Real Estate News

Congratulations! You are now financially capable and the time is ripe for you to make your first house purchase. There it is, the house of your dreams; you smile as you see imagine how you and and your loved ones will live there quite blissfully.

But, wait. Before you spend your saved up income on the down payment, you must consider several essential things. Buying a house is maybe going to be the most expensive acquisition you are going to have in your life, after all. This is one decision that you could not afford to be a wrong one.

In intending to buy a first house, most people are governed by their emotions. They dismiss glaring matters that should have been dealt with right at the beginning. And then, when the excitement of their purchase wears off and they experience the consequences caused by the issues that they should have looked into earlier, they become disenchanted and angry with their new home.

Therefore, to rescue yourself from the griefs of bad decisions, here are several things to consider before you buy the house you have set your heart on.

1. Consider the neighborhood

A neighborhood may appear safe and friendly when you first visited. However, prior to buying a house, take the time to visit the neighborhood at various times of the day (lunch hour, afternoons, evenings, etc.) to have an overall picture of the atmosphere in the neighborhood.

2. Consider the community

Most of us are seeking a community that could help mold our kids' characters. A community that cares and look out for each other is a gem.

3. Consider the structural defects

Viewed from the street, the house calls to you to acquire it. It is still to your advantage, however, to closely inspect the house for indications of defects, leakages, plumbing problems, or pest invasions.

4. Consider the space

Since most of the time people buy their first house because they are starting their own families, they must ensure that their home has enough space for additional family members.

5. Consider the price

Before you will be granted a housing loan, a banking or lending institution will evaluate and assess your credit track record, your income, your employment history, and your assets. You have to get a pre-approval on your mortgage in order to know if you can afford to acquire the house you've set your heart on.

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Foreigners in Singapore realize that it is truly costly to rent a hotel room when they plan to stay for a significant length of time in the country. An answer to this costly quandary is acquiring a residential property in the country.

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

The Residential Property Act of Singapore basically supports Singapore citizens in their acquisition of their own residential properties by giving affordable prices. In addition, this Act supports foreign nationals who are thought of by the Singapore government to have made important contributions to the economy of the city-state in their wish to acquire residential properties within the country.

Even without any licenses or approval from the Singapore government, a foreigner may buy non-restricted residential properties. The following are residential properties that belong to the non-restricted class:

- apartment units within a structure that is not higher than six floors - condominium units in approved condo development properties included in the Planning Act - a lease contract on a restricted residential property; the agreement should not exceed seven years

A foreign national may desire to purchase all units in an apartment or condo; nonetheless, before he or she can accomplish this, Singapore's Minister of Law must issue an official sanction.

Likewise, a foreigner without any prior accreditation from Singapore's Minister of Law cannot own residential properties that are categorized as restricted.

Under the Residential Property Act of Singapore, the following are categorized as restricted residential properties:

- a vacant residential lot - townhouses, detached or semi-linked houses, or terraced houses built on residential lots - lots not authorised for condo development under the Planning Act

In applying for approval to be able to acquire a restricted residential property, the foreigner must fill out a form and, together with the required supporting papers, send this to the Singapore Land Authority. This branch of the government is in charge of receiving the requests of the foreigner regarding the purchase of a restricted residential property. The Singapore Land Authority will appraise and approve or disapprove the application, depending on the merits of the expatriate's qualifications.

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