Checklist: Things to look out for when buying a place

[therock]

Renovation costs do play a large role.. and sometimes buying a brand new unit makes sense..

But do note the down side is you can't customise the place to your individual liking as much, and some fittings may not be that good.

 

But the upside is you avoid the pain and agony of monitoring a rebuild. Trust me, that's no mean feat. The cost mentally, physically and of course financially cannot be underestimated. 

Renovations can be unpredictable, eg unexpected costs, land soil issues, accidents, or even weather. That's not even including bad builders and those who go bust. 

So a completed unit has it's advantages.

Edited May 11, 2019 by therock

[therock]

Things to check:
Caveats lodged in the adjacent areas, when were they transacted, and make sure they are like for like

Look at the land area in particular for landed units

Whats the potential GFA and plot ratio, even for condos

Any en bloc potential?

What's the likely development in the neighbourhood?

[therock]

Some useful links:
The URA master plan and what it means:

https://www.ura.gov.sg/Corporate/Planning/Draft-Master-Plan-19/Themes?utm_source=Google&utm_medium=Paid%20Search&utm_campaign=UR1901%20(CMS-WM)%20-%20URA%20Digital&utm_term=Sitelink&utm_content=DraftMasterPlan2019

 

 

https://blog.moneysmart.sg/property/ura-master-plan-singapore-property/

 

Yield and profits:

https://blog.moneysmart.sg/property/investing-singapore-property/

 

Tips for buying in a good location:

https://blog.moneysmart.sg/property/3-tips-buying-home-good-location/

[therock]

It's may have been discussed in many places, but here's a summary of the pros and cons of landed housing vs a condo or other types of private housing.

 

(YMMV, and these are generalisations of course)

 

Landed pros

 

- it's yours and no one shares anything with you except the adjacent wall if you aren't in a bungalow

- the ultimately in exclusivity

(no shared elevators, your very own car park, porch and garden etc)

- if you love to brag, this will give you a significantly higher 'I've arrived' bragging rights (YMMV and some will have extremely exclusive condos too)

- you don't pay maintenance fees (but your conservancy charges eg clearing rubbish will be higher)

- if it's freehold or 999 yrs, it's your forever (yes, the government can reclaim anything)

- you can redo the place to any style you want

- space, the ability to do it as you like, and most landed places are larger than condos and great for multi-generation homes

- lower psf (especially if you measure the built up area)

- the ability to build and expand (somewhat)

- you can make noise and have more parties than in a shared community without worrying as much about neighbours, especially if you are far from the next home

- capital gains are higher

- the scarcity factor makes landed the preserve of only a few

- can be very quiet and exclusive, with few neighbours (however if the immediate neighbours are from hell, then it could be worse too)

 

 

 

Condos

 

- the privacy isn't too bad, but it can be potluck in choosing neighbours

- shared costs: 

you can get a pool, tennis court and other amenities for less cost by making your neighbours pay part of the costs

- you don't need to maintain these amenities yourself and the cost can be less if your condo is very large

- the view (some places are higher up and have a nicer view)

- the potential for en bloc

- rental yields are higher and it's easier to rent and to sell

- easier to find a unit that you like than a house

- more likely to be near amenities / trains / major roads
(which of course makes it less secluded and potentially less exclusive and quiet too) 

- more influenced by what kind of neighbours are next to you

- the next block could be really close by

- it's cheaper to install aircons and get quotes than landed sometimes (but still more than a HDB)

- less likely to have animals or infestations

- easier to find parking (most of the time) but the lot is not really yours

- better suited to the elderly where stairs climbing is not desired or wanted

 

 

Each type of home suits different buyers and there's no one answer or one size that fits all

 

 

 

[Vinceng]

Smell the air in the neighborhood. Maybe there are bad sewers, poor cooking or even fumes from factories or restaurants going into your potential home.

 

Sound advise. Best also is to avoid some properties like Gem Residences at Toa Payoh, which is located beside a columbarium. The smoke from the burning of offerings can be very unbearable, especially during specific periods like Qing Ming, Hungry Ghost month.

Some may also be sensitive about living right next to the dead.

[therock]

Another thing to look out for apart from URA plans are the LTA ones..

Will there be new roads / highways etc.

Some will make your place more noisy, expose it to more traffic, and others will improve connectivity.

 

Eg

 

The proposed new MRT line looks exciting for those in the South:

 

 

https://www.channelnewsasia.com/news/singapore/lta-master-plan-transport-new-rail-line-11564618

 

 

SINGAPORE: The Land Transport Authority (LTA) will study the feasibility of constructing a new rail line to serve the developing north and northeastern regions of Singapore.

The new line would supplement the transport network in those areas to serve new and growing developments as well as existing towns which currently do not have direct access to the rail network, LTA said in its Land Transport Master Plan 2040 (LTMP 2040) which was released on Saturday (May 25). 

 

The proposed line could cover areas such as Woodlands, Sembawang, Sengkang and Serangoon North, as well as Whampoa, Kallang and the Greater Southern Waterfront, LTA added.

 

 

As part of the feasibility study, LTA will assess issues such as demand, station locations and how long developing the new line would take. It will also take into account existing and future land use developments along the corridor.

 

“When completed in phases, the line could serve more than 400,000 households, with commuters in the northern region of Singapore enjoying time savings of up to 40 minutes to the city centre,” said LTA.

It also said that the new line could relieve increasing travel demand along the northeast corridor and strengthen the resilience of the MRT network. 

“This would help to make rail a faster, more convenient and reliable transport option for more Singaporeans,” added LTA.

The feasibility study will begin shortly and take up to two years to complete. 

Read more at https://www.channelnewsasia.com/news/commentary/nature-walking-outdoors-time-better-health-metal-wellbeing-11542988

[therock]

A nice article on affordability of landed:

https://blog.moneysmart.sg/property/landed-property-singapore-price/?utm_campaign=coschedule&utm_source=facebook_page&utm_medium=MoneySmart&utm_content=Can%20Average%20Singaporeans%20Actually%20Afford%20To%20Buy%20Landed%20Houses%3F&fbclid=IwAR12NC7TOUIx9TDAaEfzWNV_nI0VMaixfn_LedIjVjyi2LDfqNtp9j3In2o

[therock]

Five things to check during a property viewing:

https://cnalifestyle.channelnewsasia.com/trending/things-to-check-when-viewing-property-singapore-11437142#cxrecs_s

Checking out the community is something that's often missed..

 

Talk to your potential neighbours.. are there any feuds, psycho neighbours etc.. 

[GEBuyingAgent]

Thank you, mate.

So we have checklists for buying a new car, and why not one for a new home?

 

I've consolidated what I have previously written here, so everyone can benefit and also contribute and some of the info comes from other bros.

 

Before we even go into the list, there are some basic things to do:

 

- make sure everyone in the family agrees to this purchase, and whether it's for investment or as a home

- check your financials well and get a large enough budget to buy and for renovations or other costs

- do your homework! Check the online property forums, buy and sell places and see what your money can buy and which regions suit your needs best

 

So, now onto the buying process

 

 

Is it going to be landed, a flat or a condo?

 

Some of the general principles which apply to all three types:

 

 

 

 

 

Is the home paid for or is the seller still in debt and not bankrupt 

How many owners are there, and any divorce in process. Who is the legal owner or executer of the property if the owner is deceased?

Is it tenanted and when does the lease run out

Can you break the lease

 

How old is the place. As a general rule, most places under 10 years can do without major renovations and you can use the piping, aircons and wiring. Most places above 20 years old will need more extension renovations

 

 

- freehold, 999 years or Leasehold (how many years left)

- location

- is it within 1km to a primary school and how many places are there

- sun direction - North South is the ideal

- developer matters too - some are cheap and use poor quality materials

- neighbours - good ones to whom you can entrust your keys, psycho ones, and nosy ones

- visit the location at different times - if you go over a weekend it's usually quiet and the traffic is light, so see at at peak hours and see if there's any choke points and if the streets around it become very noisy or is there a school or some place that attracts a lot of noise

- amenities eg market, food places, 24 grocery, petrol station, postbox

- near work

- near a clinic or GP

- MRT, bus or good roads etc to work, school etc

- wind : how well ventilated it the place

- how high is the place

- the interior of the place, can you salvage the parquet floor for example

- TV reception

- is there a fibre / home line (will cost $288 to run a new fibre line for example)

- where is the mains and the PUB meter located

- do you have the plans for the electricals

 

 

Items specific to an apartment:

 

- the shape of the unit, any odd unusable corners, how square is it

- how many units are there? Is it going to be too crowded over the weekends to swim?

- what are the amenities? Sometimes too many water features, landscaping or pools will mean higher costs to maintain

- pools: regular shape? Good for swimming laps or merely for wading? Any lifeguards?

- maintenance fees

- sinking funds - more units will mean more people to share costs. Small developments will need larger contributions to fix items like lifts, repainting costs etc

- number of lifts, is it private

- ratio of parking lots to units and the number of visitor lots

- number of entry and exits, side gates

- how much power is there? As a rule, you need a minimum of 45A and up

- any provision shops?

- who runs the place? which security company do they employ? 

- get a copy of the house rules - eg no moving in hours and are there a lot of AirBnB listings?

 

Items specific to houses:

- plot ratio and GFA

- zoning and potential developments of the area

- who was the designer or builder and are they still around

- cul de sac 

- land size, is it square or narrow, can you expand the built up area? (remember to account for set back if you do more than A&A)

- soil analysis - is it reclaimed land

- fengshui : water, wind and mountains etc

- at a junction

- noise level in the neighbourhood

- any new developments - renovations or reconstruction can continue for years around the place

- is there going to be enbloc or a new road running through the area

- if the homes near you are going to be replaced by flats, the roads can be much busier

- parking

- flooding / ponding

- any religious building around you or a popular eatery that attracts a lot of visitors eg illegal parking during peak periods and noise levels 

- any piped in gas... so you don't need to use gas tanks

- any retaining wall, and is it near a 24 hour gas station - noise and fumes

- is the place close to electrical plant or substation

- how much power is there? Single Phase or Triple Phase

(most modern terrace houses will have a triple phase 63A main DB, which can support the needs of most homes, even those with a swimming pool)

Don’t forget to check for termites and mossies. 

How windy and well ventilated the place is. 

How wide is your lane and even the type of roof and tiles used. 

Bring a builder along to give you an idea of renovation costs.. 

 

But before you even look around, do the financials first. Make sure you have a loan approved in principle and also enough cash for the renovations with a 20 percent buffer. 

Then bring the check book for every viewing. 

A basic renovation for a landed place can go from 2-300k, and for a A&A you might be looking at twice that. Adding a new roof 50k, and a new floor around 150k. 

A tear down? It can be 600k and up and these costs don't include furniture or fittings.

Time is the other factor you have to budget in. Add 20% to any schedule, especially if you are doing it around Chinese New Year or Christmas.

Be detailed in your planning, for example:

If you are doing a rebuild, make sure you work with your builder and neighbours. A small road - like the Countryside one, yes that 'wide' road, may not be able to take a full truck or a cement mixer coming in. And with such a long road, you need to coordinate with the entire road of owners, so they clear the road such that the truck can come in. Trust me, it's not a given nor an easy task. If a car gets scratched... be prepared for an ugly scene.

 

So also check that your contractor is registered and has insurance. One of your neighbours might own a limited Maclaren that your builder just happens to nick whilst transporting your tiles into your plot... 

 

Are there any other persons building in the same area, maybe you two can work together and save cost on building materials or if the other person started first, they can share some of their experiences

Is there space for your builders to park?

Is there good road outs of your estate or are you reliant on a single exit which can get very clogged up during peak hours?

 

Here's a BCA owner's checklist guide

 

 

Finally, I would like to start that I'm not an agent. I'm just trying to share since others have helped me before and I'm giving a little back so everyone can benefit.

But YOU and you alone need to get that info you need. No one will spoon feed you and there's no charity. You find those good deals, with the aid of a good agent.

 

Look at as many areas as you can, and take your time. But timing is everything and sometimes, that dream home just pops up and you have to be ready.

 

You snooze and you lose... 

Good luck!

 

[therock]

Just read this, and it's interesting, there's no authority if your neighbour has a leaky floor and you suffer... essentially it's a civil matter... 

 

 

https://cnalifestyle.channelnewsasia.com/trending/how-to-fix-leak-fire-neighbour-property-damage-11619766

[Throttle2]

Today drove passed Stars of Kovan or something like that.

 

Fuccking ugly design.

Looks worse than many new HDBs

 

Eeeee yucks

[therock]

If you have friends in USA, Costco sells hansgrohe faucets at half the local prices...

eg

https://www.costco.com/Hansgrohe-Lacuna-Pull-Down-Kitchen-Faucet.product.100431050.html

[therock]

Water pressure is one thing we don’t look at enough. If you are looking at an older place, look out for rust in the water, how fast it flows abs noises. Try the taps, flush the toilets etc.

Also look for water stains and mold.

[Throttle2]

Water pressure is one thing we don’t look at enough. If you are looking at an older place, look out for rust in the water, how fast it flows abs noises. Try the taps, flush the toilets etc.

Also look for water stains and mold.

 

I think you dont buy anything lah.

Check until so thorough.

Sounds really like those super anal Rolex buyers

 

Maybe you want to also make sure that the door handle doesnt have any dried up booger.

 

Muayhahahahsha

[Hosaybo]

If you have friends in USA, Costco sells hansgrohe faucets at half the local prices...

eg

https://www.costco.com/Hansgrohe-Lacuna-Pull-Down-Kitchen-Faucet.product.100431050.html

Understand that US uses a different fitting size. So might need to take note as well.

[bluesky3000]

Hey guys, came across this blog article about Selecting a quality property which I find it quite insightful.  Click the link below . 

 

https://www.propertyinvestorinsights.com/quality-property-for-capital-appreciation/

[blueunicorn]

Here's a useful checklist you can use when purchasing a property:

• Determine Whether a it's the “Right Fit” ...
• Hire a Real Estate Agent Who Has Experience Selling properties. ...
• Get Financing. ...
• Know What the Association Fees Are. ...
• Review Association Rules. ...
• Ask About Special Assessments. ...
• Research Maintenance and Management Company. (make sure it's from a reputable company)

 

Hope I was able to help. 

 

 

 

 

Edited July 4, 2019 by blueunicorn

[therock]

Typically there are three variables to play with when you have a certain budget:

 

Size

Distance to train / traveling time to work

How old is the unit

 

See which one you can compromise 

 

Eg, I prefer to stay close to work so I am prepared to give up size and buy an older unit..