The 5 Most Common Mistakes First-Time Buyers Make (And How to Avoid Them)
The 5 Most Common Mistakes First-Time Buyers Make (And How to Avoid Them) Here are the 5 most common mistakes...
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TLDR
The impact of COVID-19 on Singapore’s real estate market has been significant, leading to a surge in demand for resale condo units. When considering buying a resale property, focus on the surroundings, amenities, and sheltered walkways for convenience and tenant appeal. Assess the building’s condition, including landscaping, poolside, and carparks, to ensure proper maintenance. Inspect the unit for flooring, walls, ceiling, and signs of pest infestations before making a decision. Check for renovations done to the unit and consider the neighbors’ profile for compatibility. Consider these factors carefully to make an informed decision when buying a resale property.
COVID-19 has had a profound impact on Singapore’s real estate market since the pandemic’s onset, becoming a highly-discussed issue ever since. From construction delays to an increased demand for larger living and working spaces, the virus has left an undeniable mark on the nation.
As an alternative, those who were unwilling to wait for prolonged construction durations or just desired bigger spaces, began to look towards the resale market for solutions – which is evident in the steady increase of resale volumes (and prices) in the private non-landed sector over the past eighteen months.
If you’re thinking of buying a resale condo unit – whether it be for investment or your own stay – here are five points you should keep in mind:
#1 Surroundings of the Development
Transportation
Buying a resale development that is well connected by all forms of transportation – Bus, MRT, Expressways – not only bodes well for your comfort of living during your occupancy, it can also translate into positive factors that tenants are looking out for if you do intend to convert the resale condo into an investment piece.
Amenities
There will be moments where you need to do food takeaways, shop for groceries or just to catch a breather outside, and this is when having amenities near the development will come in handy.
You might wish to check if there are amenities near your development such as eateries, supermarkets and sports complexes – for investors, having a wide range of amenities at your tenants’ convenience could also increase the appeal of your unit!
Sheltered Walkways
In case of rainy weather or when the sun is blazing down on you, having sheltered walkways leading directly to your development from your mode of transportation will be a huge plus.
As insignificant as this might sound, trust us when we say this is something you will be thankful for when you are saved from being drenched in sweat or rainwater!
An advantage of going for a resale unit as opposed to a building under construction is that you get to walk the ground and have first-hand experience of how it could be like living in the area.
Thus, instead of solely relying on online means to research the nearby amenities or point-to-point distances, there is no harm in taking some time to physically explore the surroundings and determine for yourself if you would indeed enjoy the living experience around the development.
#2 Condition of the Building
The proximity of public transport is key when it comes to occupancy rates; after all, who doesn’t appreciate a convenient way of getting to and from their destination? If you’re not a driver, understanding the transportation options within walking distance is a must, ensuring optimal ease of connectivity.
When opting for a resale property rather than a newly-constructed one, one compromise is the age of the building. As age accumulates, it brings with it inevitable deterioration, which can be exasperated by an inept management committee team. It is essential that you ascertain the building is being cared for to the fullest extent by the MCST.
Some key areas to look out for would be:
- Are the garden and lawn areas of the landscaping overgrown or unkempt?
- Is the poolside furniture clean, or are there missing floor tiles?
- Are there any rusted metal or plastic parts, broken swings, or damaged slides in the children’s playground?
- Even more surprisingly, some developments have turned their carparks into dumping sites, with trash and damaged bicycles piled up in a corner; make sure this isn’t the case in your shortlisted development!
#3 Condition of the Building
When it comes to buying property, you don’t have the option of returning or exchanging it if you’re not happy with it, so it’s crucial to thoroughly inspect the unit to make sure it meets your standards. This will also give you an indication of how much renovation you’ll need to do.
When you visit the property, it’s wise to check the following elements.
- Flooring ConditionExplore the different kinds of flooring you can choose from, like homogenous, marble, ceramic, and parquet! When selecting more popular floorings like parquet and marble, make sure you check for signs of fading or water damage, and if there are any cracks.
- WallsBe sure to look for any hairline cracks in the walls – these are often inevitable due to changes in temperature and humidity. But don’t overlook the more severe issues such as wider or bigger cracks; they may be a sign of more serious structural damage and could end up costing you a fortune to fix.
- CeilingOlder resale units could bring about some serious issues, such as water leakage and mould on the ceilings. Be especially vigilant around air-conditioners and bathrooms – they tend to be more moist than other areas. It’s not only costly to take care of the problems, but those with allergies or asthma may be particularly affected.
- Signs of Pest InfestationsNobody wants to live with the possibility of having to pay higher renovation costs due to termite damage. To be on the lookout for possible infestations, keep an eye out for termite droppings, transparent wings, or odd smells emanating from certain areas in your unit.
#4 Renovations Done to the Unit
Gaining knowledge of the kind of renovations done and how long ago can be extremely beneficial for you. This can help you determine if you need to spend more money on restoring the unit to its original condition. Furthermore, having an understanding of the money that has already been invested in the unit might even impact the amount you are willing to pay for it.
#5 Neighbours’ Profile
No doubt, there’s a definite upside to choosing a resale unit as opposed to a new-build: you can get to know your neighbours in advance and decide if their habits align with your own. For example, if tidiness is a priority for you, having neighbours who consistently leave their shoes and bicycles strewn about the hallway or have pots of plants blocking the corridor may have you second-guessing the unit you once considered perfect.
To supplement your own findings, you might want to probe the sellers of the unit to gather intel about your prospective neighbors – of course, they could be shrewd enough to conceal any unfavorable information.
Closing Thoughts
If you decide to buy a resale property, there are several things to consider such as the location, floor level and surrounding amenities. This could open up a lot more options for you; however, this could also mean that you have to take into account a lot more points. We hope that this article has provided you with guidance on the aspects to be aware of when buying a resale property, as well as how to evaluate them.
If you have any questions or need extra guidance during your home buying experience, don’t hesitate to reach out to me – I’m always here to help!
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.
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