Buying a home can be an exciting adventure, but it can also be a nerve-wracking journey. The excitement often begins with choosing a location. So, where do you envision your home to be? Is it the Instagram-friendly Tiong Bahru, the breezy Marine Parade, the quaint Joo Chiat, or central towns like Ang Mo Kio and Yishun?
Assuming you’ve calculated and confirmed your housing budget, what’s next? Here is a checklist to help you complete your priorities and start shortlisting and identifying your dream home.
Table of Contents
Proximity to MRT Stations and Key Amenities
Don’t underestimate the importance of having an MRT station near your home, preferably within walking distance. Locations further from an MRT station may require a feeder bus service, which could add 15 to 20 minutes to your daily commute. This might not seem excessive, but for those who need to send their children to school or are sleep-deprived, the extra time in the morning can make a difference.
Furthermore, properties near an MRT station are definitely more attractive to resale buyers. Properties within a 5 to 8-minute walk from an MRT station can command a 5% to 10% higher price compared to those not near one. Buyers should also not underestimate the importance of nearby amenities like malls, supermarkets, and restaurants, which not only add convenience but also improve quality of life.
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Condo Size and Family Planning
Are you planning to have children soon? Do you foresee your parents moving in with you in the future? That two-bedroom apartment in Outram Park might seem appealing, but is it spacious enough to accommodate any changes in your family unit? Family planning is an important step that all young couples should not skip, especially for those who have just married, as you may need to consider extra space for children.
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Proximity to Good Schools
Do you have school-going children or young children who are about to start school? Proximity to schools, or a specific school you wish to enroll your child in, is a key factor to consider as it will affect their daily commute for the entire school term. This is especially important if you are buying an HDB flat, as you must fulfill the 5-year Minimum Occupation Period (MOP) before you can sell it and move to another area.
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The Unit’s Orientation
The orientation of the unit, which is the direction it faces in relation to the sun, is another important aspect that homebuyers should not overlook. It’s not just about ensuring a good view of the city skyline or for Feng Shui purposes, but for practical reasons. As a rule of thumb, north-south facing units are the best, while east-west facing units are less ideal as they bear the full brunt of the afternoon sun. Owners of such units often have to spend more on electricity bills to cool them down and may face a discount on their asking price when they try to sell.
Tenure and Remaining Lease
The tenure of properties in Singapore includes types like freehold, 999-year leasehold, or 99-year leasehold. For most HDB flats, they are issued with a 99-year lease, and ownership reverts to the state after the 99-year lease expires. In other words, the HDB flat will be returned to the government upon lease expiry, and owners will not receive any compensation when the lease runs out. If you are interested in a leasehold property, especially a government HDB flat, it is important to check its remaining lease. If the remaining lease is less than 70 or even 60 years, it may be more difficult to sell the unit later on, as potential future buyers might face financing difficulties when purchasing your unit.
For private residential properties with freehold tenure, they do not have to be returned to the state as their ownership is valid indefinitely. Freehold properties are often popular among homebuyers as they tend to hold their value better and can be passed down to future generations.
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Future Regional Transformation Plans
Buyers should also be aware of any transformative efforts and initiatives aimed at revitalizing or gentrifying the area, such as new MRT stations, new business hubs, or shopping malls. Often, new transport infrastructure or commercial developments in the area can help boost the growth potential of your property in the years to come. This is not to say that you should specifically look for homes in areas planned for redevelopment, as gentrification is a lengthy process, and owners must be mentally prepared for construction noise and other inconveniences related to building and construction.
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Finally
Besides identifying your preferences and priorities, the most fundamental question a buyer may need to ask themselves is: What is the ultimate goal of purchasing the property? Will it be a forever home or will you upgrade to another property in the future? There is no right or wrong answer, but purchasing a property is a significant financial commitment that requires careful consideration. For many, a property has become a tool used to preserve and grow capital, provide a stable recurring rental income, build a retirement fund, or facilitate social mobility when they upgrade to a private property.
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