Investing in real estate can be a tricky affair especially if you are doing it for the first time. However, even guru investors who have years of experience dealing with real estate and high-end property experience difficulties when it comes to making an investment decision.
Real estate investment is not an everyday affair. It is something that is likely to cost you a bulk of your money. Therefore, any mistake when making such an investment decision may see you run into major financial setbacks.
It is, therefore, advisable to take your time before signing those papers and do your research. Conducting your due diligence will give you a peace of mind and see you recoup value for money. Markets also keep shifting and new trends keep coming up. Therefore, it is important to keep yourself updated. Whatever worked ten years ago in Singapore may not apply today.
So what should you look out for when buying your condominium in 2017? Here is your perfect guide;
Any buyer out to invest in real estate should have an idea of the kind of community they wish to have for their condominium. Think about the area in which the property stands and your preferred lifestyle and ensure the two are in harmony.
When investing in a condominium, choose a location that suits you. If you are still in employment, think about how long it is going to take you before getting to your place of work. The location might be very inconvenient for you or you may end up spending too much money on transport. Therefore, ensure you target developments that you can access with ease.
Consider a property that is near social amenities. If you have school-going children, look for property that is near schools that your children will attend without traveling long distances. Other social amenities to consider include hospitals, shopping malls, among others. Though the buying price may be higher, it is worth it considering the benefits you are likely to enjoy.
Do not just buy a property from any developer. Buy from developers who have a good reputation and are known to develop stellar properties. Such developers who have built a name for themselves in the real estate niche are always out to ensure they deliver high-quality structures. With their experience in the property market, they know what mistakes to avoid when developing a property and are aware of the regulations of real estate. Guccoland is one such developer who has produced reputable properties like Martin Modern and Wallich Residences. With such a reputable developer, you are sure that you are in safe hands and your investment is safe.
Finances are the start and end of every project. Everyone would wish to own a beautiful condominium in Singapore, but finances limit our buying power. Therefore, before you go hunting for one, think about the cost of the project. How much will you be required to spend and is the money available? Do your market research and get realistic rates around your locality. You can even talk to agents and compare the prices from different developers. You can talk to your bank and evaluate financing options available.
Use this guide to make an informed decision before issuing your cheque. Take your time and do not purchase in a rush. If you are still not sure of your move, you can visit the showflat of the condo first. Else, consult a lawyer to guide you through the purchase process.