It is known as a fact that Singapore properties are the hottest in the world. They are even perceived as the most coveted. It was in the year 2005 when foreigners were granted the right to purchase a property in the said country. Meaning, they can already secure an apart most especially in buildings. This is termed as new strata-titled properties. It is called like that because there is no longer a need to ask the approval of Singaporean authorities. This is not necessary anymore.
With regard to the mentioned, the only thing that foreigners must do is to secure a Singapore Land Authority. This covers the approval of the land titled properties which may feature bungalows, houses and plots. Since this is the case, it is no longer surprising that there has been an increase in the number of foreigners settling for a property in Singapore. This lead to the climbing of the real estate prices in which demand also followed and grew.
Factors to Consider
Once you are decided to buy a property in Singapore, and you are a foreigner, there are factors that you have to take down note of. These are the following:
When you buy a property in Singapore, you must do your best so that you can maximize your property. As a start, you may select property listings in Singapore which is usually located near the New Circle MRT. The reason for this can be attributed to the fact that this goes with a higher resale value. There is also a reasonable return on investment.
Most of the time, the value of the properties in the said areas increase. And yes, they do before you know it – overnight. This is not even exaggerated. That is how prosperous their economy is. If you want to make your life a bit easier, talk to a sales agent so that you may be guided accordingly.
When you work with an agent, he or she will advise you about your venture. The person is well-versed with it comes to the right rental yield. There are places you must avoid and the agent knows this for sure. The units may also have to be taken down note of. If there are two bedrooms for example, then it may be a good idea to have a larger-sized apartment for the simple reason that it will surely benefit you in the long run. You just have to believe that it would.
To invest in properties found in Singapore, especially in prime districts including District 9, 10 and 11 can be a good idea. These are suitable places for you to gain even more profits. There are also lots of potentials that you may enjoy for sure. This is one of the things that you have to be aware of. There are also residential areas that you can take a look upon.
There are so many obvious reasons why many opt to settle in Singapore. If you are one of those people who fell in love with the country, and then check it out!
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.
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.
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.
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 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.
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.
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.
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.
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.
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.