Buying a property, whether it’s a starter home, a luxury mansion, or a modest investment, is an arduous process. There’s so much to organize and so many people to meet, from realtors to lawyers to bankers, that it can be tempting to get it over with.
But as with any big decision in life, it pays to do your research ahead of time, and when it comes to the Singapore property market- as with any location- there are several myths that need debunking.
For example, HDB flats (public housing) aren’t always a sound investment, because there are government measures in effect to stop their prices from rising.
Similarly, ‘sell one buy two’ – when a couple sells one property, and then buys two properties in each person’s sole name- isn’t always the best strategy. While it may work for some families, it all depends on careful financial planning, and isn’t a decision to be taken lightly. Freehold properties may also be less profitable than people expect.
Ultimately, it all comes down to strong planning and research and never assuming that an investment is sound, simply because it’s a popular one to make. After all, calculated risk taking is most important when looking to increase the value of investments.
Singapore has one of the most expensive property markets in the world, but it has been popular among foreign buyers, most notably celebrities like Eduardo Saverin, Jim Rogers, and Jackie Chan. Understand the dynamics of that market, and you may be able to join their ranks.
