In real estate, location is everything. This section will help you choose the right location. There are many factors to consider when deciding where to buy property. If you are buying a property to live in, you need to find out the location of:
the closest shopping centre
parks and other facilities
schools if you have children
the facilities that will appeal to the rental market
COST OF BUYING
Find out the various expenses involved with buying property.
We advise that the following are the main costs involved when you buy property:
purchase price of the property
stamp duty/transfer fees payable to the Government / Development Authority
legal costs and searches
BUYING AS AN INVESTMENT
While the decision to buy a family home is usually very emotive, buying investment property should be based on a logical and calculated process. To minimize the risk of getting stuck with a bad investment, we recommend buyers research the area they intend to buy. We advise investors to:
Check the local newspapers
Find properties with similar features and compare their prices. This simple research will be a valuable guide to determining what is on the market, and at what price.
Talk to a real estate agent in the area
A good agent should be able to provide buyers with an informed opinion on prices and market trends. They should also be aware of the property types that tenants are looking for, and how much particular types of property should return in rent.
Contact the concerning Development Authority
It is recommended that potential investors contact the concerning development authority which may be a government department like CDA or a private organization, to find out whether any major developments are planned for the area.
Your perfect investment may not be so perfect if a freeway overpass is being planned for your back yard.
Seek financial advice
If you're a first time investor, property investment should be considered and managed as part of an investment portfolio. Unless you're an experienced property investor, independent advice will prove invaluable.
Like any other investment, you need to consider:
how much money you can invest
what the goal of the investment is
how long you want to hold the investment
Another important factor to consider is the property and the market conditions affecting your investment. It must be monitored and reevaluated on a regular basis.
While there are many avenues of investment, property is still a stable and financially rewarding investment. The buyer must be aware of what sort of return they can expect from their investment. Purchasing the right property makes it easier to rent out and sell when the need arises.