Every new couple in Singapore dreams of a new house to call their own and start their family. And for most of us, the house we finally decide upon is meant to be the home that our children and ourselves will grow old with. It becomes one of the most important decisions of our lives and yet we don’t pay it the amount of attention that we should. Of course, budget takes precedence however there are other factors to consider and all of them have little to do with budget.
Here are 2 essential tips from my experience that every prospective home owner should consider before purchasing their property.
What constitutes a “Good Quality Home”?
Now, this might be a little tricky and subjective but let’s stick to the facts. After working hard and saving up enough for a property, the first thing you should NOT do is to leave it up to chance that your property will be an amazing one and depend solely on what “feels” right. While emotions and instinct are important in decision making, you should also DO. YOUR. HOMEWORK. You are after all about to make one of the biggest (if not the biggest) purchases of your life (with money you and your spouse have worked so hard for) so turn your perspective around. Think of your property purchase as an investment (an asset) and you will be surprised at how much more seriously you will take your property.
Learn the background of the property and the estate as a whole if you can. Look at the big picture – not only the space inside the home but the environment outside as well. Prepare a checklist about the layout, location, convenience, safety, community, sunlight, where your unit is facing, how the air feels (in terms of ventilation and quality), and the noise level. Of course, it will be almost impossible to get the “perfect” house but you should at least know what to look out for to prevent any major experiences.
What is the future of your home (and estate)?
Think of the potential of the property you are considering buying. Think of the potential of the area you are considering buying the property in. We are not simply talking about the price of the property; we are talking about the value. Before just diving into any property for the general mass market, try to look into what the place has to offer. You can do this by investigating the nearby existing projects in the location and get to know more about their background for example, how much were they bought for, the value of the properties, rental yield, and resale values. Also, observe at how the location has developed over time, observe the community and culture.
Merely depending on the hype of the project is rather risky; you must ensure that all the hype is not just smoke and mirrors. You should examine and confirm that the hype can be substantiated with solid facts and figures. Look to the past trends to evaluate the value of your property, not the promise of the uncertain future developers and their marketing agents like to dole out.
Always keep these 2 pointers in mind when you’re in a showroom and you will already be more equipped in your decision making than many prospective home buyers. The brochures you receive and the showrooms you visit will always show you an ideal lifestyle. That’s what they are selling after all; they want you to buy your perfect life through the home. However, reality paints a different picture and we must be aware of and know how to see through the glamour to make a proper judgment.