A lot of expatriates from different parts of the globe wish to stay here in Singapore as it is one of the most ideal places to do business. However, since getting a property in this country is more expensive, some choose to lease or buy condos instead. If ever you are planning to lease a condo in Singapore, here are some of the questions you must to ask your next landlord first:
- How many years can I lease the condo?
Do consider the number of years of stay you intend to have in Singapore if you plan to rent or buy a property. Whether you are an expatriate or a citizen, the government enforces Sellers Stamp Duty to those who are marketing their units within the initial four years of its purchase. The SSD will be payable during property transaction by both the buyer and the seller. If you only need to stay in this country for 4 years or less, it will be best if you just lease a condominium rather than purchasing one.
- What are my options?
Moving to Singapore gives you different housing options. You can choose to live 1 of the private residential property, public housings or at an executive condominium. Majority of the residents in Singapore are in public housing, also known as the Housing Development Board or HBD condos. You can live in one of the HBD houses, particularly if you will only stay in the country for a couple of years. Just ensure that you are selecting a property of a Singaporean citizen who has fulfilled a five-year minimum occupancy period in their Housing Development Board unit. In the event you wish to live here for a longer period of time, you can choose to buying a property like a condo in Singapore. This is a prevalent choice for many expatriates since a private condo does not have limits on foreign ownership. Unlike purchasing landed homes or bungalows, you will no longer need to get approval from the government’s Land Dealings Authority Unit before they can have a condo. The government has been giving these restrictions for foreign ownership of any private residential units in the country. Land properties are mostly limited since it is an important class of residential property that a lot of Singaporeans wish to have.
- How much is the property?
Besides the need to consider relocation risks, a more important factor for most expats who wish to stay in Singapore is the financial aspect. Here, acquiring a private property is expensive so one have to think of the minimum and maximum amount of cash they are willing to pay when leasing a unit. Expats can get loan mortgages for as long as they can show proof of their capability to meet the necessary income required. Just remember that these loans come with regulations that allow you to only loan you up to 80% of the value of the condominium. In addition, aside from the Buyer’s Stamp Duty, the government also charges 15% Additional Buyers Stamp Duty (ABSD) to expats. On a positive note, permanent residents or citizens of Norway, Iceland, Lichtenstein, as well as Switzerland are exempted from this additional charge because of free trade agreements.
- What are the opportunity costs of purchasing a property?
Besides living in Asia’s finest city for business owners as well as expats, you will even be faced with different tradeoffs such as prematurely locking yourself in a purchased unit before looking for other potential communities around Singapore. Also, it could cause your budget to be over-stretched in the event that you also need to pay for other properties in your own country.
You may contact SOL to help you get the type of condominium that macthes your needs. Visit their site for more details about their services!
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