1. Research the Market 

Before diving into negotiations, it’s essential to understand the current property market in Singapore. Research recent property sales, price trends, and the specific area you’re interested in. Having this knowledge will empower you to make informed offers and counteroffers.

Start your negotiation journey by understanding the local property market. Websites like buycondo.sg offer comprehensive listings and market trends. Knowing the prevailing prices in your desired area gives you a solid foundation.

2. Set a Realistic Budget for the House Price

Before engaging in negotiations, it’s essential to determine your budget accurately. Everyone recognizes the basic rule: Avoid getting a property that exceeds your financial ability. Acknowledging that a home is one of the most substantial individual investments you’ll ever engage in is essential.

Use the Loan Calculator to calculate your maximum loan eligibility and monthly repayment. This knowledge empowers you during negotiations.

3. Understand Singapore House Price Valuation

There are factors that affect property values in Singapore:

• Location: Houses near prime areas, such as Orchard Road, Marina Bay or Sentosa, witness higher costs. 
• Market demand and supply: Prices tend to rise if there’s a high demand for properties in a particular area but a limited supply.
• Economic factors: The overall health of the economy, including factors like GDP growth, employment rates, and income levels, can impact property values. A strong economy generally leads to higher property prices.
• Infrastructure and amenities: Proximity to major transportation hubs, such as MRT (Mass Rapid Transit) stations and bus interchanges, can significantly affect property values. 
• Education Institutions: As Singapore is known for its high-quality education, properties near reputable schools, including international schools, often command premium prices.
• Land Tenure: Singapore has different land tenures, including freehold and leasehold. Properties on freehold land tend to be more expensive than leasehold properties, which have a finite lease period.
• En-Bloc Sales: The en-bloc sale market, where entire developments are sold collectively for redevelopment, can lead to property value fluctuations, especially in older residential areas.
• Green Spaces and Waterfront Views: Singapore’s focus on greenery and waterfront living has led to premium pricing for properties with scenic views and proximity to parks and reservoirs.

4. Be Patient and Persistent

Negotiation is often a process that requires patience. Be prepared to walk away from a deal if it doesn’t align with your expectations. Sometimes, your willingness to be persistent can encourage the seller to reconsider their position, potentially leading to a more favourable outcome. Below are some tips for better negotiation outcomes:

5. Request a House Inspection

To uncover potential negotiation points, insist on a thorough home inspection. This Home Inspection Checklist can guide you through this process. A comprehensive inspection may reveal issues that can be leveraged during negotiations. Some factors that should be checked include:

1. Exterior: Roof, gutters, siding, foundation, walkways, doors, and windows.
2. Interior: Ceilings, walls, floors, electrical, lighting, HVAC, plumbing, appliances.
3. Electrical: Main panel, outlets, switches, fixtures, and safety features.
4. Plumbing: Water supply, drainage, fixtures, water heater, and sump pump.
5. Heating/Cooling: Furnace, AC unit, ductwork, and fireplace/chimney.
6. Structure: Foundation, beams, floor framing, and roof.
7. Safety: Smoke detectors, handrails, and fireplaces.
8. Miscellaneous: Insulation, ventilation, radon testing, and hazardous materials.

6. Leverage Comparable Sales Data 

Support your negotiation stance with solid data. Platforms like SRX Property provide information on comparable property sales. Armed with this data, you can justify your offer and demonstrate that it aligns with market trends.

7. Seek Help from a Property Agent

Consider enlisting the services of a professional real estate agent from established firms like Wingtaiholdings.sg. Experienced agents possess in-depth market knowledge, negotiation expertise, and extensive networks. They can negotiate on your behalf, often securing more favourable deals than you could alone.

Conclusion

By conducting thorough market research, setting a realistic budget, collaborating with experts, and leveraging essential resources, you can significantly increase your chances of securing a favourable deal on your new home. While the negotiation process may be time-consuming, the potential savings and satisfaction of getting the best possible price make it worthwhile.

Remember, real estate negotiations are about the price and the terms and conditions of the sale. Be prepared to negotiate on various fronts to secure a deal that aligns with your long-term financial goals and homeownership dreams.

The post 7 Tips To Negotiate The House Price in Singapore appeared first on Wing Tai Holdings Singapore.

The million-dollar question people are asking these days” Is it a Good time to Wing Tai Holdings in Singapore now? “Political stability and harmony make Singapore’s real estate a dependable place to invest in. Coupled with the strength of the Singapore dollar, which makes property investment rock solid.

On top of that, the government has also shown that when it comes to property, it is proactive in implementing measures that keep the market stable and prevent a dangerous bubble from forming. This sort of control and emphasis on stability is rare in other markets and keeps property from swinging.

Furthermore, the government also imposes measures that regulate the quality of housing, such as the latest URA guidelines on maximum unit sizes. This commitment to keeping Singapore housing and neighbourhoods liveable is reassuring to investors over the long-term as it reduces uncertainties such as finding out that a once-quiet neighbourhood has been transformed into a traffic nightmare ten years later.

On a more fundamental level, simple facts such as land scarcity along with a need to grow the population and the national GDP support a consistent demand for Singapore real estate.

With a pandemic causing financial markets to tank and lots more uncertainties still on the horizon, investors have been flocking to keep their cash in Singapore, with bank deposits in foreign currencies reaching an all-time high.

Long-standing political crisis around the world, trade war between major counties and uncertainties over the Covid-19 pandemic have led investors to direct their funds here. The Singapore banks are the only banks in the Asia-Pacific region rated as a stand-alone in the double ‘AA’ range and therefore more likely to attract funds in times of stress. This “AA” rating means that the financial institution has a very low risk of defaulting.

As a result, Singapore has recently become home to a list of global technology giants that have been setting up regional hubs with plans to invest billions of dollars and hire thousands in Singapore.

Of which are Zoom Video Communications, with plans on doubling its data centre capacity by opening a research and development centre.

Twitter is setting up its first Asia-Pacific engineering centre in Singapore, covering software and data engineering and data science.

ByteDance, owner of TikTok platform plans to invest billions of dollars in Singapore after opting to base its regional headquarters here and many more with plans to expand and strengthen their presence in ASEAN region.

In the current climates, where interest rates are lower, owning property has become accessible and more attractive as it is an investment that can provide ongoing income through rent payments and capital growth as housing prices rise.

The post Is it a Good time to Wing Tai Holdings in Singapore now? appeared first on Wing Tai Holdings Singapore.