王天财
7 Must-Know Home Buying Tips
Every home has a story
We’re here to help you tell it.
Tip #1 Match your qualifications against your budget
With the changes taking place in the property market, it is absolutely important that you know what type of properties, grants, loans that you are eligible for.
This is essential to know you would not over-stretch your monthly liability budget, or end up with too heavy a loan to shoulder.
Generally, we would recommend that you keep your monthly repayments to be within 20 - 30% of your household income. For loan assessments, you can check them out beforehand from banks to know your estimated loan IPA (i.e. In-Principle Approval).
Buying a property is one of the biggest assets you can have in your life. When in doubt, feel free to consult us.
Tip #2 Factor in Maintenance Fees for Private Properties
In the spur of buying a private property, many may forget that there are monthly maintenance fees to pay for as well. As this becomes a fixed expense every month, it can be quite a significant hit on your finances. This is especially so for some of the premium places that have higher maintenance fees for the luxury facilities they offer.
Be sure to check out the maintenance fees you are required to pay. After all, the bigger your unit, the higher its share value. This will in turn mean higher maintenance fees to be paid.
Tip #3 Spread your viewings across different times of a day
If you are considering a resale unit, do your viewings across day and night to check the surrounding environment and the unit lighting in detail. This way, you can have a deeper understanding and better depiction of the traffic in the area during morning and nighttime, the sunlight in the morning, and the lighting in the evening.
This way, you are better able to manage your expectations and know which unit you prefer depending on where it is facing. For example, units that do not face west will generally not have west sun, and will be cooler. This would imply fewer tendencies to turn on the air conditioner during the afternoon hours.
Tip #4 Take your own trip to nearby amenities
During the process of deciding on a unit, you would get to know the details on the nearby MRT and amenities. Instead of relying on Google Maps and published information online, take the chance to travel yourself and experience it.
Take the car ride from the unit to the primary school you want to send your kid to. Take the talk to the nearest MRT and experience which parts are sheltered or not. Take the stroll to the nearest eatery to know what to expect for family dinners and weekend dates. Only then you would know whether if the lifestyle at the unit is something you envision.
Tip #5 Avoid High-Risk Units
There are some types of units notorious for being avoided at all costs, except for some that were not aware. For example, one would prefer to avoid units that are near to or face the rubbish collection point due to the smell and hygiene. Otherwise, there is also the concern of the proximity or facing view towards substations and highways, due to the noise and air pollution.
Even if you don't mind, this might also affect your exit strategy as such concerns may be voiced out by the next potential buyer years later. This will affect the flat's resale value and make it harder to sell in the future.
Tips #6 Determining the right price
Setting the right buying price of the property is important. The price will be measured against the present and future market conditions, which makes it tricky to determine. To set the right price, you will also need to do ample research in the buyer market in the area, along with the development plans in store.
Some other factors include:
a) Month of Supply
Month of Supply measures the number of months it takes for the current supply of properties in the market to sell, based on the current pace of properties sales. This will give a good projection of existing and future supply, playing a significant role on the prices
b) Hi-Lo Price Ratio
Other than the current prices in the market, we also need to look at how the porperties listed price compare to the recent transacted price for a more accurate analysis. Hi-Lo price ratio is the number of high price listings over the number of low price listings.
c) Monthly Absorption Rate
This refers to the rate of properties sold, which is determined by looking at the properties sold in a specified area during a given time period (i.e. usually a one month period).
Equipped with these information, you will be much closer to determining the right selling price for your property.
Tip #7 Reach out to a Professional for consultation
When in doubt, it is best to lay down your worries by getting advice from a professional in the field. Getting the right unit at your desired price is tricky. If you are also unsure about the processes and timeline in place, it makes the whole situation even more uncertain. At worse, it might even affect your progress or make you miss the unit you want.
In face of such a situation, it is best you engage a professional agent to assist with all these aspects - looking into essential processes, key procedures, scheduling viewings, price negotiations and more.
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Mr & Mrs Tan, Changi Rise
I am both awed by and thankful for Kaeden's impeccable attitude, commitment, dedication, responsiveness and counsel during the course of our long transaction which spanned several months for both our sale and purchase sides. He even went the extra mile for us on multiple occasions and should be highly commended for his work ethic and professionalism. I would definitely recommend him to anyone in search for a trusted and stellar partner.
VERIFIED BY FINDPROPERTYAGENT.SG
Eric, Bukit Batok 394
Professional Agent. Glad To Meet Him. Manage To Sell For Me at Good Price and Negotiate the Best Price For My Purchase
Lenz, Bellewaters
Would like to compliment your agents Keaden Ong and Dean Howard Wong and for their professional presentation in Bellewaters and the terrace projects.
VERIFIED BY FINDPROPERTYAGENT.SG
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