Are You Ready to Take on the Singapore Property Market in 2023? 12 Reasons to Be Hopeful (Or Wary)!
2022 sure was a rollercoaster ride for the property market, and the world! From war in Europe to skyrocketing interest...
Read More
Exploring the Resale Condo Market? Here’s What to Watch Out For!
TLDR
The impact of COVID-19 on Singapore’s real estate market has been significant, leading to a surge in demand for resale condo units. When considering buying a resale property, focus on the surroundings, amenities, and sheltered walkways for convenience and tenant appeal. Assess the building’s condition, including landscaping, poolside, and carparks, to ensure proper maintenance. Inspect the unit for flooring, walls, ceiling, and signs of pest infestations before making a decision. Check for renovations done to the unit and consider the neighbors’ profile for compatibility. Consider these factors carefully to make an informed decision when buying a resale property.
COVID-19 has had a profound impact on Singapore’s real estate market since the pandemic’s onset, becoming a highly-discussed issue ever since. From construction delays to an increased demand for larger living and working spaces, the virus has left an undeniable mark on the nation.
As an alternative, those who were unwilling to wait for prolonged construction durations or just desired bigger spaces, began to look towards the resale market for solutions – which is evident in the steady increase of resale volumes (and prices) in the private non-landed sector over the past eighteen months.
If you’re thinking of buying a resale condo unit – whether it be for investment or your own stay – here are five points you should keep in mind:
#1 Surroundings of the Development
Transportation
Buying a resale development that is well connected by all forms of transportation – Bus, MRT, Expressways – not only bodes well for your comfort of living during your occupancy, it can also translate into positive factors that tenants are looking out for if you do intend to convert the resale condo into an investment piece.
Amenities
There will be moments where you need to do food takeaways, shop for groceries or just to catch a breather outside, and this is when having amenities near the development will come in handy.
You might wish to check if there are amenities near your development such as eateries, supermarkets and sports complexes – for investors, having a wide range of amenities at your tenants’ convenience could also increase the appeal of your unit!
Sheltered Walkways
In case of rainy weather or when the sun is blazing down on you, having sheltered walkways leading directly to your development from your mode of transportation will be a huge plus.
As insignificant as this might sound, trust us when we say this is something you will be thankful for when you are saved from being drenched in sweat or rainwater!
An advantage of going for a resale unit as opposed to a building under construction is that you get to walk the ground and have first-hand experience of how it could be like living in the area.
Thus, instead of solely relying on online means to research the nearby amenities or point-to-point distances, there is no harm in taking some time to physically explore the surroundings and determine for yourself if you would indeed enjoy the living experience around the development.
#2 Condition of the Building
The proximity of public transport is key when it comes to occupancy rates; after all, who doesn’t appreciate a convenient way of getting to and from their destination? If you’re not a driver, understanding the transportation options within walking distance is a must, ensuring optimal ease of connectivity.
When opting for a resale property rather than a newly-constructed one, one compromise is the age of the building. As age accumulates, it brings with it inevitable deterioration, which can be exasperated by an inept management committee team. It is essential that you ascertain the building is being cared for to the fullest extent by the MCST.
Some key areas to look out for would be:
- Are the garden and lawn areas of the landscaping overgrown or unkempt?
- Is the poolside furniture clean, or are there missing floor tiles?
- Are there any rusted metal or plastic parts, broken swings, or damaged slides in the children’s playground?
- Even more surprisingly, some developments have turned their carparks into dumping sites, with trash and damaged bicycles piled up in a corner; make sure this isn’t the case in your shortlisted development!
#3 Condition of the Building
When it comes to buying property, you don’t have the option of returning or exchanging it if you’re not happy with it, so it’s crucial to thoroughly inspect the unit to make sure it meets your standards. This will also give you an indication of how much renovation you’ll need to do.
When you visit the property, it’s wise to check the following elements.
- Flooring ConditionExplore the different kinds of flooring you can choose from, like homogenous, marble, ceramic, and parquet! When selecting more popular floorings like parquet and marble, make sure you check for signs of fading or water damage, and if there are any cracks.
- WallsBe sure to look for any hairline cracks in the walls – these are often inevitable due to changes in temperature and humidity. But don’t overlook the more severe issues such as wider or bigger cracks; they may be a sign of more serious structural damage and could end up costing you a fortune to fix.
- CeilingOlder resale units could bring about some serious issues, such as water leakage and mould on the ceilings. Be especially vigilant around air-conditioners and bathrooms – they tend to be more moist than other areas. It’s not only costly to take care of the problems, but those with allergies or asthma may be particularly affected.
- Signs of Pest InfestationsNobody wants to live with the possibility of having to pay higher renovation costs due to termite damage. To be on the lookout for possible infestations, keep an eye out for termite droppings, transparent wings, or odd smells emanating from certain areas in your unit.
#4 Renovations Done to the Unit
Gaining knowledge of the kind of renovations done and how long ago can be extremely beneficial for you. This can help you determine if you need to spend more money on restoring the unit to its original condition. Furthermore, having an understanding of the money that has already been invested in the unit might even impact the amount you are willing to pay for it.
#5 Neighbours’ Profile
No doubt, there’s a definite upside to choosing a resale unit as opposed to a new-build: you can get to know your neighbours in advance and decide if their habits align with your own. For example, if tidiness is a priority for you, having neighbours who consistently leave their shoes and bicycles strewn about the hallway or have pots of plants blocking the corridor may have you second-guessing the unit you once considered perfect.
To supplement your own findings, you might want to probe the sellers of the unit to gather intel about your prospective neighbors – of course, they could be shrewd enough to conceal any unfavorable information.
Closing Thoughts
If you decide to buy a resale property, there are several things to consider such as the location, floor level and surrounding amenities. This could open up a lot more options for you; however, this could also mean that you have to take into account a lot more points. We hope that this article has provided you with guidance on the aspects to be aware of when buying a resale property, as well as how to evaluate them.
If you have any questions or need extra guidance during your home buying experience, don’t hesitate to reach out to me – I’m always here to help!
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
You May Also Like …
Why Selling Your Own HDB Flat May Be More Challenging Than You Anticipate: 7 Hidden Challenges to Prepare For
TLDR Selling your flat can be a daunting task, not because of the paperwork but due to challenges in marketing...
Read More
Top 5 Emerging Trends in Singapore Real Estate: What Investors Need to Know
The Singapore real estate market has experienced significant growth in recent years, attracting investors from around the world. As the...
Read More
What Are The Key Factors That Contribute To Property Valuations And Why Are They So Crucial?
TLDR Understanding property valuations is crucial for both buyers and sellers in the real estate market. Property valuations involve two...
Read More
Top 5 Tips : How to Choose the Right Type of Property to Invest in Singapore – Expert Tips and Analysis!
Investing in property has long been a popular method for growing wealth in Singapore. With million-dollar HDBs being sold and...
Read More
Should You Splash Your Cash on a Condo Despite the Sky-High PSF?
TLDR The blog post discusses various aspects of investing in condos in Singapore, covering topics such as leasehold versus freehold...
Read More
Singapore’s Urban Landscape Transformation: 5 Key Things You Need to Know
Singapore's urban landscape has undergone significant changes over the years, with the city constantly evolving to create a sustainable and...
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
Executive Condos in Singapore: Have They Outgrown the “Sandwich Class” Label?
TLDR The Executive Condominium (EC) scheme, once intended as affordable “sandwich class” housing, is now acting more like a lottery...
Read More
Top 5 Must-Know Facts about Luxury Properties in Districts 9 of Singapore
Singapore, a bustling city-state known for its impressive skyline and vibrant economy, has always been an attractive destination for property...
Read More
Learn How To Negotiate For The Best Price When Purchasing a Resale HDB Flat
Navigating the complexities of purchasing a resale HDB flat requires honing negotiation skills and market awareness. Understanding property valuations, seller...
Read More
The Importance of Due Diligence in Property Investing in Singapore
Investing in property can be a lucrative venture, but it also comes with its own set of risks and challenges....
Read More
Retiring in Singapore? Here’s Where to Find the 5 Best Property Investments for Comfort and Security!
Retirees have unique needs when it comes to property investments. They require properties that offer comfort, security, and easy access...
Read More
Breaking Through the Stalemate of En Bloc Sales
TLDR The Singapore property market faces challenges with the ongoing en bloc stalemate. Lower success rates, higher development risks, and...
Read More
Freehold Properties vs Leasehold Properties: Which is Better?
TLDR When it comes to property investments in Singapore, understanding the differences between leasehold and freehold properties is crucial. This...
Read More
Would It Be More Better To Engage One Property Agent Or Multiple Agents In The Selling Process?
TLDR When planning to sell your property, you have the option to work with one agent exclusively or non-exclusively. Engaging...
Read More
Top 5 Parks and Nature Reserves to Visit in Singapore
Singapore, often referred to as the "Garden City," is a vibrant and diverse nation that has made significant strides in...
Read More
The Illusion of Waiting: Why Cooling Measures Might Not Guarantee Cheaper Properties in Singapore
TLDR Cooling measures in Singapore’s property market don’t guarantee cheaper homes. While they aim to slow price growth, history shows...
Read More
5 Tips for Renting Property in Singapore
Renting property in Singapore can be a challenging task, especially for those who are new to the country. With Singapore's...
Read More
Top 5 Things to Do in Singapore on a Rainy Day
Singapore, the beautiful island city-state, is known for its sunny weather and stunning attractions. However, even in this tropical paradise,...
Read More
