5 Most Iconic Landmarks In Singapore’s Landscape
Singapore's landscapes is renowned for its innovative and dynamic approach to urban development, boasting some of the most iconic landmarks...
Read More
TLDR
When buying a resale flat in Singapore, make sure to walk around the neighborhood to assess actual distances, check the unit’s orientation using a mobile app, test the water heaters, inspect for loanshark activities, visit the flat at different times of the day to gauge noise levels, and evaluate nearby amenities. Additionally, perform a thorough financial analysis and consider your family’s needs and timeline before making a decision.
Buying A Resale Flat Is A Significant Investment – Make Sure You’re Getting Your Money’s Worth By Taking Note Of These 6 Key Points!
Singaporeans often opt for a resale flat over a brand-new one, as they can move in right away, without having to wait. What’s more, many of these resale flats are situated in established neighbourhoods – think all the convenience stores and hawker centres at your fingertips! However, it is wise to take a few precautions before making your purchase, as a resale flat has previously been lived in.
1. Take a Walk Around the Neighbourhood
Be warned that the oft-used phrase “just three minutes” when describing the proximity of an MRT station or mall to a flat is likely to be an exaggeration!
Take it upon yourself to walk the route to assess the actual distance and speed, as this may vary greatly depending on the individual – a 25-year-old athlete can cover it in three minutes, while it may take longer for someone less able.
Test it out for yourself and make sure you don’t get misled.
2. Use the Compass Mobile App
Be sure to ensure that your unit’s main window is not positioned east or west; if it is, you’ll be paying more for energy due to the sunlight beaming in from noon until dusk. Furthermore, some vendors may try to pull a fast one by telling you it’s facing “north-west” when it is really just westward facing.
3. Check the Water Heaters
If you’re interested in a unit with a storage water heater, it’s important to check that it is functioning properly. Let the water run for a few minutes with the heater on and assess its performance – is the water still cold after a few minutes or does it only provide slight warmth?
If the heater isn’t working optimally, bear in mind that it can be costly to either repair or replace it and you may need to hire a professional.
If you’d prefer to avoid running the water, another option is to touch the wall near the heater. If it’s functioning properly, the area should heat up shortly after you switch it on.
4. Check for Potential Loanshark Activities & Evidence
Be sure to closely inspect any paintwork, as you might still find evidence of loanshark graffiti underneath – even if it’s been painted over.
A seller would usually clean off the marks before showing the flat, but you can often spot the graffiti in the stairwell or common corridor, especially on other levels.
Keep your eyes peeled – this is one warning sign you definitely don’t want to miss.
Be mindful that, even if you are not the main target of loan sharks, you may still be adversely affected. For instance, the troubles of a nearby unit could spill over and affect you too.
Pay attention as well if any private CCTV cameras have been installed in the common corridor. It could be for security reasons or it could be an indicator of loan shark troubles.
5. Visit the Flat at Different Times of the Day
The ideal time to view the flat might be when sellers suggest it, but don’t be misled: the peace and quiet between 2-4:30 p.m. isn’t an accurate depiction of the area. To get a better idea of what you’re in for, drop by the area at a busier hour – say, 7 p.m. – and you’ll be met with the bustle of an evening market.
Living close to a major road may offer convenience, but bear in mind that it also comes with the potential for increased noise pollution from traffic and MRT lines, especially during peak hours and late into the night.
6. Explore Amenities that are Important to You
Before you decide to purchase a flat, be sure to evaluate if the amenities in the neighbourhood are suited for your and your family’s needs; for instance, a neighbourhood mall could inflate the cost of your flat, but would you be taking advantage of its retail outlets and eateries?
Visiting the mall may not be worth your money if you hardly ever go. Moreover, if the eateries in the area offer food that doesn’t fit your budget or dietary needs, there is no point in having them nearby.
To take things a step further, take a trip to the park, nature walk, or bus interchanges and evaluate whether they truly enhance your lifestyle.
Final Thoughts
- Carry out an in-depth financial analysis to guarantee you are making wise decisions for the near future and can confidently stand behind your decisions.
- Also take your timeline and family wishes into account, plan ahead and provide your family with a sense of security so that you can proceed with peace of mind.
If you’re curious about the prospect of relocating to private property and would like expert advice, I’m just a message away!
You May Also Like …
When Is The Best Time To Buy A New Launch?
TLDR When it comes to new property launches, timing is crucial. Early buyers often secure the best prices due to...
Read More
Discover the Top 11 Most Outstanding Condominiums in Singapore’s Holland Village Areas
Originally established in the early 1900s by Singapore's Dutch community, Holland Village was originally a residential area home to British...
Read More
5 Things to Know About the Singapore Property Tax System
5 Things to Know About the Singapore Property Tax System Here are 5 things you need to know about the...
Read More
5 Tips : How To Spot A Good Investment Opportunity In Singapore’s Property Market
Singapore's property market offers a plethora of investment opportunities for both local and foreign investors. To spot a good investment...
Read More
5 Reasons Why Timing the Singapore Property Market is a Risk You Shouldn’t Take
5 Reasons Why Timing the Singapore Property Market is a Risk You Shouldn't Take Entering the Singapore property market can...
Read More
5 Key Insights to Take Away from the Latest 2022 Cooling Measures
TLDR Affordability of HDB Market: Government is focused on ensuring affordable public housing and may increase supply if needed. Long-term...
Read More
Top 5 : Greatest Challenges That Investors Face In Singapore’s Real Estate Market
Singapore's real estate market is a dynamic and attractive investment landscape for both local and international investors. Known for its...
Read More
CPF Accrued Interest On Housing: Learn What It Is and How to Calculate It
TLDR Understanding the CPF accrued interest on housing loans is crucial for Singaporean homeowners. When using CPF funds to finance...
Read More
Top 5 : Places to Learn About Singapore’s History
Singapore, a bustling metropolis known for its modernity and multiculturalism, is also a treasure trove of rich history and heritage....
Read More
Top 5 Thai Restaurants in Singapore
Singapore, a melting pot of cultures and cuisines, is a food lover's paradise. Among the myriad of dining options available,...
Read More
Property Market: Buyer’s Paradise or Seller’s Dreamland?
TLDR The property market in Singapore post-Covid has seen a surge in HDB and private property prices, with a noticeable...
Read More
5 Essential Tips for Renting Property in Singapore as a Foreigner: A Guide for Newcomers
TLDR Renting property in Singapore as a foreigner can be challenging due to the high cost of living. To navigate...
Read More
5 Reasons Why Your House Isn’t Selling – and How to Overcome Them!
TLDR When trying to sell your home, ensure it is competitively priced based on its unique features and the current...
Read More
Top 5 Sushi Restaurants in Singapore
Singapore, a melting pot of cultures and culinary delights, is known for its diverse and vibrant food scene. Among the...
Read More
Rising Interest Rates : A Cause for Concern?
TLDR In 2021, the real estate market saw a surge in demand due to low interest rates and supply chain...
Read More
Sell High Buy High : Will This Still Make You a Profit?
TL;DR Summary: Timing of Property Sale: Selling high and buying high may seem counterintuitive, but understanding market dynamics can...
Read More
Can You Still Make Money from Older Freehold Condos in Singapore
TLDR While freehold condos might seem like a solid investment, the rise of new developments and aging buildings cast doubt...
Read More
Top 5 : Places to See Singapore’s Skyline at Night
Singapore, a bustling metropolis known for its stunning skyline, offers an array of vantage points to witness the city's architectural...
Read More
Increase in ABSD April 2023
TLDR The impending rise in ABSD (Additional Buyer's Stamp Duty) is expected to suppress investment demand, allowing local homebuyers to...
Read More
