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5 Hidden Expenses to Watch Out for When Buying a Home in Singapore

Posted by Jayson Ang on July 2, 2023

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5 Hidden Expenses to Watch Out for When Buying a Home in Singapore

Buying a property in Singapore can be an exciting and rewarding experience, but it’s important to understand all of the costs involved. From taxes and fees to maintenance and repairs, there are many hidden costs that buyers need to be aware of. In this video, we’ll take a look at the top 5 hidden costs of buying Singapore property.

1. Additional taxes and fees: Buying a property in Singapore comes with additional taxes and fees, such as stamp duty, legal fees, and mortgage registration fees. These costs can add up quickly and can be a significant expense for buyers. For example, stamp duty is a tax that is imposed on the transfer of ownership of a property. The stamp duty rate varies based on the value of the property and the type of buyer. Legal fees are also incurred when buying a property, which can include conveyancing fees, document preparation fees, and search fees. Mortgage registration fees are also incurred when taking out a mortgage, which is a fee that is paid to register the mortgage with the government.

2. Maintenance and repairs: Owning a property also means being responsible for maintaining and repairing it. This can include things like painting, fixing leaks, and replacing appliances. These costs can vary depending on the age and condition of the property, and can be a significant expense for buyers. For example, if you buy an older property, you may need to budget for more repairs and replacements than you would for a new property.

3. Home insurance: Home insurance is mandatory in Singapore and is typically required by the bank when taking out a mortgage. The cost of home insurance can vary depending on the value of the property and the level of coverage required. Home insurance can protect your property from damages and losses caused by natural disasters, fire, theft, and other risks.

4. Property management costs: If you plan to rent out your property, you will also need to budget for property management costs such as advertising, tenant screening, and maintenance. These costs can include things like listing fees, background checks, and repairs.

5. Renovation costs: When you purchase a property, you may also need to budget for renovation costs. Renovation costs can vary widely depending on the scope of the project, the materials used, and the cost of labor. For example, if you want to remodel the kitchen or bathrooms, you will need to budget for the cost of materials and labor, which can be substantial.

And if you want even more tips and advice on investing in the Singapore property market, be sure to like and share, or contact us for expert advice!

购买新加坡房产的前 5 大隐性成本

1. 额外税费：在新加坡购买房产需要支付额外的税费，例如印花税、律师费和抵押登记费。这些成本会迅速增加，对买家来说可能是一笔不小的开支。例如，印花税是对财产所有权转让征收的一种税。购买房产时也会产生法律费用，其中可能包括过户费、文件准备费和搜索费。申请抵押贷款时也会产生抵押登记费，这是向政府登记抵押贷款所支付的费用。

2. 维护和修理：拥有房产也意味着负责维护和修理。这可能包括油漆、修复泄漏和更换电器等事情。这些费用可能因房产的年限和状况而异，对买家来说可能是一笔不小的开支。例如，如果你购买旧房产，你的开销会比购买新房产更多因为旧房需要较多维修。

3. 家庭保险：家庭保险在新加坡是强制性的，银行通常在申请抵押贷款时要求购买。家庭保险的费用可能会有所不同，具体取决于财产的价值和所需的承保范围。家庭保险可以保护你的财产免受自然灾害、火灾、盗窃和其他风险造成的损害和损失。

4. 物业管理费用：如果你打算出租你的物业，你还需要预算物业管理费用，例如广告、租户筛选和维护。这些费用可能包括上市费用、背景调查和维修等费用。

5. 装修费用：当你购买房产时，你可能还需要对装修费用进行预算。根据项目的范围、使用的材料和人工成本，装修成本可能会有很大差异。例如，如果你想改造厨房或浴室，你需要对材料和人工成本进行预算，这可能是一笔不小的开支。

想要更多关于投资新加坡房地产市场的技巧和建议，记得关注我们或联系我们获取专家建议！

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.