Checklist: Things to look out for when buying a place

[Throttle2]

http://www.interactiongreen.com/tadao-ando-row-house-sumiyoshi/

 

Revolutionary design since the 70s

Cool and steady.

Everything else doesnt matter

Edited July 7, 2019 by Throttle2

[Wind30]

  On 7/7/2019 at 1:14 PM, Throttle2 said:

http://www.interactiongreen.com/tadao-ando-row-house-sumiyoshi/

 

Revolutionary design since the 70s

Cool and steady.

Everything else doesnt matter

 

[blueunicorn]

Check out this article about the qualities that make a good property agent. This is also a very important aspect when you have plans to purchase a property.

[PSP415]

  On 7/7/2019 at 1:14 PM, Throttle2 said:

http://www.interactiongreen.com/tadao-ando-row-house-sumiyoshi/

 

Revolutionary design since the 70s

Cool and steady.

Everything else doesnt matter

ðªð

No electricity.

 

He wants to remind us of how strong Mother Nature is. And the resilience of man to appreciate Nature fully.

 

I scare of Mother Nature but love her creations and beauty in so many ways. So i pass on this basic house cos i already appreciate and never ever will forget Mother Nature in all her splendour and moods.

 

Hehe...good article. Thanks for sharing.

 

Safe ride

Cheers

[Throttle2]

  On 7/8/2019 at 4:25 AM, Wind30 said:

I read the article... I don't think the design will appeal to the masses...

 

To me, a home needs to be COMFORTABLE. It is like the number 1 criteria and to sacrifice comfort for design...

 

"Ando embedded a tori-niwa patio in the middle of the house, which was literally a pass-through. It cut the entire house into two completely separated areas, and the residents had to walk through the patio in order to reach the other side of the house. For example, the bedroom was at the front and the bathroom was at the rear end. When it rained, people in the bedroom had to use an umbrella to cross the patio, just to go to the bathroom. When it was cold, it was hard on their feet.

Because there was no heating, the owner would ask: “Ando-san, what should we do in winter when it gets cold?” Ando would reply, “Sure, why don’t you put on a sweater?” And the owner goes: “What if it’s still cold?” “Find one more layer of clothes.” “What if it’s still cold?” “Sorry, there’s nothing more I can do for you. Leverage your physical power and live with it!”

Of course not.

Its not for the masses.

 

I love the love of off form concrete that Tadao revolutionized as well as the strIaght lines with light play

[therock]

Gotta say something about agents in light of the recent issues..

The pros

- a good agent can help. A lot.. they can find unlisted properties, help to push or convince the seller to lower the price or even take care of you when you want to move in, get rentals etc. 

Some of them are the whole package. And they keep in touch, often years after. I had one like that, but even he got greedy with my last transaction. Tried too hard to close a deal, was looking at the closing than giving me the best deal.

The cons

well that's the issue, money.... they are not your brother or your family (even if they are blood, money talks)... the aim is to close the deal, and some agents will only nego with those who are without an agent, why? because of this co-broking phenomenon. If there's co-broking, they share the commission, essentially halving it.

So some of of them will pretend that you did not bid enough, ask you to re-bid, when actually they are asking their own buyers to top up more and get someone who has no agent to bid more. Others may delay the deal and try to find a buyer who doesn't have an agent. 

Others like this one who got caught, will ask for more money.

There's no harm asking more than one agent to help you buy or sell, and may the best man win. 

My 2c worth.

[therock]

Check if your ID has been blacklisted before:

https://blog.seedly.sg/blacklisted-interior-designers-to-avoid-singapore-renovation-scams/amp/?fbclid=IwAR1HdjZpJDEsN3B4cf94AqNJ_BeigjCNCo6xisdLp8Py9akxqjH0l46Bthc

 

Like buying a car, you have to be vigilant.. see if they are BCA registered..

 

[therock]

Go for landed or condo, do your homework:

https://www.straitstimes.com/business/invest/find-out-how-you-can-press-home-your-advantage

 

https://daryllum.com/should-you-buy-a-condominium-or-a-landed-property-in-singapore/#:~:targetText=Unlike a condominium%2C landed properties,landed properties in Sentosa Cove.

What determines the value of a landed property:

https://daryllum.com/factors-that-determine-the-price-of-a-landed-property-in-singapore/

[LigmaBoss]

Tips for a first-time HDB buyer - https://blog.truuue.com/tips-for-a-first-time-hdb-buyer/

• Location, location, location

  • Consider if the location is right for your own circumstances. Think about your commutes to work, proximity to parents/family/friends, whether you want to be close to nature, etc.

• Flat position and orientation

  • Take a good look at the surroundings when evaluating a potential purchase, and perhaps visit at different times of the day too.

• Convenience and amenities

  • Availability of food and groceries, running/cycling paths, public transport connectivity (especially during morning rush hour); these are just some of the things you should evaluate before committing.

• Due diligence on flat and neighbors

  • One of the potential downsides of buying a resale property, unlike a BTO or new development, is that it has history. There are ears on the walls, and what's better than a pair that lives next door? Chat up with them and you might hear (troubling) things that the owner didn't want you to know. 

• Lease remaining

  • It’s important to be aware of the lease term remaining on the flat you’re considering, as this affects not just your loan financing but also your long-term housing decisions.

• Renovation

  • When selecting a flat, you should already have an idea of how long you intend to stay there. If it’s for the long term and you plan to do extensive renovation, then it matters less if the flat is in a dreadful state.

• Condition

  • Things to look out for are the condition of hard-to-replace structures such as window frames, doors and door frames, including the household shelter door.

• Financing

  • All the grants and subsidies available now are meant to entice more couples to purchase resale HDB flats. However, you should always do a careful analysis of your current and future financial situations.

• Regional development plans

  • If you’re looking to make a profit when you resell your flat, perhaps getting a flat in a less developed area (Jurong, Paya Lebar, Punggol, and Woodlands) that's in the pipeline for future developments might make more sense.

• Estate upgrading plans

  • Older HDB estates often go through various upgrading schemes, which are not just limited to exterior aesthetic work like block repainting. Some upgrading works such as lift upgrading and replacement of plumbing fixtures in the flat can have a very big impact. You may also want to time your renovation and move-in dates to avoid being disturbed by the upgrading works.

[Ysc3]

  On 10/23/2019 at 4:03 AM, therock said:

Gotta say something about agents in light of the recent issues..

The pros

- a good agent can help. A lot.. they can find unlisted properties, help to push or convince the seller to lower the price or even take care of you when you want to move in, get rentals etc. 

Some of them are the whole package. And they keep in touch, often years after. I had one like that, but even he got greedy with my last transaction. Tried too hard to close a deal, was looking at the closing than giving me the best deal.

The cons

well that's the issue, money.... they are not your brother or your family (even if they are blood, money talks)... the aim is to close the deal, and some agents will only nego with those who are without an agent, why? because of this co-broking phenomenon. If there's co-broking, they share the commission, essentially halving it.

So some of of them will pretend that you did not bid enough, ask you to re-bid, when actually they are asking their own buyers to top up more and get someone who has no agent to bid more. Others may delay the deal and try to find a buyer who doesn't have an agent. 

Others like this one who got caught, will ask for more money.

There's no harm asking more than one agent to help you buy or sell, and may the best man win. 

My 2c worth.

Expand  

most agents will lock you down within a certain period of time with an exclusive seller contract whereby they will give you discount on their commission.

[therock]

Lies that agents tell you

https://www.asiaone.com/lifestyle/3-common-lies-property-agents-tell-you

[mersaylee]

  On 12/4/2019 at 1:51 AM, therock said:

Lies that agents tell you

https://www.asiaone.com/lifestyle/3-common-lies-property-agents-tell-you

Expand  

Similar to the everlasting lines... - “now is the BEST time to buy...BEST condition in the market...BEST low mileage...” 

[therock]

The best time to best is when you are ready and need it..

Agents appreciate movement, up and down it matters less. So sort out your own finances and if you find something you like don't worry too hard about prices going down especially if you are buying to stay. 

The prices of new property is really climbing but the affordability has not changed much, i.e. the budget remains at the 1 to 1.5 mil mark and so the result is that the actual living area is gradually reducing. 

So unless you have a huge need to live in a private condo, HDB gives you the lowest prices and you can use the rest of the money to live well. 

The gap to bridge is now higher than ever and do your homework well, and don't end up in huge debts just to have a private condo address.

[bluesky3000]

  On 12/2/2019 at 4:53 AM, LigmaBoss said:

Tips for a first-time HDB buyer - https://blog.truuue.com/tips-for-a-first-time-hdb-buyer/

• Location, location, location

  • Consider if the location is right for your own circumstances. Think about your commutes to work, proximity to parents/family/friends, whether you want to be close to nature, etc.

• Flat position and orientation

  • Take a good look at the surroundings when evaluating a potential purchase, and perhaps visit at different times of the day too.

• Convenience and amenities

  •  Availability of food and groceries, running/cycling paths, public transport connectivity (especially during morning rush hour); these are just some of the things you should evaluate before committing.

• Due diligence on flat and neighbors

  • One of the potential downsides of buying a resale property, unlike a BTO or new development, is that it has history. There are ears on the walls, and what's better than a pair that lives next door? Chat up with them and you might hear (troubling) things that the owner didn't want you to know. 

• Lease remaining

  • It’s important to be aware of the lease term remaining on the flat you’re considering, as this affects not just your loan financing but also your long-term housing decisions.

• Renovation

  • When selecting a flat, you should already have an idea of how long you intend to stay there. If it’s for the long term and you plan to do extensive renovation, then it matters less if the flat is in a dreadful state.

• Condition

  • Things to look out for are the condition of hard-to-replace structures such as window frames, doors and door frames, including the household shelter door.

• Financing

  • All the grants and subsidies available now are meant to entice more couples to purchase resale HDB flats. However, you should always do a careful analysis of your current and future financial situations.

• Regional development plans

  • If you’re looking to make a profit when you resell your flat, perhaps getting a flat in a less developed area (Jurong, Paya Lebar, Punggol, and Woodlands) that's in the pipeline for future developments might make more sense.

• Estate upgrading plans

  • Older HDB estates often go through various upgrading schemes, which are not just limited to exterior aesthetic work like block repainting. Some upgrading works such as lift upgrading and replacement of plumbing fixtures in the flat can have a very big impact. You may also want to time your renovation and move-in dates to avoid being disturbed by the upgrading works.

Expand  

Very good points especially the looking at the regional development plans. I agree with that and also read that in another site while find ing out what i must look out for when buying my first home. Better to be careful and over research than to pay tuition fee which will be damn expensive. 

A Very Comprehensive Property Buying Guide Checklist

Some good extra pointers in the article that i didn't know to ask about also like sinking fund, bonus floor space in the layouts and benefit of big or smaller conod to buyy.

[Icedbs]

  On 12/4/2019 at 1:51 AM, therock said:

Lies that agents tell you

https://www.asiaone.com/lifestyle/3-common-lies-property-agents-tell-you

Expand  

I was reading the above with an open mind, until I started to sense a high degree of speculation and bias.  And when I saw at the end written by Property Soul, I gave up. 

Except for the first "lie" (have ready buyers), the other 2 "lies" are extremely subjective.  

If there is anything I wish the authorities to fix in order to improve the industry, it is these 3 things :

1) Fix the fees. Instead of leaving it for negotiation, fix the agent fees so that everyone knows what they are getting into. 

2) Make it illegal for agent to choose not to cobroke.  Not cobroking means less choices for their client and that's not to the client best interest.  Every line in  the professional conduct manual is steered towards client best interest, so why then allow agents to have a choice to cobroke or not?

3) Make all the older agents go through RES exam to re-certify them. I know this is just a wish and will not happen because how to tackle a sudden increase in Sporeans unemployment numbers?

 

 

[bluesky3000]

 

  On 12/4/2019 at 2:32 AM, therock said:

The best time to best is when you are ready and need it..

Agents appreciate movement, up and down it matters less. So sort out your own finances and if you find something you like don't worry too hard about prices going down especially if you are buying to stay. 

The prices of new property is really climbing but the affordability has not changed much, i.e. the budget remains at the 1 to 1.5 mil mark and so the result is that the actual living area is gradually reducing. 

So unless you have a huge need to live in a private condo, HDB gives you the lowest prices and you can use the rest of the money to live well. 

The gap to bridge is now higher than ever and do your homework well, and don't end up in huge debts just to have a private condo address.

Expand  

Agreed with you , sometimes it's best not to do anything than to stretch yourself financially to invest in a private condominium . 

[bluesky3000]

  On 12/7/2019 at 12:04 PM, bluesky3000 said:

Very good points especially the looking at the regional development plans. I agree with that and also read that in another site while find ing out what i must look out for when buying my first home. Better to be careful and over research than to pay tuition fee which will be damn expensive. 

A Very Comprehensive Property Buying Guide Checklist

Some good extra pointers in the article that i didn't know to ask about also like sinking fund, bonus floor space in the layouts and benefit of big or smaller conod to buyy.

Expand  

Had also came across this blog article 4 Important factors when buying a property , which also provide insight information to look out for when buying a property. 

[therock]

Some bros have been asking for the drop, the 5-10% drop in price that will allow them to score that dream home.

And with a low mortgage rate too. 

Well, this could be your time..

It won't be hard to find some bank who will give you under 1.6%. In fact some will go lower.

But some things to check first:

- how secure is your job? Is it as secure as you hope it to be? 

- how much do you earn? It may be less now even if you have an iron rice bowl. The bonuses will be different and if you are relying on it for a downpayment, be careful.

- check if the other party has financial issues, and if the place has more than one owner. Fire sales generate good prices, but make sure the place is actually his / her to sell. Get legal to check it. Do Not simply rely on your agent, who may be so hungry to sell that they may neglect to check.

- if you need to sell your own place, the price would have dropped too, so check on whether the budget still fits

- and as for renovations, check on your contractor, some may not survive this, so those one which did a good job the last time may be in danger of collapse too

- finally will there be delays because of lack of materials. Get realistic with the renovation times 

 

If you have a steady income, this is a good time...