Guide to buying a landed property in Singapore

Purchasing a landed property in Singapore is not an easy task. This is more when compared to buying a newly developed condo unit, which is most cases is presented in a tip-top condition. The physical condition of landed property depends on the previous owner. If you are lucky, you might come across one in a decent state hence no heavy renovation cost.

The ability to small details of the house comes handy in identifying issues that need to be resolved before you make a purchase. If this is your first landed house, it means you are more subjected to deception by nice-looking properties. To avoid these pitfalls, we present to you some of the factors that should guide your price for the property.

Foundation

The thumb rule when purchasing landed property –steer from any property with a weak foundation. Resolving a foundation issue is time and resource consuming. To spot faults with foundation, check for crack s, unaligned brick walls, doors and window frames.

Moisture

Landed property in a basement is likely to have moisture issues. Moisture is a health risk as it makes the environment good for mold growth. The cost to resolve such issues is high as you, might need to strip the entire house just to get rid of the health hazard.

Roofing

Never underestimate the cost of a good roof. A well-done roof can last for up to 20 years. When purchasing a landed property in Singapore, you need to check for sign of aging, e.g., color and state of roofing material. One way to fix the problem is placing a new layer over the old one. If not, you can replace with a brand new one which cost more.

Plumbing

Plumbing is one of the most expensive house finishes. To avoid unplanned cost, you need to examine the condition of toilets, pipes, water heaters, etc. Older homes have more problems with plumbing. Tracing where the problem is cost money, then comes the huge bill or replacing the items and sometimes the entire system. If you find a home has a sewer problem, ask the seller to fix it before you make a purchase.

Electrical wiring

Checking electrical system is fast and easy. You could use an indicator to check if all the switches and electrical units are working normally. Any electrical issue needs to be fixed by a professional, a service that isn’t cheap. The wires themselves are costly so take time and do checkups saving you a lot of money.

Fixtures and appliances

Home appliances and fixture are subject to wear and tear with time. These are usually the windows, doors, kitchen appliance, walls, air-conditioning, etc. Do your research and choose the most economical solution as per your budget. For instance, you can repaint the wall of your house rather than replace it.

It takes time to develop an eye to identifying problems in landed property. If you feel that you lack the knowledge, don’t hesitate to ask for professional help. Any problem you identify can be used as a bargaining chip to lower the cost of the house which you can later choose to repair.

Living in Singapore-Types of Properties

If you are new in Singapore, you will agree with me that it’s not easy to decipher between various types of properties. This guide is meant to help you jumpstart your house search if you are planning t buy or rent in Singapore. By the end of this, you will be able to navigate the process with less confusion.

Public housing

HDB

You might have come across the initials HDB which stand for Housing Development Board. This is a short-hand to describe any Singapore government housing. The flats are the most popular with more than 80% of the Singaporeans living in HDB housing. These government flats are not available for foreigners to purchase but they can rent under strict conditions.

Public-private Housing

These properties share both private and public housing characteristics. It comprises of executive condominiums, ECs.

Executive condominiums are public-private properties. They share lots of similarities with private condominiums but with an edge of being HDB-issued. These houses come with a 5-years minimum occupation period before one is granted the right to sell it on an open market to PRs and Singapore citizens. For one to sell executive condominium to foreigners, it must be after completion of 10-years of construction.

Private residential

In Singapore private residential properties are subdivided into two main categories: landed properties and apartment/ condominiums. Condominiums and apartment are the most popular private properties in Singapore. These are a more luxurious version of HDB flats. If you are an expatriate and want to buy a property in Singapore, private condos are the way to go as they do not have restrictions like in HDB flats and executive condo.

Private condominium

Singapore condos are one of the most popular private estates in the word. Compared to HDB flats, private condos are recognized by their provision of shared facilities such as tens courts, gym, private swimming pools and private security guards. Condos in Singapore come in the form of penthouse units, studio units, and individual and multiple-room units.

Apartment

Apartments in Singapore are similar to condos. However, they are part smaller with a less generous provision of communal and recreational facilities.
If an apartment or a condo does not have a lift, they are called a walk-up. They are low built to make it convenient to reach one’s unit.

Landed housing

Landed properties required high maintenance but ate unrivaled regarding size and privacy. The landed housing can be categorized into:

Semi-detached houses

This is not a house by itself, rather a part of a different house. The house can also be attached t some other units.

Bungalows (detached houses)

This is one of the largest estates under the category if landed housing. A bungalow is detached adding privacy and exclusivity.

Terrace houses

These are properties which are part of a row of similar houses joined together by a common boundary. While they are joined, each terrace property is on its own, walls and roof.

Cluster houses

These are a hybrid housing designed to combine privacy and maximize space for landed properties. They have condo-style facilities.

Types of Mortgages in Singapore

There are two main categories of home interest rates; floating interest rates and fixed interest rates. Fixed rates mean the rate remains the same over the duration of the loan term. The fixed rate is higher than variable rates as bank take on the risk of inflation.

Fixed Rate Mortgages

These types of loan plan have a period of up to 5 years to clear. Depending on the plan you choose, you will incur a 1% plus rate. Payment is made monthly regardless of the interest rates fluctuation. Fixed rate mortgage offers predictability and stability especially in a country such as Singapore where the inflation rate is projected early and in most time, constant.

SOR Pegged Mortgages

SOR abbreviation stands for Swap Offer Rate.
To spare you the jargons of the whole meaning, SOR is a UD dollar funding where there is swapping of Singapore dollar funds for US dollar at a specific cost for a certain tenor, usually 1/3/6/12 months. The mortgage benefits from advantages given by the US Federal Reserve at a rate of between 0 and 0.25%. The only disadvantage of this type of mortgage is that the funds are in foreign currency and can influence the SOR rate.

Sibor Pegged Mortgages

SIBOR is an abbreviation for Singapore Interbank Borrowing Offer Rate. This is a transparent borrowing rate that gives inform the consumer what the interbank market interest rate us and the cost of borrowing. The SIBOR is publicly available on the web, Business Times and Teletext. Sibor rates are regarding 1/3/6/12 months. The longer the tenor, the higher the interest rates.
Combination of Sibor and SOR mortgages
The mortgage offers a unique proposition of using both SOR and Sibor mortgages. Some banks will switch between the two while they take advantage value of the mortgages plus a certain spread of your mortgage plan.

HDB loan mortgages

The loan is offered to HDB properties only. The current HDB mortgage rate stands at 2.6%, higher than plans provided by banks in Singapore. However, HDB mortgage offers a higher financing quantum compared to banks.

Interest only mortgages

This mortgage service the only interest on the mortgage. It is not allowed for residential properties. The financing of this type of loan s higher than standard mortgage plan. It is also available for commercial and International property loans

Board Rate mortgages

The mortgage is a bank own internal interest rate mechanism. Compared to SOR and Sibor, there is less transparency on how the bank arrived at the mortgage rate and pricing of your mortgage. Considering the insufficient mortgages transparency, some Singapore banks no longer offer Board Rate. Other have adopted standard universal Board rate system to improve transparency. In the recent past, the board rate mortgage packages have stabilized and may offer consumer with a value proposition for consideration.
If you plan to take a loan in Singapore, it’s advised that you compare all the rates using home loan interest calculator. Put the principal into consideration plus the monthly installment and see how much in total you will pay at varying loan terms. You can use the calculator only if you know the current rate offered on a different type of loans.

Rivercove Residences EC

Rivercove Residences: The Prime Location of Aspiring Homeowners

The Rivercove Residences EC, located in Anchorvale, Sengkang area is a forthcoming executive condominium. The project is situated near Sengkang and Fernvale area at the Anchorvale Road. Sengkang neighborhood consists of numerous amenities which include the well known Seletar Mall and Sengkang’s Recreation center.

Rivercove Residences Location At Sengkang And Fernvale

Rivercove Residences EC is a key location for aspiring EC homeowners looking to get a unit in Fernvale and Sengkang Road. Earlier launches of ECs close to this area have fully sold out. Rivercove Residences development by Hoi Hup offers buyers another opportunity to own an exclusive EC unit in this area. The EC’s future residents have unlimited access to Sengkang due to the huge network of well-maintained highways and tarmac roads. Other transport facilities include the Thangamm LRT and Layar LRT Stations. The road network allows its residences unlimited mobility by personal vehicles, taxi, bus, and bicycles.

The project is the joint venture between Hoi Hup Realty and Sunway Developments. It is located next to Sungei Punggol and Sengkang’s Riverside Park. This gives your family and friends the chance to indulge in leisurely strolls in the park. A short walking distance from the development is the Sengkang General and Community Hospital.

Jalan Kayu Eateries Near Rivercove Residences

For Rivercove EC residents who are searching for eateries in the area, Seletar Mall and eateries along Jalan Kayu are the perfect places to fulfill your food cravings. The area has several stalls that offer local dishes and thematic bars giving you latest craft beer of your choice.

MRT and Bus Interchange Near Rivercove Residences

  • Tongkang LRT
  • Layar LRT Station
  • Sengkang MRT Station

Malls near Rivercove Residences

  • Compass One
  • Fernvale Point
  • Seletar Mall

Schools Near Rivercove Residences

  • Nan Chiau Primary and High School
  • Pei Hwa Secondary School

Other places of interest consist of Kopitiam Point, Sengkang Public Library, and recreation venues like Sengkang Sports and Recreation Centre, which is near Rivercove Residences EC. For more information Please check Rivercove Residences floor and site plans.

The location of the new executive condos is at Anchorvale lane in Sengkang. The development will be encircled by best schools, dining and entertainment areas in addition to its being breathe- taking. The selected location is among the many grand features of the Rivercove Residence.

The accessible public transport is perfect for both individuals and families, giving reasonable distances to the markets, shopping centers, hospitals, schools, and other locations. Since traffic can at times be a burden, you can use MRT when commuting during the peak hours. This will help residents save money and time when visiting their preferred restaurants, shopping malls, and community parks.

With the project situated in this area, it will have a lot of potentials. Rivercove Residences EC location is among the best EC developed by Hoi Hup. Similar developments in the Neighborhood include Lush Acres, The Vales, Treasure Crest, and Bellewaters, all surrounding Rivercove Residences. Every one of these establishments is developed within Sengkang. Thus the Rivercove Residences EC will perfectly fit in well, and particularly with the government’s expansion master plan. It will be hard pressed to find such another EC in such a prime location elsewhere.

Here Are Quick Tips in Finding the Perfect Rental Property

With the increasing expense of homes, ithas been more difficult than ever to purchase a brand-new home. Obviously, people can refrain from doing without roofing, and there comes the option of rental residential or commercial properties. Discovering the ideal home isn’t really going to be simple, specifically in US and Canada, where proprietors are charging crazy rates for nearly every home. As a wise renter, you need to go an action ahead and choose particular things before limiting to specific options. In this post, we will broach a few of the important things worth thinking about before you find your rental property.

 

Start with an online check

Gone are times, when you would need to invested hours on the weekend searching for advertisements for rental houses! Thanks to the web, things are much simple today, and you can find some fantastic websites that employ rental homes for most states and locations of US. You can inspect residential or commercial properties based upon your needs, and it is very simple to arrange a couple of options. A few of the websites link the occupants with the property manager straight, makings the procedure of settlement and conversation a lot easier. Simply make certain that you select the ideal website, which has a lot of residential or commercial properties.

 

Examine the budget plan

It is important to have a spending plan for your home, but do not set a quantity based upon your whimsies. There are always a couple of patterns in the rental market when it pertains to costs, and thus, you must invest a long time looking into on the exact same. Make certain that you look for the real lease, included expenditures if any and other long and short-term costs. Usually, rental websites can offer you a smart idea of how much you might need to shell for a specific kind of house, but you can also examine other websites too.

 

Know what the lease means

Many renters do not check out rental arrangements in information, which can have major effects. There are typically a couple of things that you need to keep in mind. The very first thing is the length of the lease, which need to be plainly discussed. Second of all, you need to look for deposit requirement, and how the property owner is going to handle the refund when you leave. The 3rd part is property upkeep, and you need to know if there are any costs that are payable on a monthly basis.

 

Also, not all homeowner enable family pets, so if you plan to bring your pooch home, always go over the exact same. Often, house owners and proprietors do not permit modifications in your house, like including of unique lights and painting, and for this reason, you ought to talk on the very same. If you are going to have roomies, you need to know the plans with them, and the lease sharing provisions, if any.

 

If you can look for these elements, it would be quite simple to find a house that would ultimately become a home. Always make certain to speak with the property manager straight, so that there are no deceptive realities and talks. Start inspecting online today!

4 Easy Ways to Increase Profits and Your Rentals

It’s the very first week of the month and time to cash these checks. It is not always simple, but I love owning leasings; specifically now when leas are through the roofing system. The difficulty now is discovering property to purchase. If you were fortunate enough to get a couple of homes the last couple of years you are most likely doing effectively, but perhaps you might be doing even much better! Here are 4 methods to do even much better on your rental portfolio.

 

Think about leasing additional area independently. There is a remarkable quantity of benefit in this. Garages right away enter your mind, but I have also leased storage sheds individually and have  become aware of people leasing areas of the lot for horse boarding or extra storage.

 

I have a property now that I lease the garage out independently. It is a 2 car garage that I lease for $200 a month. This one method increases my earnings by 10% and there is little to no costs with the garage lease, so it in fact increases earnings by more than that!

Lease additional products

I have become aware of rental homeowner renting products such as TVs, computer systems, or furniture to increase earnings. I have refrained from doing that, but I have leased washer/dryers individually. Washers and clothes dryers have the tendency to break down so I will never ever include them with my rentals. If I purchase a property with a washer/dryer or I get one from an occupant that has vacated, I will usually either use it to the occupant free of charge or lease it to them. Clearly, leasing the washer and clothes dryer will increase the month-to-month capital, but you will be accountable if something fails. It might increase your headache, but it will also increase your revenues. If the occupant does not wish to lease them from you, you can use it to them free of charge or you will wish to eliminate them. The last thing you want is the obligation of guaranteeing the washer and clothes dryer works with no earnings for the extra trouble.

 

Charge occupants for utilities

For some factor this was a difficult one for me to do. I was taught early on that I, as the proprietor, must spend for the water. The argument is that water is the one energy company that can lien your house for non-payment. Although that holds true, it still makes since to have the occupant pay water. The worst case is the renter does not pay and you need to.

 

In my market, it is becoming more appropriate to ask the renter to pay all utilities, so why not provide what they anticipate? The 2 advantages are boost in capital for you and they will use less. I simply spoke with Travis in my workplace about this. He has a tri-plex that had very high water expenses. He was having problem figuring it out and was paying that costs every month as the property owner. This was cutting into his revenues by more than $300 a month!! The service for him was to pay a company $2,500 to put in a system to separately meter each of the 3 systems. Within one month, he found that a person system was accountable for the majority of the water use and found that they were growing cannabis. Those occupants were asked to leave and were changed with a better renter conserving Travis over $150 a month. His next action will be to start sending out billings to each occupant for their water use, which will increase his income by another $150.

 

Minimize turnovers

This one may sound apparent but is typically neglected. Turnovers can be very pricey. In truth, it is not unusual for one turnover to destroy your earnings on a system for 2 or more years. The cause consists of loss lease, marketing for a brand-new occupant, repair work, and more. Lowering turnover can be made complex. Here are simply a couple of concepts to assist.

 

Screen occupants

This is the single best way to keep your turnovers low. It is exceptionally essential to obtain quality renters, and the only way to do that is to evaluate them effectively. Certainly credit and criminal checks are important, but it is also a great idea to interview your possibility about why they are moving and why they wish to lease from you, call referrals, guarantee they can manage the lease and energy payments, have a steady drama free way of life, look after their things (appearance in their car when you meet them), and have an emergency situation contact that will help them if they enter financial difficulty.

 

Smaller sized lease boosts

In a hot rental market like we remain in, it is challenging to stay up to date with the speed where leas are increasing. Many times lease in the area is increasing much faster than I can raise the lease, which is a very favorable thing. The factor this takes place for me is that I do not wish to increase lease more than a renter can pay for. My experience is that if the renter cannot pay for the lease boost, they will not inform you. They will try to make it work and will ultimately fall back, developing an expensive turnover. It is better, in my viewpoint, to deal with your renter with affordable boosts and keep them pleased and paying their lease every month.

 

Upkeep

I simply had my upkeep group head out to a rental to unblock a shower drain. I got a costs for the service for $125. On the billing it pointed out that he found hair in the drain. Why is it my obligation to clear a drain that the renter obstructed? Well the response is … it’s not. My lease specifies that I am not accountable for any clogged up drain, so when I got the billing I developed a billing that I sent out to the renter with a copy of the lease and a copy of the billing I got for the upkeep call. I simply got the $125 check in the mail today. Now the renter is conditioned to take much better care of the system because I am not spending for problems they develop.

 

The other aspect of upkeep that has worked well for me is to look after products that I are accountable for immediately. I do not postpone at all. When I get an upkeep call, I will get my group on it immediately. The renter will usually speak with the person set up to repair the issue the exact same day. This has truly assisted me keep renters. I have had renters inform me a number of times how much they value that. It is not unusual for an occupant to ask me to lease them another place when they choose to move, and it is also not unusual for me to hear that an occupant remained longer than they desired just because I looked after them.

 

As I discussed, purchasing leasings is challenging today, so this is the best time to deal with increasing earnings on your existing portfolio. This will help you tremendously down the roadway as you do find extra homes.

Handy Tips for Better Real Estate Management

Handling rental homes can be a tiresome procedure often landing you into legal concerns. As a property supervisor or owner, you ought to think about avoiding issues even before they strike have a simpler time keeping order. Apart from making your renters feel deserving, you need to also find methods of making the management procedure simple for you specifically when dealing with big residential or commercial properties or numerous residential or commercial properties. When you are arranged in how you manage your house, it becomes simpler to keep whatever in check and a couple of ideas can help you put in the very best procedures into the management procedure.

 

Suggestion 1 – Get an expert property supervisor

If you are a homeowner with little understanding of the best ways to set about management, you must think about getting an expert property supervisor to relieve the procedure for you. Expert supervisors with some understanding and experience in the real estate market will know precisely the best ways to set about the procedure and find organizational options to relieve whatever out. When there is a supervisor in place, you will feel more at peace and have fewer concerns to handle.

 

Suggestion 2 – Embrace technology

There are very reliable property management services readily available thanks to technological improvements. Realty management software application is amongst the very best services you can find to make the procedure simple and arranged. Such an option can enhance interactions and payments and information upkeep for the property. With the ideal system you will have a simple time gathering, returning and holding down payment, along with examining and recording rental conditions before move-outs. There is so much you can do with real estate management software application to improve procedures so try to find the very best service.

 

Suggestion 3 – Handle occupants properly

Firstly you must think about evaluating occupants before enabling them into your home. It is a basic way of keeping problematic characters off your home. It is also essential that you put occupant property owner arrangement in composing to keep things clear and guarantee that you deal with all renters similarly and with no discrimination. Discriminating potential occupants based upon sex, race, origin, special needs and even familial status can land you into problem. It is also essential to appreciate their personal privacy even if the property is yours by informing them prior to entering their rentals. Managing renters properly will save you from a great deal of problem specifically lawfully.

 

Suggestion 4 – Keep the property in leading shape

Routine assessments are essential so you can make any enhancements and modifications where need be. Recklessness on your part resulting in security and security concerns can result in substantial losses in regards to settlements. You ought to for that reason make a point of making timely repair work and think about having a security system in place to offer your occupants the complacency they should have along with make sure that their security is not jeopardized in any way.

 

Suggestion 5 – Oversee supervisors

They must be proficient enough to keep your home in check. It is for that reason essential that as a property manager you pick and monitor property supervisors. Background checks and plainly defining their tasks will avoid problems cropping out later on.

Property management is not as easy as figuring it out after watching a Youtube video. Be sure you recognize that before anything else.

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