Luxury Homes

Is This The Right Time to Buy a Residential Property?

As a Real Estate Consultant, this is one of the most commonly asked questions would be buyers post to us, whether or not the property market is in the uptrend, downtrend, stagnant or red-hot!

My answer? Let’s examine your needs, affordability, and opportunities!

1. Needs

If you are buying a matrimonial home, reluctant to pay rent and are keen to have your own roof, then I say let’s look at what’s available within your means and go for it!

Over the last one decade, I have seen many who procrastinate time and time again. Some paid rent for 10 years and eventually just find it too painful to buy. Some crossed 50 years old or suddenly find themselves becoming less qualified for housing loans due to age. Remember the younger you are, the longer your employable age and thus you can stretch your loan period and enjoy a lower monthly mortgage repayment.

2. Anticipating change in Government Policies

Yes, we are still talking about the ABSD – Additional Buyer’ Stamp Duties!

Depending on your existing home ownership status, your residency status, ABSD may be applicable. This can be additional of 5% of Purchase Price of Stamp Duties if you are a Permanent Resident ( PR) buying your first property, 7% additional if you are a Citizen buying your second Residential Home, or up to 15% additional if you are a Foreigner buying your first or subsequent property in Singapore.

Several gave up their choice homes because they are reluctant to pay the ABSD in anticipation of a change in existing ruling. I agree it will be substantial savings should there be a complete abolishment of the existing ABSD structure, but I like to think it is not likely in the near or midterm. If ever and when the ABSD is abolished, you can be certain there will be a rush and by the time you are ready to jump into it, you would suddenly realize that the Vendors have increased their prices by more than your potential savings!

3. Opportunities

Some properties in a matured locale are rarely available for sale. They are sought after for various reasons. You would not find listings in these developments. Chances are they will never be available in a Bull market. So sniff out these opportunities and be ready to make an offer when it becomes available for Sale.

Talk to me regarding your Real Estate Needs today.

Betty Chandra
Singapore Prestigious Homes/OrangeTee & Tie Pte Ltd
Senior Associate Director
+65 9669 9496
betty@singaporeprestigioushoms.com

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