One of the most attractive destinations for real estate investments is Singapore’s real estate market. This busy country is rapidly developing, and the population over there is raising, thus owning a land or any piece of real estate has become valuable commodity here. However, with real estate market fluctuating significantly and being crowded in general, finding an optimal real estate is not so easy anymore. This particularly goes for local who struggled with recent economic crises and ended up with an issue of credit repair. Here are some guidelines on how to approach these two tasks and find a profitable solution.
Highly recommended professional assistance
Trading real estates in Singapore might get complex enough even in legally clear cases. Thus the best advice is to hire real estate agent or company to guide you through the whole procedure. You real estate representative will not only help you research the market and target optimal property, but most of the real estate companies provide lawyer’s assistance and legal directions. Many real estate companies in Singapore coordinate their activities with some leading banks that provide special models and programs to repair your credit and get legal permission for loaning and purchasing.
Bank loaning and taxes
Once your solicitor manages to repair your credit and provide you with the opportunity to apply for a bank loan, consider the true market value of the property you have targeted and adjust the required loan accordingly. If your incomes are in foreign currency, most banks in Singapore will secure your loan up to 80% of the purchased price. Also, when filing for taxes, you should either leave this part of the job to you’re hired real estate agent or solicitor or learn Singapore’s laws about taxes precisely, because there are many specific traits in this field. The best option is to file for annual taxes.
Careful when closing the contract
Another reason to handle this task to a professional is all legislative and administrative aspects of a final contract. Singapore is trying to achieve stability in the real estate market, slow declining of prices and rigorous measurement regarding ownership, taxes, duties and allowed transactions of real estates. Thus, prior completing the contract, get familiar with these laws precisely or handle it to a lawyer, to avoid being influences by significant prices fluctuations or stumbling upon some of the catches in Singapore real state laws.