First and one of the most important thing to consider when buying a property is location
Land in Singapore is limited and will not grow much or at all for the long term. And with ever increasing population of Singapore. The high demand will drive up property for sale prices and also the increase in demand for room or apartment for rent in Singapore.
Whenever you look at a property or room for rent advertisement in the newspapers or in the internet. Always think twice about what are being advertised. As there could be some mistakes, estimation or approximation of facilities’ distances. Example the stated travel distance from the MRT or LRT to your future property might be further than what was being advertised. Therefore one of the important factor when buying a property or renting a room is to go to the actual physical site to take a good look.
Some property advertisers might even include in facilities like shopping centers which are quite a distance away. Therefore, it will be better that after viewing your showflat, apartment or room. Have a short walk around the unit and have some site seeing/viewing around the property.
Development in your district are also important. Example, will there be any business park or industrial development near your property. Will there be an increase in job opportunities near your property. Will there be any new roads ,MRT lines, LRT lines, etc in the future? These facilities will increase in rental demand and will also drive up your property price.
When doing comparison of condo units. You can use the following comparison factors to decide which condo project is best for you.
– The total number of units in the project
– The condo or project’s unique selling features
– location, location, location
– Any surrounding condo projects? If so what are their prices
– What are the demand and supply
– Estimated rental yield for the long term
– Is the condo project which you are interested to buy well advertised and know by many investors and prospective buyers
– What is the unit size which you are interested to buy
– What is the condo project tenure
– What is the condo project PSF (It will be best that you can list down any nearby condo’s PSF, to take note of your target audiences buying power and where they might purchase other than your unit)
– Another advantage which you need to look into is the condo project’s total land size. The bigger the overall condo’s land property, the more spacious and more facilities can be built into the condo project. Therefore, if the unit you are interested in have a larger total land size as compare to other condo project. Then in the future, you will have a higher/better chance of selling your condominium unit.
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