Buying a Second Property – 3 Key Factors to Consider
TLDR When navigating the complexities of purchasing a second property in Singapore, ensure you meet eligibility criteria, consider affordability factors...
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 …
Beware of These 7 Deceptive Tricks In Showflat Condo Sales
TLDR When navigating the complexities of the real estate market, it's crucial to be wary of hidden marketing tricks when...
Read More
The Truth About Buying An Old Condo: Homeowners Reveal Their Top 5 Regrets
The Truth About Buying An Old Condo: Homeowners Reveal Their Top 5 Regrets Some homeowners may find themselves regretting certain...
Read More
Top 5 Factors : What I Wish I Had Known about Singapore Property Market
Singapore's property market has always been an attractive investment option for both local and foreign investors. With its stable economy,...
Read More
A Beginner’s Guide to Homebuying: How to Choose the Perfect Property
TLDR When considering property investments, understanding your motives is crucial. Factors like accessibility to amenities, remaining lease, transaction history, rentability,...
Read More
Why En Blocs Often Fail to Succeed
TLDR In this blog post, the focus is on the challenges and complexities of en-bloc transactions in Singapore's property market....
Read More
Top 5 Tips: Gain an Edge in the Singapore Property Market: Steps to Boost Your Investment Returns
The Singapore property market has always been a hotbed for investors looking to make substantial returns on their investments. As...
Read More
Top 5 Factors : Why Singapore’s Luxury Property Market Still Has Room For Growth
Singapore's luxury property market has been experiencing significant growth in recent years, with private home sales in the Core Central...
Read More
5 Must-Know Questions Before Investing in Real Estate
TLDR When considering whether to buy a new development or a resale property, it can be challenging. In the blog...
Read More
5 Tips : How To Invest In Singapore Property Without Losing Sleep Over It
Investing in Singapore's property market can be a lucrative venture, but it's important to approach it with caution and a...
Read More
Top 5 Best Hidden Photography Locations in Singapore
Singapore, a vibrant city-state known for its iconic landmarks and bustling urban landscape, is also home to numerous hidden gems...
Read More
5 Cons Of Buying A Resale Property
Luxury properties in Districts 9 and 10 of Singapore are highly coveted, and for good reason. From stunning views and...
Read More
Discover Singapore: 5 Must-See Attractions for a Culture Lovers’ Paradise
TLDR Singapore stands out as a top destination for culture lovers, offering a rich blend of heritage and modernity through...
Read More
Singapore Living: 5 Must-Know Factors for Choosing the Perfect Neighborhood
Singapore Living: 5 Must-Know Factors for Choosing the Perfect Neighborhood When it comes to purchasing a property in Singapore, the...
Read More
Reduced Lease Durations for HDB Flats: What Potential Savings Could Your Property Offer?
TLDR Shorter lease HDB flats are typically about 22–25% cheaper than their 99-year counterparts, based on both resale and BTO...
Read More
Snag a Sentosa Condo for 40% Off? Should You Consider It!
TLDR The Residences at W Singapore Sentosa Cove has slashed prices by over 40%, but there are important details to...
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
Is Renting Out Your HDB to Live in a Condo a Smart Move? How Rentvesting Can Help You Save Money
TLDR Rentvesting is a strategy where individuals rent a home in their desired location while purchasing investment properties in more...
Read More
Top 5 Tips How to Find Your Dream Home in Singapore: A Step-by-Step Guide
Singapore, a vibrant and dynamic city-state, offers a diverse range of housing options for prospective homebuyers. From condominiums and HDB...
Read More
5 Amazingly Fun Things to Explore in Singapore!
Singapore, a vibrant city-state located at the southern tip of the Malay Peninsula, is a melting pot of cultures and...
Read More
