Your Basic Checks Before Investing In A Condominium Project In Singapore
Condominiums, no doubt, have attracted the interest of several people
. If you are one among them, who are planning to invest in a condo unit, then you definitely need to take care of certain aspects as per Singapore Government. Some government policies that relates to condo buying in Singapore are listed here that you should consider to indulge into a good investment.
Your checklist for buying condo in Singapore:
Considering Your Finances:
Considering financial condition before committing for any property is must for you. It is important that you keep a check upon this and even consider the usage limit of the CPF monies for property purchase along with obtainable loan amount. On CPF's website, there is Housing Affordability Calculator that you can utilize to estimate your housing loan according to the income and ability to service the loan.
Your eligibility for buying the condo:
If you are interested in some promising condo project of Singapore, such as condominiums of Skies Miltonia, but you are a Non-Singapore citizen, then it is important for you to get approval from the Controller of Residential Property. To know more about this, you can also visit the HDB & SLA website. To buy a property in Singapore, the Singapore citizens as well as non-Singapore citizens have to obtain approval from controller of Residential Property and Singapore Land Authority.
Information on property market:
It is also advisable that you thoroughly go through the free property market information to know about the price of the private residential properties transacted over the previous one or two years, from URA website. URA website would be very helpful for you as it provides free information on the property market. There you can check about launch and sale status of the properties and this list is updated every month on the site.
Know about the payable fees:
You might also benefit from knowing about various other details regarding payable stamp duty and property tax. While purchasing a residential property or any condominium project like Daisy Suites in Singapore, you must beforehand know about every type of fees that you would have to pay. Moreover, there are few websites like IRAS website to know about the stamp duty and property tax payable, and SISV website to know about the list of valuers and the fees payable.
Consulting a lawyer:
Before finally signing the document of the transaction, you must consider a lawyer and know about the rights and obligations. The lawyer would give you valuable suggestions regarding the transaction. You can hire a good & professional lawyer from the website of The Law Society of Singapore. Make sure that you beforehand clarify all your queries regarding the services they would offer and fees they would charge.
These mentioned factors would make you grab a good condo deal. Once you have checked upon these parameters, then it would become easy for you to think about getting your favorite condominium in Singapore.
by: Justin Sara
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