5 Things to do When You Go For A Property Viewing In Singapore
5 Things to do When You Go For A Property Viewing In Singapore Here are 5 things to keep in...
Read More
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 …
The Uncomfortable Truth About Homeownership and Relationships in Singapore
TLDR Property ownership and prenuptial agreements are key for married couples in Singapore. Joint ownership (either joint tenancy or tenancy-in-common)...
Read More
How to Avoid Forfeiting Your Security Deposit: A Guide to Your Rental Property
TLDR When bidding farewell to your rented property, ensure the safe return of your security deposit by: Regular Aircon Servicing:...
Read More
6 Must-Know Factors to Consider When Purchasing a Resale HDB in 2023
TLDR When buying a resale flat in Singapore, make sure to walk around the neighborhood to assess actual distances, check...
Read More
Buying HDB Resale : How to Minimise COV
TLDR Understanding Cash Over Valuation (COV) is crucial when buying a resale HDB flat in Singapore. COV is the additional...
Read More
Top 5 Tips : How to Avoid Scams in Singapore’s Property Market – Expert Tips and Warnings!
The property market in Singapore is a thriving and lucrative industry, attracting both local and foreign investors. However, with the...
Read More
When will En-Bloc set to Become Reality Beyond 2023?
TLDR The real estate market is experiencing a lull in en-bloc activities due to various factors. Higher Additional Buyer’s Stamp...
Read More
Top 5 Shopping Malls in Singapore for Luxury Shopping
Singapore, a bustling city-state known for its stunning architecture and diverse culture, is also a paradise for luxury shopping enthusiasts....
Read More
5 Tips : Riding the Wave: How to Profit from the Upcoming Boom in Singapore’s Property Market
Singapore's property market has always been a hot topic among investors and homebuyers alike. With million-dollar HDBs being sold and...
Read More
6 Possible Risks of Purchasing a One-Bedroom Apartment in Singapore: Key Considerations to Be Aware Of
TLDR One-bedroom condos in Singapore are attractive for their lower entry price and rental potential, but buyers should be aware...
Read More
7 Essential Considerations to Keep in Mind When Assessing a Floor Plan for a New Condominium Development
TLDR When selecting a property unit, carefully examine the floor plan beyond aesthetics. Consider non-living spaces like ledges and void...
Read More
Most Buyers Miss This Condo Checklist Item — Until It’s Too Late
TLDR When buying a condo, many overlook the importance of the Management Corporation Strata Title (MCST) and its finances. Beyond...
Read More
What’s A Fair Price For An HDB Flat in 2025? A Savvy Buyer’s Guide
TLDR There’s no single “fair” price for HDB resale flats—what’s fair depends on your needs, motivation, and timing. To navigate...
Read More
4 Simple Strategies to Help Future Homeowners Save Money
TLDR When it comes to being a new homeowner, it's essential to prioritize regular maintenance to avoid costly repairs down...
Read More
5 Factors : Why Singapore’s Prime District Properties Are Still In Demand
Singapore's prime district properties continue to be in high demand due to a combination of factors that make them attractive...
Read More
Could It Be Wise to Sell Your Property After Just 3 to 4 Years?
TLDR In this blog post, the writer delves into the Singapore property market, particularly focusing on the effectiveness of quick...
Read More
Singapore’s Population Hits 6.11M — What It Means for Housing Demand
TLDR Singapore’s population has reached a record 6.11 million, driven mainly by non-residents rather than local births. With fertility at...
Read More
The Hidden Worth of Singapore’s Far-Flung HDBs
TLDR Location is important in Singapore’s property market, but “ulu” (remote) HDB flats in areas like Woodlands, Choa Chu Kang,...
Read More
Travel Without Worry: The 5 Best Telco Companies For International Roaming In Singapore
Travel Without Worry: The 5 Best Telco Companies For International Roaming In Singapore When it comes to choosing a mobile...
Read More
Singapore’s Luxury Real Estate Market: The 5 Most Luxurious Neighborhoods
The 5 most expensive neighborhoods in the city, and are home to some of the most exclusive and opulent properties...
Read More
