Top 5 Singaporean Dishes to Try
Singapore, a melting pot of diverse cultures and flavors, is known for its rich culinary heritage. With influences from Chinese,...
Read More
TLDR
In Singapore, some homeowners prioritize personal comfort, convenience, and family needs over financial gains in property purchases. YC bought a familiar condominium she had rented for years despite its aging lease and less attractive location, valuing emotional connection and space. Aaron chose a less appealing walk-up apartment near his workplace for convenience, accepting minimal profit in exchange for reduced commute and storage space. KH overpaid for an older HDB flat to support his elderly father and facilitate family closeness, prioritizing well-being over investment returns. These stories highlight that not all property decisions are driven by profit; personal circumstances and emotional value often guide choices. For those unsure whether to buy or sell, expert advice tailored to individual needs can help navigate Singapore’s real estate market effectively.
In Singapore, the common perception of property is often a dual one: a roof over one’s head and a lucrative investment. However, every so often, individuals emerge who prioritize personal circumstances and well-being over financial gains. These “true owner-occupiers” are rare, defying the assumption that such choices are exclusively for the wealthy. This article delves into the narratives of homeowners who knowingly acquired properties with little expectation of financial profit, yet found immense personal value in their decisions.
1. A Familiar Comfort: Acquiring a Rented Home
YC’s journey began unusually. Having rented an old condominium in Bedok South since 2009, she developed a deep attachment to the property. A recent widow, she and her son found solace in the familiar surroundings. “I didn’t do any research; I’m not good with property matters. I liked it because a church friend recommended it, and the landlady also attended my church. It was also very close to our former house in Lucky Heights. Although it’s not the most convenient, I find it’s larger than most newer condos, and there’s space for gardening, which I thought I wouldn’t have after moving from our landed property.”
When her landlady, a friend, decided to sell to move to Malaysia, YC, feeling a strong emotional connection and a desire to retain her established memories, offered to buy the unit. The landlady candidly warned YC about the property’s lease, which began in 1982, and its lack of proximity to an MRT, mall, or other major amenities – factors typically deterrent to investors. YC, however, remained unfazed.
“I am already so old, a 40-year lease is already more than enough for me. My son’s girlfriend has her own flat; they are planning to live there. I already have all my things here; I can’t find a place so big anymore. I have friends nearby; we go to the coffee shop across the road every Friday evening. And I am not the gallivanting type; I don’t go shopping or to restaurants. So I am quite happy to live out my life here.”
Despite the condo’s current resale value being below $990 psf (and likely to decrease further due to lease decay), YC considers her purchase one of her best decisions. The primary motivation was the certainty and familiarity gained from living there for four years prior to buying, an extensive “research” period that provided immense confidence in her choice.
2. The Allure of Convenience: An Unattractive Yet Strategic Walk-Up
Aaron faced considerable skepticism from his family when he announced his plan to purchase a walk-up apartment along Changi Road. His mother voiced concerns about its appearance, reminiscent of “badly maintained dorms,” the challenge of navigating three flights of stairs with his bad knee, and the “inauspicious” presence of a pawn shop downstairs. Even his realtor friend expressed dismay, pointing out the building’s age (late 1970s, despite a 999-year lease), maintenance issues, and the unappealing surrounding businesses. She also noted the stagnant property values, hovering around $1,100 psf for years.
Despite these warnings, Aaron proceeded with the purchase, driven by convenience. “Even if I don’t make money, it’s worth the convenience to me over the next few years. I can walk to Eunos MRT station from here, and I have my own business in Paya Lebar. It’s late by the time I close up, so I want to live close by. My girlfriend lives in PLQ, so we’re close to each others’ places. And this place is over 1,200 sq. ft. with two bathrooms, so it’s spacious enough if we settle down together.”
The unit’s recent renovations (less than five years old) and new air-conditioning minimized his additional expenditure to just $40,000. The ample space also serves as crucial storage for his business inventory, saving him significant costs. Moreover, the nearby affordable coffee shop adds to his convenience. Aaron hopes to sell the unit at cost after a decade, viewing any lack of profit as the price of years of unparalleled convenience.
3. Supporting Family: A Purchase Guided by Love and Gratitude
KH knowingly overpaid for an aging resale HDB flat (built in 1984), incurring a Cash Over Valuation (COV) of approximately $70,000. His property agent cousin vehemently advised against it, calling it “far too expensive.” Yet, KH’s reasons were deeply personal.
His primary motivation was to move in with his elderly, almost wheelchair-bound father, who wished to live near his second daughter in Bedok. KH’s own flat in Boon Lay was too far and already crowded with his son, daughter-in-law, and grandchild. The executive flat in Bedok was just minutes from his sister’s place, allowing for frequent visits, and serendipitously, his father’s old schoolmate and army buddy lived nearby, providing daily companionship. The closer proximity to his own office was an added bonus. The need for space, intensified by his father’s condition and the impending arrival of a domestic helper, made this particular unit indispensable.
“I felt from the first moment that this flat was right; it was a blessing for my family that was in the right place at the right time. So against the advice of my cousin, I told her please go ahead and let’s do the deal. I know I am overpaying, I know to some people this may not make sense, but not everything in life is about money.” KH views this purchase as a fitting repayment for his father’s selfless financial support during his own first home purchase years ago.
Despite the flat’s age and the significant renovation costs incurred, KH acknowledges that selling it today would yield “very little” net profit, possibly even a loss, despite the post-COVID surge in resale flat prices. “I don’t feel any pain though,” KH asserts. “I went into it with my eyes open, and it’s totally worth it to make my dad’s final years happy ones.” The added benefit of a significantly reduced commute to work is an unexpected bonus.
These stories highlight that while financial returns are often a key driver in property decisions, for some, the immeasurable value of comfort, convenience, and family well-being transcends monetary gains.
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 …
5 Reasons Why Timing the Singapore Property Market is a Risk You Shouldn’t Take
5 Reasons Why Timing the Singapore Property Market is a Risk You Shouldn't Take Entering the Singapore property market can...
Read More
Great Reasons for Condo Owners to Sell upon Reaching TOP – A Guide to Sub-Sale Transactions
TLDR A recent sub-sale transaction in Midtown Modern set a new record with a 2-bedroom home selling at $3,150 psf....
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
5 Reasons : Why Investing In Conservation Shophouses In Singapore Can Be A Unique Opportunity
Conservation shophouses are a unique and valuable investment opportunity in Singapore. These historic buildings are a key part of the...
Read More
The Psychology of Property Investing: 5 Reasons Why Singaporeans Love Real Estate
Real estate investing has always been a popular way to grow wealth and secure financial stability. In Singapore, the love...
Read More
Top 5 : Places to Learn About Singapore’s History
Singapore, a bustling metropolis known for its modernity and multiculturalism, is also a treasure trove of rich history and heritage....
Read More
Why Are Singapore Property Agents So Keen on New Launch Condos? Unpacking the Motivations in 2025
TLDR In Singapore’s 2025 property market, agents’ strong preference for recommending new launch condos is less about chasing commissions and...
Read More
Dual-Key Condo: Analysing The Pros And Cons
TLDR for "Dual-Key Condo: Analysing The Pros And Cons" When considering dual-key condo units, it's important to weigh the advantages...
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
How Can You Prepare for Retirement in an Expensive Real Estate Market? Discover Your Options Now!
TLDR The article discusses the challenges of investing in a second property for retirement amidst Singapore's real estate market conditions....
Read More
Top 5 Singapore Must-Dos: Unforgettable Experiences Await!
Singapore, a vibrant city-state known for its diverse culture and world-class attractions, offers an array of unforgettable experiences for both...
Read More
Top 5 : How Does One Choose Good Property In Singapore?
Choosing a property in Singapore can be an exciting yet challenging endeavor. With the city-state's dynamic real estate market, it...
Read More
Top 5 Places to Try Durian in Singapore
Durian, often referred to as the "King of Fruits," is a unique and polarizing delicacy in Southeast Asia. With its...
Read More
Top 5 Reasons : Why Do Singaporeans Still Flood The Property Market?
Singapore's property market has been a hot topic of discussion for many years, with its resilience and growth attracting both...
Read More
Singapore’s Property Jungle: A Guide to Every Development Type
TLDR Singapore’s real estate market features a diverse mix of property types—public HDB flats, executive condominiums, private condos, landed homes...
Read More
Top 5 : Places to See Singapore’s Skyline at Night
Singapore, a bustling metropolis known for its stunning skyline, offers an array of vantage points to witness the city's architectural...
Read More
Discover the Benefits of a SORA Home Loan in 2023: Why Consider SORA Interest Rates
TLDR The article discusses the transition from SIBOR and SOR to SORA as the new benchmark rate in Singapore's banking...
Read More
Singapore’s Top 5 Property Investment Hotspots for 2024
As one of the world's leading financial centers, Singapore has always been a popular destination for property investment. With a...
Read More
4 Key Factors to Consider When Purchasing a Private Property for the First Time
TLDR When considering buying or selling property in Singapore, it's crucial to understand factors like Additional Buyer’s Stamp Duty, Loan-To-Value...
Read More
