Updated: Jan 28, 2019
No matter what the reason for buying property, it’s not a decision to take lightly. You need to do the appropriate amount of research. Don’t just fall for the glitzy and glamorous marketing tactic. You should be able to tell what’s real from what looks good. Here are some tips on how to do just that.
Location should be your top priority
You’ve all heard the saying “location, location, location” but I bet you don’t know how true it all is. A good location is the most important criteria of buying property. But what does that entail exactly?
Previously, it meant that you need to be in the centre of the island, closeby the central business districts.
But now that Singapore is no longer centralised, there are a lot of viable options, including hubs of business and recreation.
Different areas have MNCs now, and a lot of areas are vying to become innovation centres. Your best bet is have some foresight when purchasing property. Consider whether it has the potential for resale or being rented out.
Look out for units that’s near MRT stations. The most common way to travel in Singapore is the MRT. Now more than ever the MRT connects you to every corner of the island. And with cars getting more and more expensive, you’re probably right in assuming that a unit near an MRT station will be desirable
When should you start investing in property?
If you’re in urgent need for a home, the circumstances of the property market probably doesn’t matter as much.
But if you’re willing and able to observe the property market and act accordingly, it might be worth it to hold back a little. Because of the recently implemented cooling measures, the prices of housing have been dropping.
But it won’t stay that way for long. If you’re looking for a sign to invest, here it is. Take advantage of the cooling measures to get a unit in that condo you’ve been eyeing. There are chances for incredible discounts as well.
Look out for how comfortable the unit is
If the physical property already exists, you can gauge the level of comfort immediately just by visiting. You’ll be able to hear how noisy your neighbours are, if there are any active construction sites around you, or if there’s no breeze or harsh sunlight entering your unit. You might also want to consider not living next to industrial areas or bustling roads in case any of your family members are sensitive to dust and air pollution.
How convenient is the area surrounding your unit
In the long run, it’s incredibly important to stay in a neighbourhood with great amenities nearby. It’s much more appealing to people when things like store, schools, shopping centres and clinics are just a walking distance away.
Young parents tend to be very cautious when choosing houses. They’re interest is sure to be piqued if a unit is next to a prestigious schools. This goes on, for example, pet owners wanting to live near parks and exercise enthusiasts wanting to live near gyms and swimming pools, and so on and so forth.
What are you able to afford
Before considering any of the aforementioned points, you’ll need to make sure you’ve got the financial aspect down first. With the abundance of options available, you need to be very firm in what you can’t and can purchase without stretching your funds.
Even if you have the funds to make the down payment, think about your monthly salary and how much you’ll be able to set aside to pay your mortgage. Is there anything preventing you from making the payments?
There are multiple types of monthly payments you can make. Are you more cautious, preferring fixed payments over inconsistent interest rates? More than that, don’t buy properties out of your price range thinking that in the future, it might not be because you’ll probably be paid higher in the future. You need to plan for every possible scenario. Better safe than sorry. Be careful with how you spend your money to avoid overspending or stretching your budget.
So be sure to keep all these things in consideration before taking one of the biggest decisions of your life. And if you have any questions, don’t hesitate to reach out to me. I’d be glad to ease your mind in any way.