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Guide To Buying A Condo In Singapore

Many property buyers believe that the most difficult part of buying property is shortlisting the property.

By Damian PetersPublished 2 years ago 3 min read
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Many property buyers believe that the most difficult part of buying property is shortlisting the property. There is still a lot to do after you have narrowed down the property.

Once you have narrowed down a property, such as a condo in Singapore with one bedroom, the real work begins. We will show you the steps to take once you have selected your favorite property to purchase.

Eligibility is a strict criteria regarding who can or cannot purchase a property. This is why it is important to first and foremost review these eligibility criteria to ensure you are eligible to purchase a property. These are some of the requirements:

  • A property can be purchased by anyone over 21.
  • At least 5% of the down payment should be available when you initiate the property transaction. It should be in cash.
  • Stamp duty should not be payable when you buy a property.
  • Within 8 weeks of booking, you should be able pay the remaining 20% in cash.
  • Maximum loan amount is 75%
  • You must also adhere to certain criteria.

These criteria, along with other rules enforced by Singapore's government, are required to buy a condo or other property in Singapore. These criteria are essential to be able to purchase a condo in Singapore or any other property.

Once you are certain about your eligibility, it's time to determine the price of the property that you want to purchase. It is important to verify that the property's price is not too high.

Always look through the listings for properties that are nearby you. This will give you an idea of the current rate for the property. After that, you can get a value for the property.

It is important to verify the square footage of any condo you are considering buying. The area will determine the cost of your condo.

It is important to determine whether the condo you are buying is freehold or leasehold. Leasehold is when the property becomes yours for 99 or 999 years. Leasehold means that you can lease the property for your entire life.

Leaseholds are typically more expensive than freehold properties. This factor should be considered when evaluating the price of the property.

It is important to consider the taxes and duties that you will have to pay. For example, the stamp duty can be as high at 3% depending on your property's valuation. Also, you should consider legal fees that might be required to obtain a property lawyer.

These factors are essential in determining the price of the property that you want to purchase. In case all this sounds confusing, you can simply hire an agency by visiting https://www.newcondo.com.sg/category/one-bedroom-condo/. The agency will do the research and give you a list with condos that meet your needs.

Now is the time for financing. You might need to submit all documents to the bank if you have not been preapproved for the loan. The approval process may take between 3 and 4 weeks.

Only after you have arranged financing, can you pay the initial payment of 5% to the property developer in order to start the transaction.

It is a smart idea to get a lawyer on the ground when buying a condo in Singapore.

The purchase agreement will be reviewed by the property lawyer. You can also use the case documents to assist you in the survey of the property.

There are many steps involved in buying a condo or apartment in Singapore. It is not enough to just shortlist the property. To successfully complete the transaction and become a Singapore property owner, you must follow all steps.

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