As the housing market shows no signs of slowing down, many of us may feel left behind, questioning whether it is time to purchase a home or wait for the market to level out. Recently, some of my clients opened up about their own experience about selling their property last year, fearing that inflation and rising interest rates would make it difficult for people to obtain mortgages for real estate. To their astonishment, however, property prices in Singapore remain unscathed and they now accept that they may never lose momentum.
If you’re considering buying property this year, I’ve identified six essential criteria for making a wise decision in 2023.
Please remember that this is only my opinion and experience;
Living in close proximity to an MRT station is a major advantage when it comes to selecting a property in Singapore, even though the country is quite small. This is due to areas being less easily accessible, as well as the potential for capital appreciation, rental demand, and amenities that are often nearby.
Living close to reputable schools is a highly sought after feature for many parents – and for good reason. As the father of a three-year-old, I can attest to the anxiety of locating a suitable home in close proximity to a quality school, preferably within a one-kilometer range.
The availability of new launches in the area is a major factor to consider, especially for investors. After all, these properties often boast modern amenities and tend to be more appealing to prospective tenants, which can lead to a higher return on investment.
Buying an older property may seem like a bargain, but in the long run you could end up forking out more on maintenance and renovations. The fourth criterion to consider is the age of the property – it pays to think ahead!
Price is a critical factor when considering a property purchase. Although a cheaper price tag may seem like a bargain, it’s crucial to determine if the asset will retain or increase its value over time.
As interest rates remain uncertain, it is of utmost importance to ponder if you can make the mortgage payments in the long haul – and the interest rate is the final criteria to keep in mind.
To sum it up, purchasing real estate in 2023 can be quite a challenge, but by taking into account these 6 factors, you can reduce your risk and maximize your return. Remember, acquiring a property is a major investment, so dedicate the time to investigate and make a wise decision.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
You May Also Like …
Jayson Ang – July 14, 2023 – Share
Don't Get Scammed: The Top 5 Red Flags To Watch Out For In Singapore's Property Market When it comes to...
Read More
Jayson Ang – December 8, 2022 – Share
TLDR Affordability of HDB Market: Government is focused on ensuring affordable public housing and may increase supply if needed. Long-term...
Read More
Jayson Ang – July 4, 2023 – Share
Singapore Luxury Property: 5 Reasons to Add it to Your Trophy Collection When it comes to luxury property investments, Singapore...
Read More
Jayson Ang – October 25, 2023 – Share
TLDR Parents often seek homes within 1km of desired primary schools to increase enrollment chances. Consider oversubscription rates and population...
Read More
Jayson Ang – June 28, 2023 – Share
TLDR When considering the "Sell One By Two" property investment strategy, keep in mind that it involves selling your previous...
Read More
Jayson Ang – March 31, 2024 – Share
The Singapore property market has long been an attractive option for both local and international investors. However, as with any...
Read More
Jayson Ang – March 15, 2024 – Share
TLDR Real estate agents can sometimes use deceptive tactics to push sales. Be cautious of claims about other interested buyers,...
Read More
Jayson Ang – February 20, 2024 – Share
TLDR When considering buying your first property in Singapore, start by assessing your budget and qualifying for a permissible loan....
Read More
Jayson Ang – March 26, 2024 – Share
Singapore's real estate market is highly regulated and can be complex for those unfamiliar with the process. As a prospective...
Read More
Jayson Ang – March 25, 2024 – Share
Investing in a condo in Singapore is a popular choice for both locals and foreigners. Condominiums offer a range of...
Read More
Jayson Ang – March 18, 2024 – Share
TLDR Younger generation in Singapore is reshaping house hunting by showing a preference for quality of life over location. Millennials...
Read More
Jayson Ang – May 11, 2023 – Share
TLDR When considering mortgage options in Singapore, it's essential to understand the differences between HDB loans and bank loans. HDB...
Read More
Jayson Ang – March 7, 2024 – Share
Luxury properties in Districts 9 and 10 of Singapore are highly coveted, and for good reason. From stunning views and...
Read More
Jayson Ang – December 30, 2022 – Share
TLDR When considering the appeal of older properties in hipster neighborhoods in Singapore, it's crucial to understand the benefits and...
Read More
Jayson Ang – April 26, 2024 – Share
The Singapore property market has always been a hot topic for both locals and foreign investors. With its stable economy,...
Read More
Jayson Ang – June 30, 2023 – Share
TLDR The article discusses the challenges of investing in a second property for retirement amidst Singapore's real estate market conditions....
Read More
Jayson Ang – March 30, 2024 – Share
Singapore, a bustling city-state known for its iconic skyline and innovative architecture, is home to some of the most stunning...
Read More
Jayson Ang – December 10, 2023 – Share
TLDR When it comes to navigating the ups and downs of the Singapore property market, timing is crucial. Three real-life...
Read More
Jayson Ang – December 18, 2022 – Share
TLDR When it comes to property transactions, understanding the factors influencing rising prices is crucial. The pandemic has driven up...
Read More
Jayson Ang – January 26, 2023 – Share
TLDR When selling your house, turn perceived disadvantages into advantages. For sun-facing homes, use UV sheets and blinds to manage...
Read More