Things To Know in Buying HDB Property in Singapore
Are you thinking of buying a home in Singapore? You should. The country is currently one of the fastest growing economies in Southeast Asia. More and more people are investing in the Lion City because of a booming economy fueled by the growing tourism industry. Land developments have also contributed to the rise of Singapore. Properties are developed as resorts, casinos and other entertainment hubs to entice foreigners to come and visit. Modern landmarks have risen to, somehow, highlight the economic boom and to highlight the country embracing modernity and progress. All of these are just the tip of the iceberg. Singapore is constantly under development.
That is also why the people migrate to Singapore to live there permanently. More homes and flats are being built for those who want to settle. If you are one of those people, then you should know that moving to Singapore is not as easy as you may think it is. Homes in Singapore fall under the HDB, commonly known as the House Development Board. Since the 1960s, HDB has been responsible for public housing in Singapore. It is currently the statutory board of the Ministry of National Development. Today, many Singaporeans live in homes provided by the board. The homes can be found inside housing estates that are located near schools, clinics, markets, commute stations and other activity areas.
If you plan to buy an HDB property, then you should know more about it. There are many properties for sale scattered throughout Singapore. These properties range from flats to condominiums to actual houses. However, you must know that you cannot just renovate these homes. To renovate a home registered under the HDB, you must hire a HDB renovation contractor. What is an HDB renovation contractor? This person or company is a house contractor approved by the HDB. They are the only contractors who can renovate an HDB property in Singapore. As of this writing, there are 124 contractors and BCA approved window contractors registered under the HDB. If you want to know who these HDB renovation contractors are, you must visit this website: http://www.hdb.gov.sg. If you are on mobile, you can also click on this link: http://mobile.hdb.gov.sg/.
If you have chosen an HDB renovation contractor you want to hire, you must know that renovation cannot start immediately. Major renovations cannot just be done. The House Development Board must first approve it. To do this, the contractor must provide the project to the HDB for approval. If the board approves said project, then the construction can begin. Under normal circumstances, major renovations such as altering room layout or demolishing walls are not approved. The board approves minor technical repairs.
There you have it. If you plan to live in Singapore soon, then why not try a property owned by the HDB.