Buying Private Property For Future Investment
I know a lot of people who wants to move and buy a property in Singapore. Most of them really want to migrate there for good. I am not surprised because Singapore now is the go-to country because of its vast opportunities. Most of my friends are now on Singapore and all I can hear is praises and testimonials on how Singapore changes their lives.
Singapore has a highly developed and fruitful free-market economy. It relishes a remarkably open and corruption-free environment, steady prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. Singapore’s economy depends heavily on exports, mainly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vivacious transportation, business, and financial services sectors. Singapore is Southeast Asia’s leading financial and technology hub.
Personally, I would definitely consider moving to Singapore and put some investments by buying private property. It’s nice to think that someday I get to own private property in Singapore. But how do we really buy private property in Singapore? I didn’t have an idea so I’ve done a little research for my future reference.
They say that first thing that I should do before looking for a property to buy is to secure an in-principle approval from a bank through a banker. An in-principle approval also known as AIP is a service which allows the applicant to obtain an approval-in-principle of his/her personal loan application. The banker would give me list of documents as requirements for him to review or assess my financial status. These documents would most probably be income statements, outstanding credit or debt and certificates of employments. They will notify me through email if my application was approved with the amount of loan his bank would grant me. These transactions are online so you may never have to spend time going somewhere. It should be hassle free.
Next step is property hunting. This is the fun part. Good thing that there are now plenty of online portals or websites that can give me a vast listings of private properties for sale. This will give me opportunities to scrutinize the property first. From there I can contact an agent that could assist me on buying private property. One of the important guidelines that I’ve got is when hunting for a property to buy in Singapore, I may want to view properties with a few agents as possible, if I can, stick to one agent. This is to establish a good relationship between you and your agent.
These are the few things that I guess I should make a mental note as far as buying property in Singapore. I would definitely include buying property on my future goals. Investing on private property might be the best decision for my future especially investing on an economically stable country like Singapore. There is no such thing as too early to plan for your retirement. In my case buying property is the best plan to prepare for it.