9 Biggest Myths About Singapore Properties
Infographic created for Jack Sheo
Sky-high prices, confusing terms, and rumors about how hard it is to buy properties or construction in Singapore can scare even the bravest real-estate enthusiasts. Whether you’re a rookie looking for your first property, or you’re a real-estate mogul looking to expand your horizons, debunking these 9 biggest myths will make your hunt a lot easier.
So, what are a few of the biggest myths about Singapore properties out there?
HDB is a sound investment
Will HDB flats go up in value? This is what most people think.
The reality is the Singaporean government has put in a lot of measures to prevent the prices of HDB flats from skyrocketing.
You have to use your CPF
No, you don’t. Your CPF isn’t just sleeping. In fact, it’s actually earning you 2.5% interest. When you put it to work to buy property, you’ll lose that 2.5% interest and you’ll have to incur 2.5% borrowing interest on the CPF which equates to cost you 5% interest.
You need a lot of money to buy property
Your initial purchase would only require 8-9% of the price if you are buying for the first time. Most buyers tend to overestimate the amount of cash or CPF they really need and are unaware they can get more funds by selling existing properties.
Buying property for the first time can be a challenge, especially if you’re not familiar with the market and terms. However, that doesn’t mean you shouldn’t try learning about it. There are a lot of resources available online that can help you in your journey so that your purchase is seamless.
Infographics are a great way to learn complex subjects. Due to their visually appealing nature and our tendency to comprehend better with imagery, learning new subjects can be easier. To learn more about how we made learning about Singaporean property myths a bit easier, check out our case study!
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