The Cost of Housing – Affordability vs Premium?
TLDR The blog post discusses the challenges Singapore faces in housing affordability, particularly the rising costs of private homes compared...
Read More
TLDR
The Singapore housing market is a rollercoaster of unpredictable changes. Three homebuyers share their experiences: Tristan waited too long due to cooling measures, Daniel sold too soon and spent years renting, and Steven bought small units too early. It’s hard to give one-size-fits-all advice on buying or selling property. Seek strategic real estate advice and connect with the right buyers for success.
The Singapore housing market is a lot like a rollercoaster ride – unpredictable and full of ups and downs. Changes can happen in the blink of an eye and sometimes, decisions that seemed smart at the time can end up being not-so-smart later on.
We’ve put together some stories from homebuyers who have faced this truth head-on.
Let’s see if we can learn something from their experiences.
1. Playing the Waiting Game with “Temporary” Cooling Measures
Meet Tristan, who back in 2011, almost bought a second condo. His thought process was simple: “We were thinking of buying a small unit for my daughter who was renting at the time. The plan was for her to live there until she bought her own place, and then we could rent it out.”
But then the government introduced a three per cent ABSD (Additional Buyer’s Stamp Duty). Tristan thought this was just a temporary measure. He asked his agent if he should wait until it was removed. She suggested it might not be a bad idea. So, he waited.
Fast forward to 2013, and the ABSD increased to ten per cent. That’s when Tristan decided to buy, but he ended up with a less desirable unit and paid the seven per cent ABSD unnecessarily.
To add insult to injury, property prices had gone up from around $1,100 to over $1,300 psf during his waiting period. And today, the ABSD is even steeper, standing at 20 per cent for a second property purchase.
2. Selling Too Soon And Spending Years Renting
Then there’s Daniel, who sold his unit one year from completion. “The location was perfect – just minutes from my office and close to my in-laws. But the buyer was keen, and the return looked good,” he explains.
After selling, however, Daniel couldn’t find a suitable replacement. He ended up renting in various places over the next 4.5 years, until he finally bought his current unit – which is less than a km from his original one!
3. Investing Too Soon And Buying Units That Were Too Small
Steven was always excited about property investment. By the age of 30, he had bought two one-bedroom units with the help of his dad and uncle. But when he decided to settle down few years later, he realized both units were too small for a family. He had to sell them at a time when the market wasn’t so good.
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 …
The Hidden Hurdles of Purchasing a BTO Flat in Singapore: Unveiling 4 Lesser-Known Challenges During the 5-Year MOP
TLDR When contemplating the purchase or sale of a property under the Minimum Occupancy Period (MOP), it's crucial to consider...
Read More
Top 5 : Best Hidden Beaches in Singapore
Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also home to some of the most...
Read More
Why The URA Master Plan Matters For Your Property’s Potential
TLDR The URA Master Plan entails significant shifts like the relocation of Paya Lebar Airport or creation of Punggol Digital...
Read More
3 Property Owners Reveal Their Major Mistakes: The Pitfalls of Ill-timed Home Sales
TLDR When it comes to navigating the ups and downs of the Singapore property market, timing is crucial. Three real-life...
Read More
5 Biggest Mistakes I Made When Starting Out In Singapore Property Investing
Investing in Singapore property can be an excellent way to generate passive income and build long-term wealth. However, like any...
Read More
Unpacking Property Ownership: Joint Tenancy vs. Tenancy-in-Common
TLDR When a property has multiple owners, the choice of ownership type is crucial to determine how shares are distributed...
Read More
Top 5 : How Does Investing In Luxury Condos In Singapore Compare To Investing In Other Real Estate Asset Classes In Terms Of Long-Term Capital Appreciation?
Investing in real estate has long been considered a reliable way to build wealth and diversify one's investment portfolio. In...
Read More
Top 5 Tips : How Does One Choose Good Property In Singapore?
Singapore, a thriving city-state known for its impressive skyline and robust economy, has always been an attractive destination for property...
Read More
Quick Guide for Condo Sellers: Timeline to Sell Condo in 2023
TLDR When selling a condominium in Singapore, understanding the critical steps is key. First, ensure you are not liable for...
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
The 5 Most Popular Types of Properties to Buy in Singapore
The 5 Most Popular Types of Properties to Buy in Singapore 1. Condominiums: Condos are popular among buyers because they...
Read More
Will New Launch Condos See a Drop in Prices Soon?
TLDR The real estate market in Singapore is experiencing a trend of lackluster bids for prime properties in various locations....
Read More
5 Unexpected Factors That Make Some New Launch Condos Sell Like Hotcakes
TLDR The Singapore property market for new condo launches in 2023 saw varying degrees of success. Factors like limited competition,...
Read More
Beware! Spot These Warning Signs Before Making a Home Purchase!
TLDR When purchasing a property in Singapore, it is crucial to thoroughly assess various aspects of the home to avoid...
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
5 Pros of Buying a New Development
Deciding whether to buy a new development or a resale property can be a challenge. In the next few video...
Read More
Top 5 : Best Architectural Marvels in Singapore
Singapore, a vibrant city-state known for its diverse culture and stunning skyline, is also home to some of the most...
Read More
Top 5 Cocktail Bars in Singapore for a Night Out
Singapore, the vibrant city-state known for its impressive skyline and diverse culture, is also home to an exceptional cocktail scene....
Read More
Why Aren’t Spacious, Wallet-Friendly Homes Our Reality Yet?
TLDR The article discusses the current housing market in Singapore, focusing on the challenges faced by individuals like Sherlyn Tan...
Read More
