Hi all. Have been thinking about buying a property
in Singapore. Anyone know how mortage works here as far as income multiple etc? Also, any thoughts on whether its worth buying here right now? Better to buy here or UK?
Actually it depends on many factors, you need to do some home work and ask yourself the reasons for buying! If its to save the rent money, then yes it could be worth buying here, providing you don't pay over the odds, in other words know the market and look for a good deal. Many sellers are trying to take advantage right now, so don't be squeezed into making a purchase, you will lose out!
Check the prices for 2005 before the actual madness took off! and possibly use it as a base figure to bargain, if you buy HDB, don't expect to double your money, but better than throwing rent money away!
Remember HDB is on 99 year lease, with sellers sitting for 25 years, and selling for the first time, there is a handsome profit to be made, so you have strength in your bargaining power knowing these little tips.
25 to 50.000 isn't impossible, to get knocked off the price, now that the market seems to be cooling down, in some areas, that is.
The UK is more of a speculative market too, so you need to be able to get a low price, possibly go for reclaimed property at the auction, so that you don't end up with negative equity, its actually knowing the buy and sell games ins and outs, if you know what i mean.
You can also buy renovate and sell in UK at good profit, again if you know the ropes. Not so good in Singapore though for this kind of dealing unless, you get a real bargain on a freehold, there are a few empty, and have been for many many years, all you have to do is trace the owners, to see if they are prepared to sell.