Singapore offers its visitors a world of culinary delights, lush greenery, architectural marvels, and much more for residents and holidaymakers alike. Being a commercial hub, Singapore holds a certain charm over visitors that makes them want to return to the city again and again. So much so that eventually, once-holidaymakers start looking for a permanent residence in the city. So there are a number of reasons to invest in a Singaporean condo, let´s explore them!
With a red-hot real estate market and a strong likelihood that you’ll make a return on your investment if you decide to sell, it’s not hard to understand why many people find Singapore an attractive place to live. However, since Singapore is among one of the most expensive cities globally in which to live, finding your dream home doesn’t always come cheap.
Singapore is a prime city for real estate investment regardless of the expenses. Still, if you’re ready to open your heart (and wallet) to a Singaporean home, it’s essential that you bear a few considerations in mind. This article outlines several reasons you should invest in a Singaporean condo – keep reading to discover more.
Generates Passive Rental Income
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Providing that you purchase real estate in a desirable part of the city, if you’d like to generate a modest amount of passive income while you’re not inhabiting the property, you could consider renting out the entire place (or a room within) as a way of making rental income.
Since Singapore is among the most expensive countries to live in globally, we’re sure you could find a good use for the additional funds. Whether you use the money to help offset your mortgage or for recreational activities, renting is a good way of generating extra income so long as you adhere to Singapore’s rental regulations.
If you’re a foreigner, you are permitted to rent out an HDB apartment or room or private condo, although this depends on what is outlined in the quota for the block. If you’d like to discover more about Singapore’s rental regulations, use resources from leading property technology companies like PropertyGuru. Their website has a range of helpful information to help foreigners and residents alike with their Singapore property queries, from questions about buying/renting to getting a DBS housing loan.
Add Value To The Property Through Enhancements
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If you consider yourself a DIY-er and don’t mind getting your hands dirty, Singapore real estate presents homeowners with fantastic development opportunities to add value to the property. It’s no secret that some HDB flats sell for over a million dollars, generating a modest return of investment for most sellers.
Naturally, we all want our home to sell for way above the price we bought it for, but many factors go into achieving this. Location, age, floor level, orientation, and floor area are all fixed factors in determining the value of a Singaporean property; however, the exterior and interior of your property can always be changed.
How the property looks can make or break a real estate deal, so it’s essential if you plan on selling your property further down the line that it looks its best. You don’t even have to break the bank on renovations to add value to your property; you can achieve this by decluttering, upgrading your bathrooms/kitchen, adding a fresh coat of paint, adding greenery, etc.
Ultimately, you don’t have to make yourself out of pocket, but investing a little expense here and there is a guaranteed way to refresh your property and make it appeal to potential buyers. Ensuring that you get the best asking price!
Good Location Is Everything
Any real estate agent will tell you that location is everything, regardless of where they are in the world. This saying is especially true for Singapore’s real estate market, where the site can either seal a deal or break it. You can attract higher rental prices, better return on your initial investment, and more rental footfall by investing in a prime real estate area.
Among property investors, some of the most popular districts are central districts 1-9, home to places like Raffles Palace, Marina Bay, Cityhall, and Sentosa. Or district 10, which is an area where the most landed properties and famous international schools are located. Properties near these desirable districts are sought after by foreigners and residents alike, making it easier to sell and rent these properties should this be your goal.
Capital Appreciation Grows Over Time
What makes property investment so attractive is that, unlike other investments, real estate appreciates over time – with the capital appreciation of property continuing to grow depending on its size, location or age.
Since cities continue to grow every day, with Singapore up there among some of the most rapidly growing cities, there will always be a demand for residential and commercial spaces. This means that property purchased today could be worth much more when you come to sell.