What to consider when buying Real Estate In Singapore
You may be tentatively looking to purchase your first property, or you may be looking for your fourth. Either way, the purchase of real estate requires a lot of research and intuition.
Those classy brochures, dressed-up condos, and the salesman’s insistence that there are only 10 units remaining makes it difficult to stay objective, particularly when it comes to the purchase of private property.
Prior to browsing, go over these 5 important factors to make sure your blood pressure doesn’t go through the roof.
Location is key when buying property. Whether you’re looking for a house or a condo, the placement of the property is the most important thing to consider. What makes a good location good, you ask?
Some time ago, what was considered property was probably in the very center of the city, close to the CBD and Orchard. Now, however, the city is growing outwards. Business centers are now located all over the island, so you have much wider options of where to live.
The Buena Vista and Jurong districts, for example, are growing to become major innovation areas in the coming years.
The decentralization of the city means that if you are choosing a property that will increase in value, you can look further than just the center of the city.
Accessibility to MRT stations
It will never be cheap to own a car. To really shorten your morning commute, consider getting a place near to an MRT station. As more MRT lines unfold all over the city, it is easier to go nearly anywhere.
If you already own a car, you know what it’s like to be stuck in rush hour traffic. It’s no fun at all. Moreover, if you have (or plan to have) children, being close to public transportation allows them to get around by themselves more easily. Check the LTA’s MRT map to figure out where the MRT lines will expand to next, and consider looking into property nearby.
If you aren’t pressured to buy a home in the near future, you may want to consider waiting it out for just a little while longer. The property cooling policies in Singapore seem to be finally working, and prices are slowly coming down.
Do some research and figure out what condos are under heat to sell units before they are punished. If you’re hoping for discounts, you may even get in touch with an agent so you can be the first to know.
If you’re looking into a place that somebody is currently living in, ask them about the noise, heat, and air pollution situation. Disrespectful neighbors, loud construction, or just backfiring cars from the street down below can take some of the relaxation out of your home.
If you have west-facing windows, your apartment may trap heat throughout the day, greeting you with an oven of hot air upon coming home.
Sure, you could get an air purifier if your home gets smoggy, but you could also just pick a location away from the big roads.
Additionally, if you or your loved ones suffer from respiratory issues, living in a dusty home may aggravate the symptoms. Take some time to look for a good location that will allow you a good quality of life.
- Nearby amenities
Living in an area where everything is accessible will definitely contribute to making your life easier. Before settling on any one location, take some time to explore the area and see what other amenities there are. Are there grocery stores, schools, clinics, and cafes in close proximity? Having a neighborhood mall will make it unnecessary for you to venture too far on precious weekends.
Some parents select locations that are nearby to esteemed schools, increasing their chances of securing their child a spot for the coming year. If a reputable school is a priority for you, take that into consideration when choosing a neighborhood to make your own.
A sizable park or a nearby body of water can really upgrade your physical wellbeing as well. Going out to get some sun during your workout can really make a difference. If you have a furry friend, make that accessibility to open space a priority as well.
Finally, make sure you have a clear budget outlined prior to softening up to condos that you most definitely can’t afford. Don’t stop at simply ensuring that you have enough money to make the down payment – you have to think about the percentage of income you are alright with putting towards monthly payments, making sure that you don’t have other big expenditures that may affect your ability to pay off your home.
Most of all, be conservative about your financial situation. Don’t assume you will get a raise or a significant bonus. Being conservative will ensure that you take on less risk during hard times, as well as allowing you a little bit extra cash if all does go well.