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Are Current Singapore Property Prices Reasonable ?
Posted by: | CommentsWith the economy back on track in a slow yet assured way, property players are rushing back to the red hot Singapore real estate market. The market is flushed with bullish sentiments and property developers have been busy adjusting up their prices in their daily advertisement. You can’t help but starting to pay attention, only to come to the conclusion that the prices are beyond you.
Are the current real estate prices reasonable? Is there really enough to support it fool buyers, this price level? Or were you, and you will reduce the accumulation of wealth and income has failed to keep pace with property prices?
To have a better sense on what is going around on the property market; let’s begin by checking on how property news/prices are relayed to you. If you are not a major and active real estate player, chances are you have to be reliant on secondary sources such as media for your property update. Media like newspaper, radio and TV, all inadvertently play a role in helping us shape your belief.
We are not suggesting that our media has been responsible for inaccurate reporting. Rather we are aware of the fact media exists to disseminate ‘newsworthy’ and interesting reports. The fact remains that, in all reality, for one super-scale mega project, there are probably a number of more modest launches that do not make headlines materials. A grand and mega project that runs into hundreds of millions in development cost would easily snatch the headlines from the more decent real estate development.
These super-scale luxury housing advertisements of Marina and Santos enclaves, for instance, are targeting those very rich foreigners and locals. Advertisements paid for by glamorous developers represent another reason in a similar way. It makes sense that these are priced with a premium and are generally not meant for average Singaporeans.
Of course, resale prices for privately owner-occupied properties are obviously lower than those advertised at the new launches. But few people are aware of them as the lack of ‘newsworthiness’ elements. For the average guys among us, the new launch prices are what making news within our circles.
One other reason that helps to form this belief is that the 2007 real estate boom is still fresh in the Singaporeans’ minds. With the integrated resorts as backdrop, many developers have taken their cues and gone on to launch a number of super-luxurious and super-exclusive projects in great fanfare, and to massive successes in drawing in record number of overseas investors. Again these properties are not aimed at the average Singaporeans.
In all reality, the private real estate market is not going to stay static as inflation is a natural element in any economy. But, still, there a number of modestly priced private properties around Singapore. The suburb properties, just for comparison, have only registered a single digit increase in price in the past ten years. It is only up to you to tweak your aspiration and look out for them.
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Budgeting Your Way To Your Dream Singapore Property Home
Posted by: | CommentsFortunately the real estate market is not expecting potential buyers to pay cash to buy their properties. So it is comforting to know that we can turn to financial aids to help fund our purchases. But we still need to fork out a decent amount of cash as down payment that is typically between five to twenty percent. Here we will tell you how a sensible budget can help to shore up the required cash for your first property purchase.
At its core budgeting is all about money management. Once you have a grip on balancing your income and expense soon it will result in net positive cash inflow. Your habit will then move you towards building your nest for that real estate down payment quickly. The objective of a budget is to allow you to plan before hand the amount of fund that needs to be made available corresponding to set timeframes. This can be easily established based on your historical spending. The idea is to always get ready with expected and unexpected expenses.
Budgeting is simply a money roadmap pointing you the ways to get to your financial goals. These goals can be short term or long term in nature. And there is no right or wrong answer if you think something is important to you then you just list it down. If you are working towards making that first real estate down payment than that is your financial goal and you’ll continue to work on it so you will be on top of your financial situation.
For average people, the primary source of income is derived from daily or regular work. You will then dish out your income to pay rent just to make sure you have a roof over your head in the coming month. The rest of the incomes would go contributing to the utilities companies and other necessities like daily meals. And occasionally, you spend on little luxuries in life.
If you are looking to save money you can start by looking into expenditures that you can exercise more control.When you add this up over a week, a month, or a year, you realize that your fund can grow significantly. For example you are spending on average $ for your daily lunch take-away, try to cut that down to maybe $ So you see there is $ daily going into your down payment fund.As you get into the habit of saving your lunch bills look out for other areas you can cut down on.
The rule of the game here is to distribute your income evenly with that property down payment in consideration. No doubt you cannot spend as lavishly as before but you are working towards your financial goals. Achievement of the financial goal is more than compensation for all the luxuries sacrificed. You just need to keep going.
Don’t put it off start budgeting today.Budgeting is necessary to work you towards that property down payment required.Remember you should reserve a cell for whatever amount you will contribute towards building the down payment of that piece of real estate you so desire.You will do excellent when you manage to have net positive saving every month.You would do well when you consistently balance this spreadsheet month in and month out.Use a spreadsheet and on one side fill in all the incomes and compensations for the month and on to another column write down all expenses including apartment rent, car loan and every possible bill. Do what an accountant would do.
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