Buyer's guide for purchasing a resale property
1. Determine your budget and loan eligibility: Before you start your property search, it's important to determine how much you can afford to spend on a property and how much you can borrow from a financial institution. You can speak to a mortgage broker or a bank representative to determine your loan eligibility, as they will have the most up-to-date information on the latest loan packages and interest rates. It's also possible to use online calculators to get a rough estimate, but it's important to keep in mind that the information provided by these calculators may not be 100% accurate and may not reflect your current financial situation. To get a more accurate assessment of your loan eligibility, it's advisable to speak to a mortgage broker or a bank representative.
2. Research the different areas and types of properties available: After you have determined your budget and loan eligibility, you can start researching the different areas and types of properties available in Singapore. This will help you to determine which location and type of property best meets your needs and budget. Singapore has many different neighborhoods to choose from, each with its own unique character and advantages. It's important to take the time to research and compare different areas to find the one that best suits your lifestyle and needs.
3. Work with a real estate salesperson (RES) with a good social media presence: A real estate salesperson (RES) is a licensed professional who specializes in the sale and rental of properties. It's important to choose a reputable and reliable RES who you feel comfortable working with, and who has your best interests at heart. An RES with a good social media presence is preferred, as this indicates that they take their reputation seriously and are dedicated to providing high-quality service. A strong online presence can also give you a better understanding of their experience and expertise, and help you to make a more informed decision when choosing an RES to work with.
4. Conduct a thorough viewing of the property: Before making an offer on a property, it's important to conduct a thorough viewing of the property to ensure that it meets your needs and expectations. It's advisable to take your time during the viewing and pay attention to any red flags or potential problems that may affect the value of the property. If necessary, you can seek advice from a real estate salesperson (RES) or other real estate professionals to help you make an informed decision about whether to proceed with the purchase.
5. Make an offer: After finding a property that you like, the next step is to make an offer to purchase. You can do this through your real estate salesperson (RES) or conveyancing lawyer. The offer to purchase should include the terms and conditions of the sale, such as the purchase price, payment terms, and any other relevant details.
6. Legal and conveyancing process: After making an offer on a property and having it accepted, it's important to engage a conveyancing lawyer to handle the legal and conveyancing process. The lawyer will take care of all the necessary documentation, including the sale and purchase agreement, title transfer, and any other legal requirements. This ensures that the buying process is handled professionally and legally, and protects the buyer's interests.
7. Stamp duties payable: As a buyer, you will be responsible for paying stamp duties on the purchase of the property to the Inland Revenue Authority of Singapore (IRAS). This is a tax that is levied by the government and is based on the value of the property. A conveyancing lawyer can assist you with calculating the stamp duties payable and ensure that they are paid to IRAS on time.
Note: The buyer does not need to worry about the details of the legal and conveyancing process, as it will be handled by the conveyancing lawyer. This is a general guide and may not cover all the specific requirements for buying property in Singapore. It's advisable to consult a qualified professional for personalized advice.