Friday, January 12, 2018
For any Singaporean in general, the process of property purchasing might follow specific scenarios out of the most probable ones. These include buying a HDB and staying in it until old age; buying a HDB, then selling and upgrading it to a larger home as per your wish, followed by staying until old age; buying a HDB, selling and upgrading it to condo, followed by staying until old age; buying a HDB, selling and upgrading it to condo, downsizing upon retirement and then returning it to landed home, buying an EC, selling and upgrading it to condo and then staying until old age.
The options usually are associated with HDB flats, ECs, or condos. However, buying a landed home is also a valid option. But, since these are much more expensive than the above options, they remain are not the viable options for an average Singaporean.
When you have a good number of assets and cash flow and you are considering the option to purchase a landed home, it is a pretty good scenario! It does not matter whether you only own one property, or you are a pro in investing on properties. You just need to take your time to do the required research. You need to keep in mind that purchasing landed property is distinctly different from purchasing other sorts of property in Singapore.
Here is a list of the top things that you need to remember while planning on purchasing landed property in Singapore:
It is a fact that expats can purchase condominiums. However, they are not allowed to purchase a landed home. Such landed homes include bungalows, semi-detached houses, terrace houses and cluster housing.
When you are not a citizen, but you’ve been a Permanent Resident (PR) for at least five years, you are applicable. However, things aren’t that simple here. The applications of aspiring buyers are evaluated individually, considering every case in a personalized manner. Several factors are taken into account in this process that include things like whether you have made some form of outstanding economic contribution to Singapore etc.
When you are considering buying an old house, getting your contractors in and fixing it up is important steps. Every landed home have a certain number of floors “allocated” to it. If the land is zoned for 4 floors, you can build up to 4 floors only along with an attic. Same goes for any other home with any number of floors.
When you are thinking of purchasing or renting apartments follow the easy path. You can refer to certain valuable checklists that can aid and abet you in assessing the property. You should know about all the defects that may be present. A higher expertise is needed when it comes to landed property.
For your simplicity, you can think of hiring professional inspectors to guarantee that the property gets approved in the following areas:
It is required of you to get your foundation issue resolved quickly. This shall be time as well as money-consuming. Beware of properties that have a relatively weaker foundation. Such properties are complete deal breakers. It shall result into sheer waste of money and time on your part. Red flags include cracks, unaligned walls, and unaligned window frames or doors.
Though it might sound trivial, moisture-related issues are both expensive and time-consuming to get straight. These are more frequent in landed properties that have a basement built in. In case you come across any leaks or mould, be wary of it.
Make sure to purchase a landed property in an area with compact soil. Do not go for a property where area comprises of soil that is overly soft and/or is prone to movement. You might be needed to install sheet piling that will provide earth retention and excavation support if that is the case. Depending on the case, the expense varies.
Always beware of a leaky roof. In case that is the case, ensure that the owner fixes it before you make your purchase. Else, do not go for the property. Remember that renovating or fixing a roof is highly expensive. However, if there is a minute issue such as loss of color, then you can overlook it as all you have to do is simply get it cleaned using bleach that comes cheap.