What are landed properties? It’s an unusual term, especially if you haven’t shopped for properties in the past. But while many of these gray areas can be covered by your trusty real estate agent, it pays to learn and master them yourself. This affords a greater command when viewing listings online as well as attending open houses. Here’s a brief overview of what landed properties are followed by how you can procure one as an expatriate in Singapore.
Defining Landed Property
When used in the context of real estate, landed property are those that produce income for the owner without him/her actually having to do any work to maintain the estate. Landed property has existed in Singapore for centuries and was a core component of feudalism.
Buying Landed Property – Condition of the Estate
The condition of the Singapore property should at least be decent if you hope to generate any consistent gains from it. This means not having to incur costs for renovating parts of the estate or maintaining it. If unabated, such costs can eat away your profits and make the property a liability instead of an asset. Watch out for deceiving elements in a seemingly decent-looking house. Although it’s advertised as a good buy, check underneath the hood for any weak spots in the foundation from which the property is built upon and corroded pipelines or walls that may require expensive revamping.
Buying Landed Property – Inspect the Roofing
Before you buy house for sale in Singapore, inspect the condition of its roofing. Any renovation or repair involving the roof of a house is never a cheap expense. New roofing has an average lifespan of 20 years so be sure to check with the landlord or property manager about the most recent work done to the roof.
Buying Landed Property – Amenities Included
The fixtures and appliances included in your landed property can also affect the capital gains you earn every month and its overall cost-value. Both of these amenities will incur the most wear and tear over time so it pays to inspect their current quality to gauge when they’ll be needing repairs and replacements. Doors, windows, walls, and HVAC systems are specific examples of what you should be looking into with your local real estate agent.
Legalities Involved in Purchasing Landed Property
Singapore property is becoming increasingly valued by both local and foreign investors. But even before such trend formed, the country’s property market has been teeming with regulations that specifically limit the ability of foreign investors to purchase and own land and landed properties. The country’s housing development board will have information concerning the eligibility of an expat to purchase and own property.
Landing properties can be a worthwhile investment if planned and prepared for carefully. With the multitude of landed properties listed today both online and carried in brokers’ books, it is pragmatic to have a framework of things to look at to filter your choices and essentially simplify the investment process.