Apr 7, 2016
The time to buy is now, but you want to make sure you’re getting the most bang for your buck when purchasing a home in Singapore. Consider the following factors when looking for your next home in Singapore:
It is obviously important that your new property itself looks well kept and aesthetically pleasing. However, it’s just as important that the landscaping and the area or neighborhood as a whole is well kept as well. If the landscaping of the property and surrounding neighborhood is well managed, it is a sign that the local council is proactive and will be helpful when it comes to other issues.
Lack of unplanned vacant land
A lack of vacant land in your new property’s surrounding area is a good thing when it comes to buying your new home. It means that there is no risk of future construction affecting your road access or your property’s good view. Investigate whether there are any vacant areas around your home that could affect the value of your property in the future.
Gated communities are in high demand and properties within them are generally much pricier than non-gated homes. According to Iproperty.com, properties in Desa Park City that were originally priced at RM450,000 are now priced at RM1.2 million. Bungalows, on the other hand, are much less in demand and lower in price than they used to be, considering the rise in condominiums and gated communities. If you’re looking for a less pricey home, bungalows may be the way to go, but if you’re looking for a property that will likely grow in value over the years, a home within a gated community could be a great investment.
Near high-performing schools
According to The Malay Mail Online, having a high-performing Chinese school in a neighborhood could add tremendous value to your property. More and more non-Chinese families are looking to move closer to these high-performing schools, bringing up the value and demand of properties surrounding the schools. More people want to live close to these schools, not only to send their children to them but also to have an excellent support system of parents.
Consider buying a home in a neighborhood with less pricey homes with a nicer, higher income neighborhood nearby. This home will likely grow in value over the years, due to its close vicinity to a higher income neighborhood.
Population growth in the area
If the population trend in your area is on an upward trend, you will more likely receive a higher return on your property investment due to the property demand in your area. Additionally, in areas with big or growing population, you will likely see better supply services like clinics, laundromats and restaurants.
Convenience or centrality of location
If your new property is in a centrally located area, it is more likely to be in high demand down the road. The convenience of your location also comes into play. For example, more and more people want the convenience of malls near their homes, so condominium units attached to malls are back in demand. Among the younger crowd, people are looking for fairly small studio or 1,000 square foot units.
Infrastructure and connectivity
In less centrally located areas like Cyberjaya or Setia Alam, connectivity and infrastructure are incredibly important. While these townships are less centrally located, people move there because highways now connect these towns to the city. Many people do not want to be too close to the businesses in the city, but they still want to be connected, so towns that are well connected to highways or LRT, MRT stops are a great option. Consider whether you want to be in the city or in a less populous township, then determine whether the less populated area is well connected to the city.
It is important that you research the developers behind your home before purchasing it. Make sure that your developer is reputable, has a good track record and a history of delivering quality homes in a timely manner. Also, check and see if these homes have a history of delivering a good return on investment over time.
Brand of your location
While location branding can change considerably over time, it is essential that you research the brand behind your potential new home’s location before purchasing it.
Now really is the best time to buy. A number of affordable homes are being built and since the nation is mere years away from becoming a developed nation, home prices will likely not fall anytime soon.
Whether you’re currently looking for properties for sale in Singapore or one of its neighboring townships with connectivity to the city, you can search listings on Property Guru. Hopefully, these factors will help you in your home purchase decision-making process!
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