You will be able to find a lot of homes in Singapore that range from cheap to expensive. If you are living on a budget, the cheapest home you can probably buy in mainland Singapore is a flat. However, there are also cheap properties in various Singapore islands that are good places to live in if you have a family. All you have to do is to be qualified for purchasing a property.
Requirements in Buying your Own Property in the Singapore Islands
• Eligibility Requirements
In order for you to be allowed to purchase any property in Singapore, you should be a permanent resident or a Singapore citizen. Depending on the type of property you wish to buy, you should also meet the income requirements for the purchase; this also depends according to the location of the property and the size of the property as well. For a cheaper home, you can opt to buy from Singapore’s Housing and Development Board. The houses they sell are actually subsidized by their government.
Subdivisions, flats, or real estate are actually found in any island in Singapore. In purchasing one, you should decide on what location you wish to reside. Remember that the price of the house also depends on the location of your property. More often than not, houses near the city proper are priced high mainly for the reason that lands in these areas are usually expensive.
• Other Purchasing Requirements
Purchasing requirements usually vary from one company or owner to another. Most of the time, they opt for buyers having a good credit history. Credit history or credit score usually defines the capability of the buyer to pay for the mortgage in installment basis. However, most companies or owners do not have any problems with those who wish to pay in full.