The number of expats visiting Asia to find work has grown exponentially in the last decade. This is especially because of the booming economy some of its countries are experiencing. However, there is one country that is leading the others – Singapore. Its room for rent industry is particularly well-known for housing expats and locals alike.
Unfortunately, foreign workers know less about house hunting than the locals themselves. But this gap between them can be easily reduced by learning a thing or two from this guide below:
What are the different home types you must consider?
There are several types of private housing available in Singapore. It includes landed properties, apartments, and condominiums. Some of them are privately owned while others are being facilitated by the Housing and Development Board (HDB).
All of them, however, require expats to meet a certain criteria. It is only after they fulfil them that they can finally be allowed to rent or buy a property.
How important is location when house hunting?
Location is an important factor to consider when house hunting in Singapore. Expats, who are single, must find a convenient location that can provide them easy access to their workplace, rail and road transport, food outlets, as well as shopping areas. Those who have a family, however, need to consider how close it is to places like their kids’ school and their spouses’ workplace.
Which amenities do you want to have near your house?
Choosing which amenities you want near your house comes down to personal preference. A number of expats already living in Singapore prefer to have a bus interchange as well as an MRT station near their area so they can easily commute whenever they want to.
Fortunately, other amenities such as parks, hotels, shopping malls, as well as recreational and entertainment facilities are available in numerous housing estates to the benefit of many.
What is the price you must consider when house hunting?
The first thing you need to check when considering the budget for buying or renting a house is whether your company can shoulder its costs. There are also cases when they are able to provide you a housing facility themselves. But if these do not occur, you should prepare a reasonable budget between the range of $2,000 to $5,000. Other flexible prices may also be available just check them first before deciding to rent or buy a certain property.
What housing sources should you consult?
Singapore has a number of property consultants, agencies, and brokers you can check out to make the process of house hunting easy and hassle free. Most of the time it will also save you the time and money when looking for the ideal place you would want to be renting or buying. You can also consider it good news that these brokers and consultants can cater to your specific needs and requirements.
Will you be able to apply for a housing loan?
In the past, housing loans have helped many expats and foreigners buy properties in Singapore. Various banks and financial institutions are there to help you obtain one after you have ascertained the price of the property you wish to purchase. However, a certain criteria, which you need to meet, will be given to you before it can be approved.
Living and working on foreign soil is not easy, especially since you need to include house hunting in your agenda. But this process does not have to be difficult. You just have to be informed and prepared about such circumstances.
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