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Factors to Consider When Buying Residential Property In Singapore

Due to the success of the Singapore government housing policy that began in the 1960s, 80% of Singapore's population now lives in HDB housing. Private apartments are primarily intended for people with higher incomes.  To get more details about Pullman residences Singapore you may check here https://www.pullman-residences.co/.

Factors to Consider When Buying Residential Property In Singapore

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Those considering buying residential property in this island nation should consider several factors. We'll take a closer look at this in this article.

A reason to buy

First and foremost, it is important to buy property to invest in or borrow from the owner.

Of course, when it comes to investing, capital gains are the main focus. On the other hand, buying real estate requires ownership, which puts capital in second place. In this case, the more important factor is the current or future size of the household.

Retirees or one person can choose a smaller apartment. At a young age, couples can choose a small apartment if they have limited financial means or a large apartment if they want to have children and provided they are rich enough to afford them.

From the government's point of view, HDB apartments are meant for residence and not for speculation. Therefore, HDB apartments are subject to a minimum occupancy period (MOP) of 5 years, regardless of whether the apartment is used for resale or purchased directly from HDB. The sidewalk is where the HDB apartment is turned over.

However, under the MOP, owners of larger HDB apartments can benefit from being downgraded to smaller units. Those tempted to sell for a profit during the booming real estate market may not be better off because they have to pay a heavy price to buy another apartment.