How to Buy a Residential Property in Singapore?
When buying a private residential property, there are many factors to consider and look into. You should familiarise yourself with these considerations which may affect your purchase.
This article will explain to you the steps to buy Residential Property in Singapore. Well, they are not so complex though. Follow our guidance and you’ll realize your dream! Let’s go through the list shall we?
If you own a HDB flat, a DBSS flat or an Executive Condominium, you have to fulfil the minimum occupation period set by HDB before you can purchase any private residential properties. Visit HDB’s website to find out more.
If you are not a Singapore citizen, you have to obtain approval from the Singapore Land Authority in Singapore Land Authority (SLA), before you can buy landed houses including but not limited to strata landed houses.
3. Property prices
4. Using your CPF
5. Bank loan
6. Stamp duty
Buyer’s Stamp Duty. You are required to pay Buyers’ Stamp Duty (BSD) after signing the agreement.
Additional Buyer’s Stamp Duty. You may also need to pay Additional Buyer’s Stamp Duty after signing the agreement depending on your profile:
– Whether you are buying as an individual or as an entity
– Your residency status e.g. Singaporean
– Number of residential properties owned
Seller’s Stamp Duty. You may need to pay a Seller’s Stamp Duty (SSD) if you sell or dispose of the property within 4 years of acquisition (for property purchased between 14 Jan 2011 and 10 Mar 2017, both dates inclusive) or within 3 years of acquisition (for property purchase on or after 11 Mar 2017).
Learn more about stamp duty on Inland Revenue Authority of Singapore (IRAS) website.
7. Legal fees
8. Engaging a property agent
Well, you have Ping Property in Singapore!
Buying a home without a realtor is a big task, especially if you’re inexperienced. If you want to get the best deal on your home, it may be wise to partner with a suitable property agent.
Ping Property realizes that DIY might not be suitable for everyone. If you require assistance from our experienced property agents for any step of the process, just contact our trusted agents if you need more help.
Check out some of our services here:
Property Agent Service
Buyer Documentation Service
Seller Documentation Service
Landlord Documentation Service