Your search results

Tips for Choosing the Home of Your Dreams

Posted by Jayson Ang on December 26, 2022

| 0

TLDR

Decoding the Singapore property market can be challenging, but understanding key factors like property size, location, and lease tenure is crucial. Consider proximity to amenities, good schools, and future development plans. Ensure the unit’s orientation suits your needs and check the lease balance for leasehold properties. Stay informed about area transformations and assess your long-term property goals. For expert guidance and strategic advice tailored to your unique circumstances, seek professional assistance to make informed decisions in the real estate market.

Buying a new house can be a thrilling and at times nerve-racking experience. It’s time to make the big decision on where to call your home! Maybe you are considering the stylish Tiong Bahru, the breezy air of Marine Parade, the vintage feel of Joo Chiat, or a more suburban option like Ang Mo Kio and Yishun. After crunching the numbers on your budget, check off this helpful checklist to help you find your dream home.

Proximity To MRT & Key Amenities

The importance of having an MRT station close to your residence should never be taken for granted; preferably within walking distance. If you happen to live farther away, then a feeder bus ride may be necessary – adding an extra 15 to 20 minutes to your morning journey. This may not seem a lot, but this extra time can come in handy for those who have to take their kids to school or are lacking in sleep.

Your property will be more alluring to resale buyers, potentially fetching a 5-10% higher price, if you’re located within a 5-8 minute walk to an MRT station. The presence of nearby amenities like malls, supermarkets, and eateries shouldn’t be overlooked either, as they bring extra convenience and elevate the quality of life.

Apartment Size & Family Planning

Are you planning on having a family in the near future? Will your parents be joining you? That 3-room HDB flat at Queenstown may seem attractive and pocket-friendly, but would it be large enough to make room for any changes in the family structure? Family planning is a critical decision that all young couples should not ignore, especially those buying HDB flats; you must wait at least 5 years before being able to upgrade to a larger unit.

Proximity To Good Schools

Do you have school-age children at home, or are you expecting a new little one? The proximity to good schools – perhaps there are particular schools that you have in mind – should be a top priority when considering where to buy, since this will affect your kids’ commute during the school year. This is especially essential when purchasing an HDB flat, since you will be locked in for a minimum of 5 years before you can sell the flat and move somewhere else.

Orientation & Facing Of The Unit

When shopping for a home, facing should not be overlooked; not just for views of the city skyline or for Feng Shui, but for a practical reason. North-South facing units are the best, while East-West facing units may require higher electric bills to cool and could come at a discount when resold. Be sure to factor this in when making your decision!

Lease Tenure & Remaining Lease Balance

If you’re in the market for a leasehold property, particularly an HDB flat, it’s important to check its lease balance, as Singapore property leases come in a variety of forms, including freehold, 999-year, and 99-year. Most HDB flats come with a 99-year lease, but with a reversionary title to the state, meaning that once the lease expires, the flat reverts back to the state and the owner will receive no compensation.

If the outstanding lease is fewer than 70 or even 60 years, selling the unit may prove difficult later on as it may be difficult for a potential buyer to find financing to purchase the flat. However, those with freehold titles – typically residential properties – can be held onto in perpetuity, making them an attractive option for buyers, who benefit from their higher resale value and the possibility of passing them down through generations.

Future Transformation Plans For The Area

Prospective buyers should pay attention to any changes happening in the neighbourhood, for example, the opening of a new MRT station or a commercial centre. These developments can have a positive impact on the property’s growth potential in the future.

Keep in mind that looking out for homes in areas slated for redevelopment comes with certain drawbacks, as gentrification is a long process and owners need to be ready for disruptions like construction noise and other disturbances brought about by construction activities.

What is the final objective of the property purchase? Is it going to be your forever home or will you be looking to upgrade in the future? Though there is no right or wrong answer, a property purchase is an immense financial commitment and should be considered thoughtfully. To determine what your preferences and priorities are is an important first step!

For those looking to grow their wealth, preserve capital, build a retirement fund, or use property as a tool for social mobility, owning a property can provide the perfect opportunity!

Wondering What Move To Make In The Real Estate Market?

Whether it’s time to buy or sell, or if it’s best to wait, the decision can be confusing.

Keep in mind that everyone’s situation is different, and it’s important to consider your own unique circumstances before making a decision.

But don’t worry – my data-driven approach and years of on-the-ground experience will help provide clarity to you.

Whether you’re a first-time homebuyer or an experienced investor, we will take a systematic and goal-oriented approach to ensure you make the right decision.

I can help you by :

Providing Strategic Property Advice – will ensure you have the right plan to guide you in your property journey.
Finding the ideal buyers for your home – use of high quality photography, excellent response rate, and a deep knowledge of buyers gives us the edge to showcase your property in the best way possible, helping you meet your goals.

Here’s to a fruitful home hunting experience!

You May Also Like …

All Blog Posts Buying Tips

Avoid These 6 Terrible Property “Tips” in Singapore

Jayson Ang – May 1, 2023 –

TLDR When it comes to property advice, it's crucial to be cautious of common misconceptions. For instance, schemes like the...

All Buying Tips

Transforming Your Home Loan Situation with Rate Cuts

Jayson Ang – September 6, 2024 –

TLDR When comparing fixed and floating mortgage rates, the present fixed rate of 3% is favorable, but predictions hint at...

All Blog Posts Opinion

Unveiling the Truth: Why Freehold is Not Always the Optimal Choice for Property Investment

Jayson Ang – January 4, 2023 –

TLDR When it comes to investing in real estate in Singapore, traditional beliefs may not always hold true in today's...

All Blog Posts Top List

Discover the Top 11 Most Outstanding Condominiums in Singapore’s Holland Village Areas

Jayson Ang – December 9, 2022 –

Originally established in the early 1900s by Singapore's Dutch community, Holland Village was originally a residential area home to British...

All Opinion

Budget 2024: What To Expect For The Singapore Residential Market?

Jayson Ang – February 18, 2024 –

TLDR In 2025, owner-occupiers of residential properties can benefit from property tax relief based on the Annual Value Band. Retirees...

All Blog Posts Buying Tips

Explore the Benefits and Drawbacks of Holding an Open House!

Jayson Ang – June 3, 2023 –

TLDR An open house is a valuable opportunity for sellers to showcase their home to potential buyers without pressure. It...

All Blog Posts Buying Tips

Buying HDB Resale : How to Minimise COV

Jayson Ang – January 20, 2023 –

TLDR Understanding Cash Over Valuation (COV) is crucial when buying a resale HDB flat in Singapore. COV is the additional...

All Buying Tips Top List

Finding the Perfect Match: Top 20 : A Guide to Choosing the Best Property Agent in Singapore

Jayson Ang – December 17, 2022 –

TLDR When it comes to buying or selling real estate in Singapore, having a professional and knowledgeable property agent is...

All Buying Tips

What is Your Next Step in the Property Market?

Jayson Ang – December 7, 2022 –

When you flip open the papers or turn on the news nowadays, the common buzzwords are "INFLATION", " INTEREST RATE...

All Buying Tips

Is 2024 the Perfect Moment to Refinance Your Home Loan? Discover What Homeowners Should Consider!

Jayson Ang – July 20, 2024 –

TLDR The article covers the shift to SORA for home loan rates, urging consideration of refinancing options amidst rising rates....

All Opinion

Why En Blocs Often Fail to Succeed

Jayson Ang – April 26, 2024 –

TLDR In this blog post, the focus is on the challenges and complexities of en-bloc transactions in Singapore's property market....

All Buying Tips

What’s Next for HDB Owners?

Jayson Ang – December 7, 2022 –

Buying a home always seems daunting especially such it is a big-ticket item and the prices for private homes can easily...

Mandarin Top 5

Top 5 Tips How to Find Your Dream Home in Singapore: A Step-by-Step Guide

Jayson Ang – October 21, 2024 –

Singapore, a vibrant and dynamic city-state, offers a diverse range of housing options for prospective homebuyers. From condominiums and HDB...

All Blog Posts Buying Tips

What to Do Before Exercising Option to Purchase?

Jayson Ang – July 19, 2023 –

TLDR Home buyers are advised to thoroughly research property values using online tools, secure an ideal home loan package early...

All Blog Posts Buying Tips

CPF Accrued Interest On Housing: Learn What It Is and How to Calculate It

Jayson Ang – February 14, 2023 –

TLDR Understanding the CPF accrued interest on housing loans is crucial for Singaporean homeowners. When using CPF funds to finance...

All Blog Posts Buying Tips

A Beginner’s Guide to Homebuying: How to Choose the Perfect Property

Jayson Ang – May 20, 2023 –

TLDR When considering property investments, understanding your motives is crucial. Factors like accessibility to amenities, remaining lease, transaction history, rentability,...