Settling in Singapore is a good decision but if you do not know how to manage your resources, you will be broke one of these days. Singapore is a prime city to live in, conduct business with and travel for pleasure. It is a commerce, transport and finance hub in Southeast Asia.
According to the 2018 Economist Intelligence Unit’s Worldwide Cost of Living survey, Singapore is the most expensive city in the world. This is actually Singapore’s fifth year on top. It surpassed New York City and Los Angeles, both US cities. The survey based the results on the comparison of prices for more than 100 items like bread, cigarettes, wine, and petrol.
Singapore is a small state so the government is doing its best to maximize the land area. Land here is precious as gold. There are some that can afford landed residential properties but the majority of people here rely on public housing units offered by Housing and Development Board (HDB). Young professionals mostly consider condominium as a practical option like Twin View Condo. Buying condo in Singapore is not about the location or the splendor of the building but the interplay of many factors. You have to understand that buying a condo is not a one-night thing as this will be the biggest financial investment in your life.
You can consider these reasons for buying a condo unit now:
They say good things happen to people who wait. This is true when buying a condo in Singapore. There is such thing as peak and slack season. You should know the timing when you acquire a property. The best time to buy a condo is when the bulk of transactions rise while prices remain constant.
When you buy a condo, assessing the property value is important. You can go to Inland Revenue Authority of Singapore to assess the property for you. You can also check the property value of neighboring units. The value will depend on different variables like facilities, developer, and land area. Checking the value will give you an idea of how much that specific unit is worth.
Knowing the master plan
Singapore has this Urban Redevelopment Authority (URA) master plan in place. This is a plan for the land use of the nation that will guide development for the next ten to fifteen years. If a condo is located near MRT station or if it is near a park, expect that prices are high. If you check first the master plan, you will know when a particular place will develop so you can make proper arrangements with developers near a specific area.