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
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 …
Market Mistakes in Property Investment: Key Lessons and Strategies for Success
TLDR In property investment, common mistakes include lack of research, overleveraging, and neglecting due diligence. To succeed, conduct thorough market...
Read More
Singapore’s Housing Phenomenon: A Success Tale Calling for Tweaks – Insights from the Experts
TLDR Singapore's housing system has been praised for its effectiveness in meeting citizens' homeownership desires. The public housing program by...
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
Why There’s No Perfect Time to Enter the Market
TLDR When it comes to property transactions, understanding the factors influencing rising prices is crucial. The pandemic has driven up...
Read More
Decoding the HDB Classification: The New Prime, Plus & Standard – What It Means for Singaporeans
TLDR The National Day Rally 2023 introduced a new classification for HDB flats, replacing the old 'mature versus non-mature estates'...
Read More
Why Home Staging Is Important In A Competitive Real Estate Market
Singapore's property scene has always been a powerhouse, effortlessly combining the new with the old. It's a real estate playground...
Read More
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
5 Singapore Property Trends to Watch in 2023: Expert Weigh In
5 Singapore Property Trends to Watch in 2023: Expert Weigh In Top 5 Singapore Property Trends to Watch in 2023...
Read More
5 Things to Know About Singapore’s Urban Redevelopment and Landscape Changes
As one of the world's most densely populated cities, Singapore has undergone significant urban redevelopment over the past few decades...
Read More
What Has Been The Most Significant Development In The Real Estate Market In 2022
TLDR In 2022, the real estate market saw significant interest rate hikes affecting home loan rates. Despite concerns, the market...
Read More
Top 5 : Dangerous Ideas Singapore Property Investors Have
Investing in property, particularly in a thriving market like Singapore, can be an enticing prospect. However, it's not without its...
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 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
Unveiling 4 Scenarios of CPF Accrued Interest Impact on Property Owners
TLDR When selling your first home, be aware of CPF accrued interest, which is the interest that would have accumulated...
Read More
HDB Owners Missing Out on the “Ultimate Upgrade” to Landed Living
TLDR Over the past two decades in Singapore, the trend of HDB residents upgrading to landed properties has fluctuated. While...
Read More
What is a Tenancy Agreement (TA)
TLDR When it comes to understanding property jargon, it's crucial to familiarize yourself with the specifics of a Tenancy Agreement...
Read More
5 Tips : How To Negotiate A Good Deal When Buying A Singapore Property
When looking to buy a property in Singapore, it's essential to know how to negotiate a good deal. Here are...
Read More
Investing in Singapore Real Estate as a Foreigner
TLDR The blog post discusses the rules and regulations for foreign investors looking to purchase real estate in Singapore. It...
Read More
Top 5 : Most Profitable Neighborhoods To Invest In For Singapore Property Investment 2025
As the global economy continues to recover, the real estate market in Singapore remains a promising investment opportunity for savvy...
Read More
