It may sound confusing if you tell the people in Singapore that the real estate market is dwindling. The prices of new units are still increasing; many who are renting are transferring to properties of their own, and there are also cooling measures in the country as well. Yet there’s still an impending hibernation in the market because of the Total Debt Servicing Ratio.
However, if you would talk to a real estate agent, most of them would encourage you to buy a real estate property now because this is a good time to invest. But before you believe in what these so-called experts would persuade you, read these tips first. Some are plain no nonsense but for amateur investors, they still need to be reminded with these.
- Sell your unnecessary luxuries. Expensive bags, your second car, high-end jewelries or even branded clothes that are just in your closet for your shopping indulgence’s sake. If you would sell these items for a reasonable price, you might end up saving enough money to pay for your next real estate investment.
- Look for more ways to earn then lower you expenses. You can try to venture to another business that doesn’t require a big amount for the capital. Maybe you can also take a part-time job so you can have extra income. But the most important thing is that you don’t amplify your standard of living. Try to save as much as you can while you earn more. You might have adequate funds for the down payment by the time it is already advisable to get a property in Singapore.
- Don’t venture the real estate investment yet. Although many would entice you to get a property for different reasons, equip yourself first with the right knowledge. Even if it means you need to spend 3 months or more before you can finally make up your mind then do so.
These agents or “experts” have nothing in common except to allure you to sign that contract and pay up. Without proper information, you might end up having no profit at all after you invest.