Congratulations! You are now financially viable and the moment is ripe for you to make your first house purchase. And you have set your eye on just the place you know could be your home where you can build a blissful life with your future family.

But hold on in there for a minute. Before you sign any contracts or part with your hard-earned money for the down payment, you need to look at a few issues involving the house you are buying. Buying a house is probably going to be the biggest purchase you are going to have in your life, after all. You would not wish to rue this decision.

People have a tendency to let their feelings control their decision-making when they are buying a house. They dismiss glaring matters that should have been dealt with right at the start. So, after moving in and after experiencing first hand the consequences of these glaring issues, they become disillusioned and disappointed at their decision.

Therefore, to save yourself from the griefs of wrong decisions, here are several things to consider before you buy the house you have set your heart on.

1. Consider the neighborhood

A neighborhood may seem safe and welcoming when you first saw the place. However, prior to purchasing a house, exert effort to drop by the neighborhood at different times of the day (lunch hour, afternoons, evenings, etc.) to have an overall picture of the atmosphere in the neighborhood.

2. Consider the community

We know that we could safely raise our kids in a community where neighbors take care and look out for each other.

3. Consider the structural defects

The structure you see could be the house of your dreams. However, it is prudent to closely inspect the building to see signs of potential problems, such as leaks, issues about plumbing and electrical wiring, and invasion of pests.

4. Consider the space

Considering that most of the time people purchase their first house because they are establishing their own families, they must make sure that their home is spacious enough for additional 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 earnings, your employment background, and your assets. Make sure that you secure a pre-approval of the mortgage so that you are aware if you would be able to afford the house of your dreams.

Learn more about a premier housing loan advisory firm, providing housing loans with free mortgage broking.

Expatriates in Singapore discover that it is truly costly to rent a hotel room when they plan to stay for a considerable length of time in the country. If a expatriate possess a residential property in Singapore, the costly dilemma would have been averted.

In Singapore, foreign nationals are not prevented by government officials from buying their own residential properties.

Mainly, Singapore’s Residential Property Act intends to allow Singapore citizens to buy, at affordable rates, their own residential properties. Moreover, this Act supports expatriates who are thought of by the Singapore government to have made significant contributions to the economy of the country in their desire to acquire residential properties within Singapore.

Foreigners may purchase non-restricted residential properties even without pre-approval from the Singapore government. The following are residential properties that belong to the non-restricted category:

- apartment flats within a structure that is not over six floors in height – condominium units in authorized condominium development sites included in the Planning Act – a lease term on a restricted residential property; the term must not go beyond 7 years

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

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

The following are considered restricted residential properties by the Residential Property Act of Singapore:

- a vacant residential land – townhouses, detached or semi-detached houses, or terraced houses standing on residential lots – properties not approved for condo development under the Planning Act

In applying for approval to be able to acquire a restricted residential property, the expatriate must fill out a form and, along with the required supporting papers, send this to the Singapore Land Authority. This government agency is in charge of receiving the requests of the expatriate regarding the purchase of a restricted residential property. The agency will assess and approve or disapprove the application, depending on the merits of the expatriate’s qualifications.

Find out more about a premier housing loan advisory firm, providing housing loans with free mortgage broking.