Home purchases are costly investments. Whether it’s your first home purchase or another for investment purposes, having an effective checklist and guideline in place prior to making a decision about property purchases can help to keep costs under control and ensure success.
The Continuum was built through an exciting collaboration with Hoi Hup Realty and Sunway and established in Singapore in 1983. Since that time, their property developer team has developed extensive expertise in various real estate fields. Over the last four years they have also actively acquired properties through government land sales as well as through an en bloc exercise.
Hoi Hup Realty have completed several developments prior to The Continuum Condo. They include Waterford Residence, The Continuum Showflat, Sophia Hills at Mount Sophia, Whitley Residences and Terra Hill at Pasir Panjang.
Affordability Check
Before investing your time and effort searching for homes, consult with a qualified property wealth planner who will conduct a full analysis of your financial abilities and obtain in-principle approval for loans – this can save both time and avoid frustration by helping to ensure that your dream home falls within your price range.
Consulting an experienced and skilled agent will assist in budgeting for renovation costs, stamp duties, irregular expenses, and tax optimization strategies for purchasing your home.
Property Type Choice
There are many types of housing in Singapore:
- BTO Flats
- Resale Flats
- Executive Condominiums
- Apartments/Condominiums
- Landed Properties
- Good Class Bungalows
What is your current situation? What Are Your Options When researching options in various properties, consulting an expert agent could make research much simpler and help narrow your choices quickly.
Location
Your ideal location depends on your top priority: proximity to family or amenities that meet those requirements? Homes close to malls or train stops tend to be preferred over areas further away and peaceful, according to one public study involving walking distances of at least 10 minutes for healthy adults.
Brand New or Resale?
There are both advantages and disadvantages of purchasing a brand new home, such as warranty on components, less renovation needs, new fixtures and modern style features that have not yet been installed, no previous owner record and similar entry prices for all buyers. Unfortunately though, this could lead to increased prices since people tend to avoid losses since that’s just human nature; additionally leasehold tenure will typically last longer.
New construction presents some drawbacks in terms of space sizes and overall dimensions of living and kitchen areas, which have significantly decreased since properties built previously. Furthermore, purchasing off a plan prevents you from seeing what the actual brightness would be as well as noise levels or water pressure issues before purchasing your property.
What Is Resale Property? Properties that are up for resale usually require significant remodeling, which may necessitate taking out an improvement loan or paying cash. If the renovation work was already completed, its cost will already be covered in your purchase price. Depending on its age and configuration, however, some hidden issues might pop up later regarding insulation, wiring, air conditioning pop floor tiles pipes fibre connections etc that you only realize later on. You should also plan for wear and tear charges or renovation expenses should work of the property not match expectations or your desired outcomes.
Indicative Valuation
Indicative Valuations Before placing an offer on a resale property, make sure your agent performs indicative valuations to make sure you’re paying an equitable price. An appraisal could have an effect on how much cash will need to be put down as part of CPF or loan contributions or loan approval – an essential aspect in purchasing any real estate property.
Note that an increase in price beyond value doesn’t automatically equate to overpaying. “Desktop”valuations services provided free of charge don’t involve traveling out to inspect a property and don’t take into account renovations or condition of house; valuation is an art and science in itself and opinions of appraisers may vary widely.
How can one measure the difference between sea view and city views? Depending on whether markets are in bullish or bearish state, views will vary accordingly. It is advisable to obtain at least three valuations from various banks such as DBS that tend to provide conservative valuations as this can provide useful insights.
Vacant Possession or Tenanted?
If you require an urgent home to live in, make a list of properties prior to receiving vacant possession. Your tenancy could end prior to completion of an Option for Purchase agreement (OTP).
If the property was sold through a tenancy contract, ensure that you read through and fully understand its original agreement for tenancy and contact an agent representing the property or your conveyancing company if there is any confusion as to its terms. Check specifically for break clauses, inventory lists and handover dates – it may also be wise to speak with potential tenants to make sure it is genuine tenants who remain after sale of your property.