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Singapore property review: Do you rent or do you buy?

Do you rent or do you buy

To live in a house in Singapore, you either need to buy or rent. This is a decision almost everyone living in Singapore has to make at one time or another. Before embarking on either you need to consider some factors e.g., lifestyle, employment, and financial situation. These elements will guide you to making a sound decision and sway the answer to one side or the other. So, is it better to buy a house or live in a rental house in Singapore? To help you let’s have a quick look at the pros and cons of both rental and buying a home.

Pros of rental house

Few obligations

Living in a rental means you don’t have to pay for major repairs, property taxes, maintenance or other issues that might surface during your tenancy.

Enjoy flexibility

Flexibility is crucial, more so for a young family who might need to move from places to places due to career, or if you need to try out neighborhoods before settling.

Change in value of property

Real estate is not immune to economic woes. If the price of property fluctuates, the owner will be affected not you. While they might try to pass the heat, this is not possible for one with a long-term renting contract.

Great for short-term options

If you are saving to buy you’re a particular house, renting is a great option. It also helps prepare one for the responsibility of paying the mortgages if you plan to take a loan for your bought house.

Cons of renting

Well, renting is all about liabilities. You will not get back anything in return for your money, just a roof over your head. You are therefore paying another person mortgage.

While renting you are not allowed to make any structural changes unless you go to the owner first.

Buying a house in Singapore

Pros

A sense of security -Once you are done with the buying process, the house becomes an ultimate provision for you and your family.

If the value of homes appreciates, you will get more for a resell.

The cost of buying a home is more stable and predictable. This is because most of the mortgages are fixed-rate.

Living in your own home gives you the freedom to renovate and redecorate to match your taste.

Disadvantages of buying

High initial payment

When buying a house, you have to part with a high initial down payment. In some agencies, the initial payment is 20% not adding all other additional payments that come, e.g., stamp duties that come with the process of buying a home.

To fully own the home you have to pay other running costs, e.g., insurance, property taxes and repairs which don’t come cheap

If paying in a variable interest rate, you are subject to inflation which significantly increases the rates.

If you decide to rent the house, it will be your responsibility to find tenants and manage them.

With that, you can now weigh both options and choose one that meets your needs.

New Futura Condominium at Leonie Hill

New Futura

Living in luxurious homes makes you enjoy the feeling of achievement in every second of your life. Your residential place should be convenient and affordable and also should include all the crucial institutions like hospitals, schools, and luxurious shopping complexes nearby to it. If you are willing to have your own home; the best option you can go along with is New Futura Condominium situated at Leonie Hill Road in District 09.

This wonderful condominium is just at a walking distance to Somerset MRT, Orchard MRT, and Great World MRT (under development). As we all know the fact that medical aid is very much necessary nearer to your residential place; hospital Mount Elizabeth is one of the best hospitals nearer to New Futura. It is one of the best condominiums which come up with a pride of staying in a highly sought residential area and that too at Leonie Hill Road.

New Futura includes stunningly beautiful interiors which provide you best facilities in residential accommodations in District 9. This property is going to be developed by City Developments Limited which is well known for the providing developing projects at the dedicated time period. It is one of the luxurious properties of District 9 which includes different amenities such as swimming pool, GYM, and much more.

Marvelous Design: – It is one of the luxurious properties of District 9 which includes about 36 stories and 124 units. The building includes two blocks each having secured basement parking for the residential. The luxurious look is providing the aluminum fins sprouting at the different parts of the building. The building does not include a very usual design just like other condominiums. It is considered as one of the marvelous and beautiful designs which will make you love it at the first sight. The two blocks of the condominium include elevated decks having an aluminum canopy. This beautiful condominium also has received the price of BCA Green Mark Gold Plus Honor due to the reason of the sustainable design and the greenery and the other foliage around it.

Amenities available: – This wonderful condominium is full of impressive features which makes it one of the best properties in the area. It included general ambiance which perfectly satisfies the modern property investors who are looking to book best luxurious condominiums of Singapore. New Futura has 36 stories and 124 units each having classic interior and excellent design. For those who like to work out on a routine basis also have GYM facilities also with the latest equipments which helps you in taking exercises to maintain a healthy lifestyle. It also includes state of the art tennis court. In addition to it; this condominium is very much nearer to Tanglin Golf Course.

Accessibility: – New Futura is situated on Leonie Hill road which is about a few steps distance to various places such as schools, hospitals and places of work. It is about 500 meters away from the northeast MRT station. Great World Thomson is also just 600 meters away from the NEW Futura Condos.

First look at Rivercove Residences EC

Rivercove Residences EC

While searching on the internet for best accommodations in the Anchorvale Lane you may have acknowledged a big red dot nearer to river Sungei Punggol. It is actually Rivercove Residences; one of the best project of Hoi Hup Realty. This project of the executive condominium is considered to be launch in the year 2018.

It is one of the largest projects of the Hoi Hup Realty after Hundred Palms Residences. The name of the Rivercove Residences is derived from the river Sungei Punggol on the bay of which it actually resides. The location of this wonderful executive condominium is just superb and really you will love it at first sight.

If you are looking for your dream home in the northern-eastern region of the Sengkang; Rivercove Residences is the best place where you can easily go for booking one for you. This wonderful executive condominium is located in one of the lavish and costlier lanes of the city i.e. Anchorvale Lane who’s bidding price is almost $355 psf.

Location of the Rivercove Residences EC: Rivercove Residences executive condominium is going to be one of the best in the city which includes various facilities nearby to it. It is the best place for all those who are shopaholics, athletes, and foodies. The Anchorvale Lane is one of the best developing locations of the city which will have a number of shops, shopping malls, schools, hospitals and much more and considered to pop up more according to government master plan.

One of the largest attractions of this wonderful locality is Sengkang Sports and Recreation center, community center, swimming pool, badminton court, soccer fields, hockey rinks and much more. Now you can’t need to make yourself move to another place for all of these facilities. The sports and recreation center it includes is the best place which includes different types of water activities. It is the best place where you can easily spend a lot of quality time with your family and friends.

If we move forward towards the shopping malls; Rivercove Residences is situated at the right place where one of the largest shopping malls Compass One is at just a few minutes distance from it. Another best thing about this locality is the Nan Chiau Primary school which is just 1 KM from it. It is one of the oldest and most reputed schools in the area. Yet it is one of the oldest schools but still is a one of the leading school working on the idea of education based on information and technology.

Rivercove Residence Showflat: Rivercove Residence floor plan includes a total of 10 blocks; all of which includes 16 stories each. This wonderful executive condominium is considered to have about 635 apartments overall each having 3 to 5 bedroom type sets.

Price and launch date: Rivercove Residence forum is going to announce the launch date of this wonderful executive condominium. As you know that it is going to develop in one of the costlier places in the city and hence surely have to include a higher price tag than that of Hundred Palms Residences.

5 Tips and Advice for Beginners to help you Achieve Success as a Real Estate Investor

Starting out as a real estate investor, there are certain things you should know from the start.  If you want a career with a steady, stable, income; and regular working hours?  A five-day workweek, and set days off?  This career is not for you.  Real Estate is an industry that is unpredictable and where the stakes are high.

Tips and Advice to help you succeed in the Real Estate Business:

  1. You will have to learn the Terminology; if you do not, you will look like a fool. Be honest if you really do not know something, and then go get that knowledge.
  2. Learn that you might need to sacrifice a thing or two; if you really want to use the real estate market to change your life and help you towards financial freedom, you might need to forfeit a planned vacation. You will need the money for investing.  You will have to learn to do lots of housework yourself.  Real Estate is not always easy.
  3. Real Estate is a business, treat it as such; create systems to manage your business and your life, keep it organized, and work towards improving efficiency. You are the businesses owner; it is your job to create an acceptable standard for yourself.
  4. Do not leave your Day-job, as yet; the real estate market can be difficult to work in. You may need several years to build up your business and its reputation.
  5. Do the research first; do not jump in at the deep side of the pool. You may drown.  There is lots of information to be found in real estate investing.  Do the reading and the research to get enough background and knowledge that you will need to become successful.

Real Estate Investing is not something you can start out on a whim.  Investing is a life-long pursuit that will take a lot of your time.  It is not a scheme to get rich real quick.  You will make mistakes; you will lose some and gain some.  Take all the experiences and learn how to use them to improve yourself and your business.

Infographic by: buffiniandcompany.com

7 Skills you should Acquire and Keep on Practicing if you want to Become Successful in the Real Estate Business

As in all work and business situations, there are sets of skills that need to be learned and practiced.  Some people are born with certain skills that will make them perfect for the type of work where these skills can be used.  And, yes, you can learn new skills sets that are work-related.

7 Skills you can learn to be efficient in the Real Estate Market:

  1. Do not try to be excellent in everything: Try as many of the categories in real estate as you can manage and gain general knowledge about all of these areas.  You will discover which one of these areas you enjoy the most, focus on that one thing.
  2. Choose a sales strategy that you like and master the one before finding more to learn: Do not attempt to dabble in this and that when you are still learning.  Learn to master each strategy before moving on to another.
  3. Make sure of the facts: This advice you can use in all areas of life.  If you do not have all the facts you can fall victim to so many things.  In real estate, you should double check on savings on taxes and the setting up of entities.
  4. Associate with people that you admire and can use as a role model: In whatever it is you want to achieve, find people who did that successfully.  Hang around with them, online, if there is no other way.
  5. Always hope for the best, and then remember to plan for the worst: You need exit strategies when something should not go as planned.  A contingency plan will also be needed to follow up after a breakdown in the original planning.
  6. Stay up to date with what is happening in the real estate market: Make sure that you have the relevant information before you start spending resources, time and money on real estate.  You can add more value to your endeavours when you are up to date on all the facts.
  7. Know Yourself: Nobody likes to admit to themselves that there are certain things they do not excel in.  It will only hold you back if you try to do something better done by others.  Let others help you with the things you cannot manage.

There are still more skills to be learned and always more knowledge you can gain.  We get sidetracked quite easily, make bad decisions and lose the way, therefore, always do your homework well.

An A to Z Explanation of a Few Terms Used in the Real Estate Market

Dealing with official documentation can most times be baffling and the words used cannot be found in a regular dictionary.  It is no different with all the paperwork needed when buying or selling a house.  Translating and understanding some of the words and phrases might require a superhuman mind.

A few Real Estate Terms that baffles the most:

  1. Amortisation Period; indicates the number of years that will be needed to make full payment on a home loan.
  2. Caveat emptor; is taken from Latin and means, “buyer beware”, which means that you should make sure of all facts regarding the sale. The purchaser carries all risks in a property transaction.
  3. CGT; in short for Capital Gains Tax. This is Real Estate terms for a tax that is levied on profits gained from the sale of a property; (not that of a family home) but investment properties.
  4. Disbursements; are costs for services rendered by a real estate agent, for instance, advertising costs and photography, which can be claimed from the client.
  5. Equity; is the value of a property that is more than the debt owed, that is then the asset the owner will have when selling the property.
  6. Exchange of contracts; will make the process of selling or buying a property, legal, and a binding agreement. At this point, a deposit is usually paid but can be forfeited if any of the two parties should back out of the said agreement.
  7. LMI; Lenders Mortgage Insurance is designed to protect the lender if the borrower should default on payments. This is often payable if the borrower did not have a big deposit.
  8. LVR; Loan-to-Value ratio indicates the proportion between the values of a property against the money borrowed. If the LVR is higher than 80%, the lender will likely be charged to pay mortgage insurance.
  9. Mortgage Protection Insurance; is an insurance policy that will cover the borrower’s payments on the mortgage if something should happen, for example, in the event of injury or illness.
  10. Reverse Mortgage; is usually when the homeowners are older. It means that repayments will not need to be done until the property is sold or when the homeowner dies.

These terms are only a few of the many that can make reading and understanding legal documents a nightmare.  Many words are derived from Latin, a language that is unfamiliar to most.