We all know that buying a property anywhere in this world is not easy. You need to check the sale if it is legitimate by getting exclusive information from the real estate agent and the neighborhood, which includes the detailed transaction procedure, and property taxes. It is crucial to be connected with a competent and knowledgeable real estate agent. He could act as your representative and smartly negotiate the price of your dream property. He could also act as your consultant should you require legal and financial advice related to the property’s purchase and mortgage application.
After the agent would be able to identify and shortlist some properties for your approval, you will be expected to make short trips. The trips are to make sure you are satisfied with the interior and exterior designs of the house including the fixtures of the property before deciding to buy. Property investments are long-term so you need to make sure you would be happy before agreeing to the selling price. It is best to inspect the property one last time before you sign the option to purchase. Get more informations of Meyer Mansion Meyer Road
Things you should take into consideration when budgeting your cash
Stamp duty of 3% of the purchase price – In excess of $300,000, you are required to pay 3% of the purchase price to the Inland Revenue Authority of Singapore.
One time fee of estimated $3,000 is paid to the solicitor
Equity of at least 30% of the purchase price
Within 14 days after signing the Option to Purchase, if the amount exceeds $300,000, you are required to pay a stamp duty of at least 3% of the purchase price. If you apply for a bank loan, banks usually allow borrowers to a secured loan of 70% of the purchase price. This means that you need to prepare at least the 30% equity.
For the expats, you need to know that the Singapore government restricts foreign ownership by expats of the private residential properties as governed by the Residential Property Act in 1973. This Residential Property Act has been amended in 2005. Foreigners can now purchase non-condominium developments of less than 6 levels. However, you need to seek approval if you plan to purchase land, landed properties, and semi-detached and terrace houses. To get the approval, you need to submit the application to the Singapore Land Authority. You may want to prepare your entry and re-entry permits and other qualifications before applying.