Settle your bills on time with assistance from a licensed moneylender in Singapore. All of us experience financial difficulties from time to time. When we have been pushed to the wall with no one to borrow money from, you can always ask help from a money lender. Here are some factors you need to consider if you’re looking for the right company:
While there are many of money lenders available in the industry, you only have to choose one firm that has your best interests in mind. Make sure you’re borrowing funds from a licensed money lender. One way to verify credibility is to determine if they’re recognised by the Registry of Money Lenders in the Singapore.
After narrowing down your list of money lenders, you need to take a look if they offer interest rates that won’t hurt your pocket. Compare and look for the most reasonable rate. Remember that the lowest rate doesn’t always mean the best service.
Aside from interest rates, payment terms should also not be overlooked. It might be easy to get funds, but you should also agree with payment terms that are flexible enough for you.
If a friend or family member had previous experience with a money lending company, ask them whether they’d recommend the company to you. Did they repay the loan following a schedule that’s realistic for them? Were they able to borrow funds quickly at interest rates they can afford?
Get quick funds whenever, wherever you need it! Find a licensed moneylender in Singapore that will provide a stress-free application process and fast approval for you. After all, an in-depth research will save you from further financial troubles. Before you sign that loan contract, make sure you’ve got a trusted money lender in front of you.
More Tips For Buying Investment Property
Investing on a property is one of the most known investments to yield much overtime. Many think that it can secure one’s financial standing and can eve produce wealth that some may never put their hands on, however, few know that the money it yields will depend on several things.
Make sure that you can afford your monthly loan service. You don’t want your monthly rental income to be just eaten away by taxes, mortgage fees and maintenance costs, so better to plan ahead or else you will lose might lose your property at the wrong time. Of course you want the property to yield the investment you had put in and a steady cash flow in years to come.
Banks usually consider 80% of the supposedly rental income, this is to give you allowance for vacancy rates and letting fees. Be patient, it takes time before you get the fruit of your investment and rental rates will likely to go higher.
Get a Property Manager
A property manger is most likely a licensed real estate agent that keeps your property tenants in order. They will help you manage the tenants and the property to give you the best value of your property.
Let them take care of the maintenance, but always approve the costs first unless it is an emergency. He or she should also be able to remind you and your tenant’s rights and responsibilities. The money you pay your property manager can be tax deductible and can be a part deducted from the rent. Let him or her do the work that has to be done by a property manager, but do not forget to do independent inspection of your properties.
Know the Market and What’s Happening around your Property
Though it is a lot of work, it pays to keep in touch and usually speak with the locals and real estate agents on the area around your property. Make sure that they think you are interested with properties being on sale to be sure that they will give you inside information. They can also give you an idea which area is more likely to have more value. You can also learn if there are major things happening like a major road repair.
Location and Price are the Keys
Before investing on a property, there many things to consider as it is about the capital growth and you want to invest on something that will give you much returns. Secure your returns by buying a property in the right location at the right price.
Choose a location where the tenant’s needs are near like the school, offices, amenities, restaurants, malls and hospitals. Have a property with lower maintenance cost such as a simple home rather than a a big house. Also, know the market of the place. Study the assets of the properties around the property you are eyeing to have an idea on its value. Be familiar with the real estate marketing and do not venture in an area that you are new in.
Make up your mind whether you want and, home units, or houses and then survey if it will be in demand depending on its location.
You can actually use the equity of your home to buy the property you are eyeing. Equity is actually the money you really own when the cost of mortgage has been deducted from the worth of your property. You can use the equity of your home to borrow money and have more tax deductions
Negative gearing has its tax benefit, but you can only take advantage of it if you have other taxable income. You can deduct your maintenance and borrowing costs from your total income.
Condition of the Property
Have a professional building inspector do a thorough inspection on the property you are interested in. If there are major repairs to be done, use the service of an experienced worker. Do not fret if you buy a property needing some repairs as you can make its value higher.
The Right Mortgage
Instead of researching mortgages, spend more time knowing your local estate market to give you an idea on how much your property really cost, how much it could fetch in the market and the best loan you can have with it. It is important to plan your loan very well and you should keep in mind that investment property loan interest is tax deductible.
Your house loan should be different from your rental property loan to let you have maximized taxation benefits. You can ask the help of your professional financial advisor. Choose between the fixed rate and variable rate loan wisely. While the latter is now becoming common, fixed rate can yield better result as the property’s rental rate can go higher as the property’s price picks up in the market.
Long Term Plans
Having a rental property is a long term investment and you have to be patients because it takes time before you steadily reap the returns. It if better if you can commit to it as long as you can to have higher equity and then be able to buy another property. Do not be greedy with your cash flow so you can enjoy your life that money can’t really buy.
Attractive to Renters
Make your rental property attractive. If it is a home, make the colors neutral and keep the bathroom in good condition. Aa well presented property usually attracts good tenants. Others think that if you like to live in the property yourself, then it is good enough for the tenants, however, you should not be too involved personally in it as it is not your home but your tenant’s.
If there comes a time that you have to sell the property, you might make emotional decisions rather than logical decisions it you attached yourself too much with the property.