Archive for buy
Are Private Housing Prices Still Affordable In Singapore Property ?
Posted by: | CommentsWith the economy back on track in a slow yet assured way, property players are rushing back to the red hot Singapore real estate market. The market is flushed with bullish sentiments and property developers have been busy adjusting up their prices in their daily advertisement. You can’t help but starting to pay attention, only to come to the conclusion that the prices are beyond you.
Are the current real estate prices reasonable? Is there really enough to support it fool buyers, this price level? Or were you, and you will reduce the accumulation of wealth and income has failed to keep pace with property prices?
To have a better sense on what is going around on the property market; let’s begin by checking on how property news/prices are relayed to you.Media like newspaper, radio and TV, all inadvertently play a role in helping us shape your belief.If you are not a major and active real estate player, chances are you have to be reliant on secondary sources such as media for your property update.
We are not suggesting that our media has been responsible for inaccurate reporting.Rather we are aware of the fact media exists to disseminate ‘newsworthy’ and interesting reports.The fact remains that, in all reality, for one super-scale mega project, there are probably a number of more modest launches that do not make headlines materials. A grand and mega project that runs into hundreds of millions in development cost would easily snatch the headlines from the more decent real estate development.
These super-scale luxury housing advertisements of Marina and Sentosa enclaves, for instance, are targeting those very rich foreigners and locals.Advertisements paid for by glamorous developers represent another reason in a similar way.It makes sense that these are priced with a premium and are generally not meant for average Singaporeans.
Of course, resale prices for privately owner-occupied properties are obviously lower than those advertised at the new launches. But few people are aware of them as the lack of ‘newsworthiness’ elements. For the average guys among us, the new launch prices are what making news within our circles.
One other reason that helps to form this belief is that the 2007 real estate boom is still fresh in the Singaporeans’ minds.Again these properties are not aimed at the average Singaporeans. With the integrated resorts as backdrop, many developers have taken their cues and gone on to launch a number of super-luxurious and super-exclusive projects in great fanfare, and to massive successes in drawing in record number of overseas investors.
It is only up to you to tweak your aspiration and look out for them. In all reality, the private real estate market is not going to stay static as inflation is a natural element in any economy. The suburb properties, just for comparison, have only registered a single digit increase in price in the past ten years.But, still, there a number of modestly priced private properties around Singapore.
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Check List For Would Be First Time Property Buyer
Posted by: | CommentsSo you are planning to own your home. But before you make any serious commitment towards this end, we would like to present you this check list for you to ponder over your decision:
1. Are you prepared to stay put for at least 3 years at your new home? If you are not ready to stay in your newly purchased property for minimum of 3years, perhaps you have to put off this idea now. The reason is the kind of investment with property purchase and the associated fees charged on both buy/sell transaction would simply makes it impossible. You will end up lose money no matter it is a rising or falling market (here you end up losing even more money as your property will have depreciated in price).
2. Brushing up your credit report. Unless you are filthy rich, you are not going to pay cash for your new home. The conventional source of fund would be lenders like bank. To make sure your application for a home mortgage goes as trouble free as possible, it is important your credit rating (publicly available) looks healthy. The trick is to obtain this rating report yourself before hand and when it signals problems, correct and fix them before you make appointment with the banks.
3. Find appropriate home loan Banks generally can loan customers up to 80% of the purchase, or 90% for exceptional cases. But there are a lot of factors involved including payback period, your income, age price, locked in considerations, etc. For this reason, it is advisable you use the online calculator to have an overall appreciation of all possible combinations for the loan amount you desire.
4. Down payment requirement As a rule of thumb, banks expect 20 percent down payment from home buyers. If you have problem putting up this amount, your only option is to discuss your requirement with those offering sub-prime loan. This is done on a case to case basis and there is also pre-qualification requirement.
5. Buy into hot location with good schools If possible find a site where there are a number of popular schools. Reason is school districts are a top consideration for buyers who have school going children. When you want to sell your property, you can ask for a premium on top of a fair evaluation price.
6. Enlist the help of property agent While Internet is useful disseminating valuable information like home listings, when it comes to a time to follow up, like physical home inspection, negotiating terms and price, human type interaction cannot be avoided. It can be a good idea to get help from exclusive buyer agent as they can help to take care of all these hassles on your behalf and acting on your interest.
When all above considered and you are even more determined to find your new home, get ready for thorough research on the property market. Past transactions conducted in the area and/or housing type of your choice should give an approximate indication of the real value of the property you are interested in.We are one of the real estate companies in Singapore and we have served our customers in South East Asia Region for years. Our network of agents is strong and we can help you to find your ideal next home for you.
Learn more about Singapore Property. Stop by our site where you can find out all about Singapore Property Elite and what it can do for you.
Singapore Considers Cooling Down The Real Estate Market
Posted by: | CommentsThe local economy began to become more favorable, Singapore real estate market finally showed signs of life again. Activities in the market has increased significantly, and economists are busy painting rosy picture on real estate transactions in the coming months. But beneath all the noise and optimism, Singapore government announced in November 2009 and calibrated that it intends to take measures to prevent the emergence of the real estate market.
Perhaps the memory of the sudden boom and bust in the mid nineties is still fresh in the administration’s mind. And this time round, the government is more determined to prevent such a sharp uptake and potentially followed by equally quick reversal of the market.
The Singapore government has quite a few options at their disposal and they are land supply strategy, credit tightening and taxation policies. We will go over each of these in more details.
Land Supply Decision – This could be the most effective tool to counter the red hot demand of properties of all types in Singapore. As the government cut down on the release of land for new development, this is certainly going to slow down the supply for new projects being launched to the market, thus putting a curb on the unreasonable property speculation.
Financing – Recently there have been speculations in the market that government may review the guidelines for financial facilities such as private housing loan.Market players and speculators would be hard hit if this amount is brought back to 80 percent of purchase price.Currently the maximum loan amount a lender can approve to a qualified private house buyer is 90 percent.
Taxation Policies – As the Government of the options for action in the housing market, this feature is probably somewhere in the plan. The tax on capital income has always been a convenient tool in the past in the fight against the excessive exploitation of living in Singapore. And when it relaunched, this would certainly affect the market in a big way.
Raise Property Tax – In general those owner-occupiers in Singapore currently pay half of this amount. These folks may be subjected to a higher tax than the current 10 percent.It could also be a focused approach targeting property investors and speculators.
Double Stamp Duty – Again this could be effective to slow down the market speculators as a stamp duty would be imposed whenever he chooses to buy or sell a piece of property.
However it is still early days to tell if the government would exercise its option as the market is still directionless at the moment. So there you have it, a quick list of possible measures to fight the potentially overheated property market.
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Make Money from Successful Property Investment
Posted by: | CommentsFor the property players, property investment is no doubt an engaging and profitable undertaking. But often we hear investors lamenting about their heavy losses and missed opportunities. So how could we make sure we can profit from it. Worry not; in the text that follows we are going to unveil the tips for successful property investment.
1. Long Range Perspective … Risk Level First you have to establish what your long range goal is and the kind of risk level you are comfortable with in your investment strategy. Once you work that out, try to stick with them over time. The objective is to balance these two parameters as you navigate through this tricky business landscape.
2. Don’t be Fooled by Market Pundits Instead of dependent on expert advices or market guidance, do your research before investing on any property. You only invest in a property once you are safe in your knowledge about that piece of property.
3. Don’t Wait for Good Things to Happen Make it a habit to constantly look out for new opportunities, instead of waiting for your existing investment to make good. Always explore your options and you may find viable alternatives. If you are hoping just on the reward from that property you invested, you may not be motivated enough to search for other fabulous bargains.
4. Stay Hopeful and be Realistic Just like stock market, properties go through cycles of ups and downs during their life span. Take it as part of property investment and be ready to face such situation as the economic situation varies. But being hopeful does not equate to being foolhardy. When all signs point to no possibility of reversal, it is time to let go and cut your loss.
5. Aware of the Risk Risk is always an inescapable parameter when it comes to investing, property investment included. Get to know what risk is, conscious of the risk associated with any property you are interested in. Make risk works for you.
6. Respect the Market but Don’t Fear It Understand the many rules-of-engagement as far as property investment is concerned. When you are new, perhaps it is more difficult to come to grips with the market dynamics so keep watchful eyes as you experimented with your investment. Find time to equip yourself with necessary knowledge on investment subject and the market. When understanding and analyzing the market becomes too difficult, you can seek the help of a financial adviser.
7. Cautions, Decisions and Actions There are times when you become over-cautious and lose out on opportunity to that certain profit. Try to establish a system that correlates action and caution for you. There are experts out there who can help you on this. Regardless, as soon as you have that all-go for a property, act decisively after considerations on your objective and risk appetite.
8. Make Mistakes You will make mistakes some days no matter what sort of investment genius you are. Be ready to take it as a learning process that would make you better in future. But don’t fret over the mistake. As you work to contain your risk, your chance of mistakes will get greatly reduced. Just make sure you monitor your investment risk profile regular enough.
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