Why resale flats in Singapore? Someone may ask. Well, for many expats who get the opportunity to work in Singapore, they like to buy resale properties. However, if you are a Singaporean and you still need to buy a home, you may consider buying a resale home because even though not new, it will be cheaper. The singapore property market in Singapore has its ins and outs, especially when you want mortgage financing. However, if you get a good property broker, then he/she should be able to arrange that for you comfortably. However, even before you go to a real estate agent, you need to know a few important things about buying property in Singapore.
Just because they are resale flats in Singapore, it does not mean that you go for just about anything that is on offer in the market. Find one that is conveniently located and one that is in prime condition. For example, if you have school going children, you want the flat to be near a school, walking distance if possible. You also need to know where you can buy foodstuff and many more things. Simply said, you should consider how convenient the flat will be to all members of the family.
As the first option, always look for HDB resale flats in Singapore. This one will be very affordable since it will be financed and subsidized by the government. Know that if you have a good credit history, you will be favored by the lenders and you will get your loan effortlessly. Therefore, try to clear your credit first before you go looking for a housing loan. Another important thing to note about the mortgage loan Singapore is that the lender will only provide 80% of the total amount needed. So you need to come up with the rest 20% to make it complete.
Finding resale flats in Singapore in the best locations
Make sure that you check out the apartment, see what the neighbors are like and most important, how do they utilize the public balcony? Many people will use it for personal needs like cooking and therefore you need to avoid such neighbors. Just to be on your guard in case there are discrepancies coming up in future, make sure that you check out the condition of the house. It is important to know just how much you will have to do for repairs. Check out even for the smallest details, taps and showers because such may seem small but later on, they will become big problems. It is important to know beforehand what you are in for before it is too late to change your mind.
Never limit your search for resale flats in Singapore to just one or two flats. Look around because at any given time. There will be many going up for sale. Allocate enough time for the venture and be patient with your real estate agent. If you want to buy your resale flat in the open market, you have to inspect it if only to look for some bargaining ground. Note that the seller will give you a hard bargain and therefore you too will have to dig in your heels and fight for the best price.
The importance of real estate agent when getting resale flats in Singapore
If you hire a resale property broker, you should bargain for a lower rate. You would be amazed to know the kinds of discounts that people miss just because they do not ask. There is no final rate that you have to pay. Whatever the agent names, usually 2% from the seller and 1% from the buyer, bargain from your side for a lower rate.
Currently, the practice is that if you like a property in singapore, you should get in to an option to purchase process where you leave a good faith deposit of 1% and then you have 14 day to think through the deal. If you make up your mind to purchase the resale property, then you can sign the Option to Purchase agreement and return it to the seller before the 14 days are over. You must return it with another 4% or 9% depending on what the agreement says. If you decide not to purchase the property or fail to honor the agreement within 14 days, then you forfeit your 1% deposit. Note that many buyers looking for resale flats in Singapore opt to make a direct offer to the seller. Here, the binding agreement is called offer to purchase if the seller agrees to it. You pay 10% of the total value and then move on to the Sale and Purchase (S&P) stage. Complicated? That is why you need the help of a realtor.