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Investing Property In Singapore
In Singapore, an astonishing 90 percent of property has already been bought and the transactions there have brought a multi billion dollar profit margin to Singapore. It is obvious that foreigners find Singapore a more attractive destination to invest property in and even to reside in. Most foreigners find Singapore a pleasant place to reside in not only because of economical reasons but also because of the richness in culture, warmness of the people, low corruption rates and an almost crime-free environment.
Finding a good property for investing in Singapore can prove to be quite a task if you do not reside there; therefore hiring an agent is necessary. Be clear on exactly what you are looking for so that the agent will be of maximum assistance to you in the purchase. Having more than one agent for a single transaction can be mind-numbing, costly, time consuming and even embarrassing because the agents in Singapore work as one body.
Before investing in any property in Singapore it is vital to hire a competent property agent, who is also able to help you in the legal matters involved in purchasing as well as any consultancy service needed. The agent should be able to advise you appropriately depending on the kind of investment you want to make. For instance, if you want to buy property for rental purposes he should be able to advise you on the areas that have more growth and demand for residential space.
He should advise you also on the best size of apartments to purchase, depending on the demand. If you want to buy a property for business purposes, then he should advise you on the trends in the Singaporean property market so that you can make an informed decision. In a nutshell, the agent should be able to act as your solicitor, legal and financial advisor.
Above the above qualities, here are some of the most crucial things to check out for in an agent before investing property in Singapore:
1. CEHA qualifications
Common Examination for Housing Agents, abbreviated as CEHA, is an official recognition scheme for real estate agencies. The CEHA was introduced in 2005 by the Singapore Accreditation Estate Agency Scheme (SAEA) but is jointly run by the Institute of Estate Agents (IEA) and the Singapore Institute of Surveyors and Valuers (SISV). The Ministry of Finance and the Inland Revenue Authority of Singapore are the major sponsors of this scheme. The SAEA is the body which sets guiding principles, academic standards and practice standards for agents. An austere code of conduct is also given to all agencies. This scheme was made so as to raise every standard in providing service to anyone investing property in Singapore.
2. Willingness to have a Bank Account for managing Clients' Money
A agent should always be willing to have a separate bank account in which only clients' monies are managed. This is so as to avoid any conflicts especially in cases where refund to the client needs to be made, for instance where the rental deposits need to be returned.
Billy Chen
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com
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