If you are thinking about buying an executive condo at Hundred Palms Residence there are some really important things you should keep in mind or you could make a costly mistake.
How Long Do You Plan on Living in Singapore?
If you are a Singaporean under 40 then you are still liable for National Service so chances are you will be in SG for quite some time. Individuals who are permanent residents (PRs, blue NRIC) or Expats should ask yourself whether you see yourself staying in SG for more than five years. If you don’t see yourself living in Singapore for more than five years then renting would probably be a better option than buying a property. Singapore has some very strict rules when it comes to foreigners buying real estate so you have to weigh the pros and cons associated with that prior to making a major decision like buying real estate. If you plan on living in Singapore for more than five years then buying an executive condo may be a good idea but there are some additional intellectual hurdles you must overcome.
How Many Bedrooms Do You Require?
Right now your current needs may be very simple but if you are married or have parents coming to live with you then you will need a place that can grow with your needs. This is a question only you can answer but you should give it some serious thought because the last thing you want to do is buy a place only to realize it is not large enough to meet the needs of your growing family so you must start looking for another home! With real estate prices on the rise in Singapore, you will need to be kiasu if you really want to get your pick of the various executive condos that are available.
Financing Your Home Ownership Dreams in SG
If you have cash on hand to buy the property then congratulations, however, the majority of people who live in SG simply do not have the cash on hand to buy a home outright so they need financing. Since the HDB does not finance these executive condos at least not the way they do HUDC and HDB flats you will need to qualify for a mortgage and that means coming up with a substantial down payment plus meeting the bank’s mortgage underwriting requirements. There are only a few banks in Singapore with DBS being the top local bank you will need to shop around and pick the one who is going to give you the most favorable terms.
This is not a purchase you should make without getting expert help from a qualified and experienced real estate agent. The agent will be able to help guide you through all of the legal challenges that go hand in hand when buying property in SG. Since the real estate agent is paid by the seller and not you the buyer you will have one less financial liability to worry about while seeking the home of your dreams.