Things Foreigners Should Consider When Buying Residential Properties In Singapore

Foreigners may discover staying in a hotel room for the entire duration of their stay in Singapore to be a truly costly quandary. If a foreigner owned a residential property in Singapore, the expensive dilemma could have been averted.

The Singapore government officials do not prevent expatriates from owning residential properties in the country.

The Residential Property Act of Singapore basically stands behind Singapore nationals in their purchase of their own residential properties by giving affordable prices. In addition, this Act supports foreign nationals who are considered by the Singapore government to have made significant contributions to the economic prosperity of the city-state in their wish to purchase residential properties within the country.

Even without any permits or sanctions from the Singapore government, a foreigner may acquire non-restricted residential properties. The following are residential properties that belong to the non-restricted category:

- apartment units within a structure that is not higher than 6 floors – condominium units in approved condo development sites under the Planning Act – a lease term on a restricted residential property; the agreement must not exceed 7 years

Foreign nationals who want to buy all units in an apartment or condo in an approved development site must have prior sanction from Singapore’s Minister for Law.

Likewise, a foreign national without any prior approval from Singapore’s Minister of Law cannot acquire residential properties that are classified as restricted.

The Residential Property Act of Singapore specifies these restricted residential properties as follows:

- an empty residential land – town houses, separate or semi-detached homes, or terraced houses standing on residential lands – properties not authorized for condo development under the Planning Act

If an expat intends to own a restricted residential property, he or she is obliged to fill out a request form and submit this, together with other required documents, to the Singapore Land Authority. This branch of the government is responsible for receiving the requests of the expatriate regarding the acquisition of a restricted residential property. The Singapore Land Authority will assess and approve or disapprove the application, depending on the virtues of the expatriate’s qualifications.

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Never Regret Your First House Purchase: Here’s How

Congratulations! You are now financially viable and the moment is right for you to make your first house purchase. So, you fell in love at first sight at a house you saw in a certain neighborhood that you feel will be close to perfect in raising a family in your near future.

But, hold on for a moment. Before you shell out your hard-earned income on the down payment, you must consider several essential factors. Acquiring a house is probably going to be the most expensive purchase you are going to have in your life, after all. You would not wish to regret this decision.

A lot of people let their emotions to govern their decisions when it comes to purchasing homes for the first time. They dismiss glaring matters that should have been addressed right at the start. And then, when the excitement of their acquisition wears off and they experience the inconveniences caused by the glaring issues that they should have looked into earlier, they become disillusioned and angry with their new home.

Therefore, to rescue yourself from the heartaches of wrong decisions, here are several matters to consider before you buy the house you have set your heart on.

1. Consider the neighborhood

At your first visit, a neighborhood may look safe and quiet. if you intend to buy a house set in a certain neighborhood, try visiting the place at different times of the day to get an overall picture of the place and to get to know the community before making a final decision.

2. Consider the community

We know that we could safely raise our kids in a neighborhood where residents take care and look out for each other.

3. Consider the structural defects

The structure you are seeing might be the house of your dreams. It is still to your advantage, nonetheless, to closely check the house for signs of defects, leakages, plumbing problems, or pest invasions.

4. Consider the space

If you wish to have a family in the future, your new house must have enough space for the additional members of your growing family.

5. Consider the price

Your bank or housing loan agency will assess your income, credit history, employment track record, your available assets, etc., and based on the information will determine the amount that they will be able to lend you. Make sure that you secure a pre-approval of the mortgage so that you will know if you would be able to afford the house of your dreams.

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