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...
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TLDR
When choosing a condo, it’s crucial to look beyond MRT station proximity, developer reputation, and price. Overlooked details can become significant issues, such as the limited number of parking spaces, lack of covered parking, and the absence of a front door in show flats. Hidden costs for facility bookings, rigid interior layouts that restrict renovations, the absence of a service yard, and custom layouts for complimentary appliances can also cause headaches. The proximity to a subway station matters for convenience, especially for families with young children or elderly members. Each of these factors can greatly affect your living experience and financial investment in the long run.
When it comes to choosing a condo, our minds instinctively gravitate towards the grandeur of MRT stations, the reputation of the developer, and the all-important price. And rightfully so! However, let us not overlook the seemingly insignificant details that could snowball into major headaches down the line. These sneaky factors, once dismissed, may come back to haunt us as unexpected dealbreakers. Take note, as homeowners share the common pitfalls they wish they had paid attention to from the start
1. There Are A Restricted Number Of Parking Spaces Available
While the buzz and excitement of living in a brand new condo may be alluring, the reality is that parking is becoming a pressing concern for those in the property game. The LTA, in their 2019 initiative, introduced the Range Based Parking Provision Standards (RPPS) for newer condos, allowing developers to provide a range of car parking options based on location zones and land uses. However, this means that some newer condos may have fewer parking lots than the number of units, leaving families with multiple vehicles in a tight spot. And let’s not forget the struggle of finding parking for visitors, which can be even more frustrating during festive seasons. The lack of allocated visitor parking in some newer condos has taken many buyers by surprise, leaving them scrambling for alternatives in the CBD or forcing their guests to trek through the rain from faraway HDB lots. On the other hand, older condos may have more generous parking options, but this luxury comes with a drawback…
2. There’s A Shortage Of Covered Parking Available
While old condominiums may offer ample parking spaces, they often lack the luxury of underground or sheltered lots. Unfortunately, many potential buyers overlook this fact during their condo evaluations, only to regret it later when they find themselves trudging through the torrential rain to reach their vehicle.
And even if one remembers to stash an umbrella in the car, it offers little protection against the elements, leaving your precious ride vulnerable to unsightly water spots and a layer of grime. Let’s not forget, in the urban jungle of Singapore, rainwater is far from pure and often carries specks of debris from nearby buildings and ongoing construction.
But it’s not just about keeping your car clean and shiny. Spare a thought for the elderly or those with limited mobility, who may struggle even more when faced with a soggy trek to their parked car. So before you make your final decision on that charming old condo, think twice about the convenience (or lack thereof) when it comes to parking options.
3. Lack of Front Door
When touring a show flat, one may notice the absence of a front door, leaving the actual entrance and immediate surroundings of the unit hidden from view. But beware, the truth may come as a shock to some prospective home buyers as complaints of the front door’s cheap and tacky appearance or clashing decor are occasionally heard. One must also consider the space just outside the front door – a crucial detail worth inquiring about. Perhaps some units offer the luxury of extra room for umbrella stands or shoe racks, while others may feel cramped or have the misfortune of having functional but unsightly features such as wet risers and fire hose reels right outside their entrance. Beware, these details are often omitted from brochures and show flats, so it’s wise to inquire about them during your visit.
4. Additional Charges On Top Of Regular Maintenance For Facilities
The anticipation among residents is that every amenity, from the sizzling BBQ pits to the pristine tennis courts, will be free for booking. After all, a monthly maintenance fee is already being charged by the condo. But, to everyone’s surprise, some condos have added booking fees for certain facilities.
These extra charges are said to cover the cost of cleaning up the area after use. In addition, there are reports of booking fees being imposed on popular facilities like tennis courts, with some condos even penalizing residents for consecutive bookings. This serves as a deterrent to prevent any one resident from hogging the facilities.
The fairness of these fees is a hot topic for discussion at the condo’s general meetings, especially considering that the initial management body, appointed by the developer, may not remain in power forever. For those looking to purchase a resale condo, it would be wise to inquire about these fees beforehand.
While occasional use of the facilities may not warrant concern, for those who enjoy frequent BBQ parties and regular tennis matches, the booking fees can quickly add up over the years.
5. Walls In Places You Don’t Prefer
Many hopeful homebuyers dream of personalizing their new condo to fit their specific needs and style. They envision knocking down walls and merging bedrooms to create their perfect space. Alas, not all condo units are blessed with this level of versatility. The construction methods used by the developer, such as the use of rigid load-bearing walls, may limit the extent of interior modifications. This could result in the retention of separate bedrooms, forcing the interior designer to work around the existing layout, which can come at a hefty cost. To avoid disappointment, it is advisable to obtain a floor plan and consult with an interior designer or contractor to determine the potential for renovations. Keep in mind that any changes would need approval from the management before any construction can begin.
6. No Service Yard Available
While having a washer/dryer may seem like a minor convenience, it’s crucial to remember that without a service yard, you are solely dependent on it for all your laundry needs. This may not be a problem until the appliance malfunctions or you want to cut down on electricity costs (after all, dryers are notorious for their excessive power consumption compared to the trusty old clothesline).
But that’s not the only drawback of not having a service yard. Smokers, whether they’re your guests, tenants, or even yourself, can leave an unpleasant lingering scent that seeps into every corner of your home. With a service yard, you can easily air out the smoke and avoid any smoky odors taking up residence in your living space.
And let’s not forget about those with special hobbies, like those who dabble in spray paints or airbrushing. The open-air service yard provides the perfect space to work on your projects without worrying about fumes or ventilation.
In general, having a service yard is a wise choice for homeowners. It offers the perfect balance of open-air space and enclosed areas, making it a valuable addition to any home. Don’t make the mistake of overlooking its importance, or you may find yourself regretting it when your balcony becomes a permanent clothes-drying station.
7. Custom Layouts Created To Complement Complimentary Appliances
Newly launched properties often come equipped with luxurious perks like complimentary white goods – think fridges, washer/dryers, and more. But some developers take it a step further and incorporate these appliances into the very design of the interior – custom carpentry to perfectly house the laundry machines or a built-in fridge. While visually appealing, there is a potential downside to this approach. Down the road, replacing these appliances with newer models may prove to be a headache as they may not fit the specially crafted spaces. This could lead to costly alterations and diminish the overall value of these features. For this reason, it’s best to opt for industry standard sized appliances in properties that offer these customized amenities.
Certainly, when there are several condominiums near a soon-to-open subway station, the proximity of one over the others can indeed make a difference.
Don’t underestimate the power of small things, for they can ultimately lead to a grand impact. The nearby condo holds the key to a direct connection, whether through an underground passage or a sheltered walkway to the station. However, those residing in units further away may miss out on such luxuries. And while they may still be in close proximity, nothing beats the convenience of a swift and sheltered journey to the station, especially for families with young children or elderly members. So before assuming all distances are equal, consider the advantages of being just a little bit closer – for even the slightest difference can make a world of a change.
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.
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