Even in a slow real estate market, it can be overwhelming to find a great deal. But that does not imply that great deals are not out there. All you need to do is to be more creative. As a guide, here are top 5 tips for finding cheap condos for sale in Singapore:
1. Be Realistic on What You Can Afford
Making an in-depth budget helps you know what you can afford and what you need to cut down. It also enables you to make an informed decision on the condo you want on your budget. To discourage citizens from borrowing more than they can pay back, the Monetary Authority of Singapore limits the amount you can borrow for a mortgage.
2. Sort by Price
Properties on online real estate platforms are by default listed by “most expensive”. Instead, develop a habit of sorting by “cheapest” first, and you will see affordable condos for sale listed. Additionally, if you research over a wide geographic area, you will see where affordable neighborhoods are in Singapore.
3. Look at many condos
By looking at many condos for sale, you will be in a position to sort out the good from the bad as well as train your mind to get reasonable deals. Cheap is relative, so have a grasp on your real market by touring as many prospective homes as possible. Remember to note what you like and what you don’t. The more you look at, the more your chance of getting a good deal.
4. Consider a Fixer-upper
Sometimes cheap properties for sale in Singapore are priced low because they need a lot of work. A fixer-upper is a home that is structurally okay but requires some renovation to increase its value. This can include adding lighting fixtures, paint or new carpeting. But, that does not mean you cannot pursue it. Fixer-uppers carry some degree of risk and can be hard to finance. If you decide to buy a fixer, bear the following tips in mind:
• Get the condo inspected by a professional inspector
• Get estimates from a licensed contractor so you can estimate potential repair cost
5. Look for Sale by Owners
In an effort to reduce costs, homeowners will list their property for sale by owner sign in their yard. In most cases, these homeowners may not know the real value of their property and may consider selling much cheaper than many condos in the neighborhood.
Finally, you don’t need to live in the most expensive condo in the neighborhood to be happy. Hopefully, the above five tips will give you a good place to start looking for affordable condos in Singapore.
