6 Must-Ask Questions Before Buying a Property in Singapore
Buying a house in Singapore as a foreigner is one of the best life decisions you can make. It’s a market whose stability is sure, and once you have a property, can give you a great asset for the many years to come.
But before you commit your hard-earned money, you must understand a few things about the property market in this country.
Get an insight into this market through the following questions.
1. Who can buy a property in Singapore?
There are three kinds of properties you can buy in Singapore: HDB flats, private properties, and executive condominiums.
The first requirement of buying a flat in Singapore is that you must be a citizen or have a permanent residence (PR) — as a foreigner, you’re not allowed to own HDB flats. If you’re a PR or a citizen in this country, you’re free to purchase any private property.
Whether bungalows or apartments and ECs, you’re free to purchase, but you should take some ownership restrictions on HDB flats seriously.
2. What type of properties can you buy as a foreigner buy in Singapore?
You can purchase all types of properties like condominiums, private apartments, but will need government approval to buy landed properties like bungalows. As a foreigner, you’ll only be allowed to buy executive condominiums that are not less than ten years old.
However, you can’t buy HDB flats in Singapore as a foreigner.
3. What is the acceptable age for you to buy a house in Singapore?
You must be 21 years and above to purchase a resale HDB flat, and you must be in a family nucleus.
The nucleus includes spouse and children, parents and siblings, and children under your legal custody.
If the person you’re buying a resale HDB property from is single (unmarried or divorced), 35 years is the minimum age. If you’re widowed or orphaned, then you’ll need to be more than 25 years old.
For private property, the minimum legal age is 21 years. If the owner is below 21 years, the property can be purchased under the trust.
4. Can singles buy HDB flats?
Yes. If you’re single, you’re free to own a flat. But, there’s a criteria that you must meet. And that will depend on the scheme you’re applying under. Besides, as a requirement, you must be a Singaporean citizen. Single PRs are not allowed to sell or buy HDB flats in this country.
5. What’s an essential occupier for HDB?
This person forms a family nucleus with the applicant to qualify for a flat from HDBAs part of the application process; the essential occupier is required for Built-to-Order (BTO) and Sale of balance flats exercises.
Most importantly, the personas listed in the flat application must physically and continually be an occupant of the house for an occupation period of not less than five years. If this criterion is not fulfilled, your application may be canceled, and you forfeit your deposit.
6. How much money will I spend to get a house in Singapore?
There are so many factors that determine the price of a property in Singapore. One of these is the estate’s maturity, proximity to the amenities, the condition of the unit, and the age of the property in question.
The average property price in Singapore is S $ 1,183,025, but this keeps changing depending on the prevailing market conditions. The pandemic effects could see these prices come down to the lowest ever.
You also need to know that besides the property’s actual price, there are additional costs that you need to be ready for.
When looking for landed property for foreigners, you must get the right property agent to guide you. They will help you understand the criteria and the requirements to not spend so much on something unachievable.