One of the most expensive markets of real estate is located in Singapore. The expensive market is making it very difficult for the people of Singapore to find and buy the best houses. It is also said that house prices in Singapore show an increase in the year 2013 and the house prices in Singapore will decrease after that. It is a great challenge for all the people to find a reasonable and the affordable living in Singapore. This is a good news that house prices in Singapore are going to decrease in near future. Now it is the best time for you people to buy a home for the perfect living of the people in Singapore. When making the purchase of a house, there are several costs that are associated with the purchase of a house. The costs that are related to the house prices in Singapore. These costs include:
- The purchase prices of houses in Singapore
- The total cost of bank loan in Singapore
- Insurance of homeowners
The price of purchases of houses in Singapore is a price that is paid at one time but the other two prices are ongoing prices like the total cost of bank loan and the homeowner insurance. The insurance and the bank loan cost is increasing day by day. The total cost is divided into different parts.
House prices in Singapore:
The research shows that many house prices in Singapore range from 400 dollars per square feet to 2000 dollars per square feet. The price of the landed property is greater because its sale involves the ownership of land. In comparison to it, the prices of apartments are very low because of the land ownership. The prices of these two are different and are on the different point of the spectrum. On is sold at 200 dollars per square feet and other on the 2000 dollars per square feet. The prices of the apartment that have one bed and one bath and the total area is 462 square feet. And the prices of this will increase to 200,000 dollars. The apartment that is described above is best for the small family but for the larger family, the apartments containing the number of rooms is best. If the landed property has up to 3 rooms then the house prices in Singapore is more than up to 300,000 dollars. These types of houses are best for the family who are searching for new homes. The prices of the house will be dependent on the location of the house. If the location of the house is perfect then the house price in Singapore will be greater. The perfect location means that location of the house contains all the facilities like educational institutions, hospitals, shopping centers, recreational facilities, and all other important facilities. It is also a determining factor of house prices in Singapore. The price ranges from very high prices to very low prices.
The total cost of a loan:
The people who want to purchase the house doesn’t have necessarily 200,000 dollars to 300,000 dollars in their bank accounts. For the purpose of buying a house in Singapore, people obtain the loan from the bank. This loan is making the purchase of house possible. The best loans for making the purchase of a home is also available in Singapore. but the monthly amount is also paid on the bank loan. The rate of interest on the bank rate ranges from 0.72 percent to 1.59 percent. These rates are sometimes paid annually. When we keep in mind the simple interest rate than the interest rate on the bank loan of 300,000 dollars is 1.59 percent. This bank rate sums up to 4770 dollars per year. There are also the rules that are established by the Monetary Authority of Singapore on the amount of bank loan that is taken by any family. The amount that the family takes and the debt amount on this loan does not exceed the 60 percent of total amount of loan. People find out the home that is best for them according to the average house prices of Singapore. The real cost of borrowing is the interest rate. The total cost of the loan has a great impact on the house price of a loan.