Congratulations! You are now financially capable of acquiring your own home. So, you fell in love at first sight at a dwelling set in a certain neighborhood that you know will be close to perfect in raising a family in your near future.

But hold on in there for a moment. Before you apply for that housing loan or pay off the down payment with your hard-earned income, you need to consider a few matters. Acquiring a house is maybe going to be the most expensive purchase you are going to have in your life, after all. You would not wish to regret this decision.

In intending to buy a first house, most people are governed by their feelings. These people have a tendency to have a blind spot for important matters regarding the house they think is already the house of their dreams. Then, when the dust settles after move, they discover themselves disillusioned and frustrated with their first house.

Thus, here are some matters to consider in choosing and purchasing a house to call your own.

1. Consider the neighborhood

A neighborhood may appear safe and welcoming when you first saw the place. If planning to buy a private property, try visiting the neighborhood at different times of the day to see the overall comings and goings in the area.

2. Consider the community

We know that we could safely rear our kids in a neighborhood where residents take care and look out for each other.

3. Consider the structural defects

The dwelling you are seeing could be the house of your dreams. Nonetheless, it is still prudent to inspect the house for indicators of defects, plumbing issues, or the presence of pest infestations.

4. Consider the space

If see yourself building a family in the future, you have to choose a dwelling that has enough rooms for all family members.

5. Consider the price

Before you will be approved for a housing loan, a banking or lending institution will appraise and assess your credit track record, your income, your employment background, and your assets. Ensure that you secure a pre-approval of the mortgage so that you are aware if you could afford the house of your dreams.

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Foreigners staying in Singapore for extended periods of time may discover that living in a hotel for the length of their stay can be very costly. The alternative answer to this problem is for the expats to purchase residential properties in the country.

Singapore authorities do not discourage expatriates from buying residential properties in the country.

The Residential Property Act of Singapore essentially supports Singapore nationals in their purchase of their own residential properties by offering reasonable prices. Furthermore, the act enables expatriates who are acknowledged by the government to be capable of of contributing to the financial prosperity of the city-state to acquire residential properties in Singapore.

Expatriates may buy non-restricted residential properties even without prior approval from the Singapore government. Below are specific examples of non-restricted residential properties:

- apartment units within a structure that is not higher than six floors – condo units in approved condo development sites under the Planning Act – a lease contract on a restricted property; the term must not go beyond seven years

Expatriates who want to own all units in an apartment or condominium in an accredited development site must have prior approval from Singapore’s Minister for Law.

Likewise, a foreign national without any prior official sanction from Singapore’s Minister of Law cannot acquire residential properties that are categorized as restricted.

Under the Residential Property Act of Singapore, the following are classified as restricted residential properties:

- a vacant residential land – town houses, detached or semi-linked houses, or terraced houses standing on residential lots – lands not approved for condominium development under the Planning Act

The foreigner who intends to acquire a restricted residential property must fill out a form and then send this, together with the requisite supporting documents, to the Singapore Land Authority. This government agency is responsible for receiving the requests of the expatriate regarding the proposed ownership of a restricted residential property. The agency will appraise and approve or disapprove the application, depending on the virtues of the expatriate’s qualifications.

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