy a condo right now. Perhaps you don’t have the financial security currently to make a large investment – or perhaps, you’re ready to discover some portfolio-expanding opportunities?
While the certain state of global affairs might scare some – those who have the ability to spot opportunity and take calculated risks can have a major payoff. Nonetheless – we highly recommend having an experienced Singapore Realtor in your corner.
Jimmy-Sum has helped thousands of clients find their perfect properties. Whether you’re looking for new launch condos in Singapore whether for living or expanding your portfolio – Jimmy Sum has the experience and reach you need to make it happen.
We pride ourselves in putting our clients first – and spend time on truly understanding their motivation for buying a property. Once we have attuned ourselves to your needs – we search the Singaporean Real Estate Market and find exactly what you’re looking for.
We know that the Condo Buying Process may seem daunting to some – but for us here at Jimmy Sum it’s our bread and butter. We absolutely love hunting down the right deals for our customers – and going beyond the call of duty to provide them with the best care in the business.
If you’re ready to find your ideal property – reach out to us right now!
