5 Biggest Mistakes I Made When Starting Out In Singapore Property Investing
Investing in Singapore property can be an excellent way to generate passive income and build long-term wealth. However, like any...
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TLDR
When purchasing a property in Singapore, it is crucial to thoroughly assess various aspects of the home to avoid potential issues. Check the overall condition of the building, built-in appliances, plumbing system, built-in carpentry, pest infestation, ownership history, and selling price. Be cautious of unusually low selling prices and complicated ownership histories. Consider engaging a real estate agent to help identify red flags and ensure a smooth buying process.
It is important to thoroughly check the condition of the home you are considering purchasing to ensure it is not in disrepair. Look for any potential issues during the property viewing to make a well-informed decision and avoid buying a home that is not in good condition.
Overall Condition
When viewing a flat or condo unit, it is essential to evaluate the overall condition of the building and its shared amenities. Start taking notes as soon as you arrive on the property. Observe the condition of the elevators, flooring and walkways, drop-off and pick-up areas, and other facilities that you may frequently use. The overall condition of the property can potentially affect the resale value of your unit when you are ready to sell in the future.
Built-In Appliances with Custom-Fit Carpentry
While it may be convenient to have some home appliances included with the unit, it is important to ensure that they are in proper working order. Additionally, be aware that some homes may have custom-fit carpentry for their appliances, which could cause issues if the appliance breaks down and cannot be replaced. This may result in additional expenses to remove the carpentry in order to accommodate a new appliance.
Poor Plumbing System
Having a poor drainage system can be a major source of problems over time. Water leakage can lead to various issues in your home, such as water damage, poor water quality, mold, and even flooding. To assess the drainage system, test the water pressure in the kitchen and every bathroom in the unit. Look for signs of slow drainage, low water pressure, water leaks, moisture-stained walls and ceilings, and sewer odors.
Condition of Built-In Carpentry
If the built-in carpentry of the unit is in poor condition, it may not be worth considering unless you are willing to pay extra to repair or replace it. This typically requires the assistance of a professional. If there is a significant amount of wood carpentry, it is important to check for termites. Termites may also infest walls and ceilings, so be sure to look for holes in these areas as well.
Pest Infestation
In addition to termites, it is common for homes to be infested with pests such as rats and cockroaches. You can check for possible infestation by looking for small holes, droppings, muddy debris in door and window corners, and any unusual odors. These may be signs of a pest problem.
Complicated Ownership History
If a unit has gone through multiple owners in a short period of time, it may be a sign that the quality of life in the unit is not satisfactory to its residents. This could be due to factors such as a lack of accessible public transportation or high noise levels. The history of property ownership can be obtained through the Integrated Land Information Service (INLIS) provided by the Singapore Land Authority (SLA).
Unusually Low Selling Price
Beware of units that are being sold at significantly lower prices than comparable properties. While it may seem like a great deal, it could indicate hidden problems with the property. It is important to thoroughly investigate the unit before making a purchase to avoid any unpleasant surprises.
Conclusion
Be sure to pay attention to these potential issues when searching for a property. It is often helpful to have an experienced real estate agent assist you in identifying these red flags, as they have the expertise to know what to look for. You may also want to read more about the benefits of working with a real estate agent in this article
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