Buying a property in 2020

Key factors to consider

Looking to buy a new home in the new year? It’s an exciting prospect but can be a little stressful too. After all, this can potentially be the biggest investment you are going to make at the start of a new year, so you want to get it right.

Imagine planning the future, securing the deal and moving in, only to find it isn’t quite the dream home you’d been hoping for. The traffic around the area is a nightmare at rush hours, the nearest shopping centre is not within walking distance by any stretch of the imagination, the bus and train routes aren’t as convenient as you’d hoped, and you start to feel a little isolated and alone in that ivory tower.

So, what are the factors you should be considering when buying a new home in 2020? We at PropertyGuru have put together this handy online resource for you, featuring 6 key factors you should consider to take the guesswork out of choosing a property in 2020.

Accessibility Accessibility

Ease of transportation is a crucial feature to consider when buying a property. Some home buyers think, well, we have a car so anywhere is good really. But they fail to consider their future needs. As the kids get older and want to move around independently, get to school or visit friends, are you willing to provide a permanent taxi service? If not, proximity to convenient MRT stations and bus routes is a serious consideration. Do your research on the future lines coming up as well. Getting into areas before these arrive may mean snagging a bargain before the prices soar.

And thinking of that car, consider how easy it will be to get to major highways. Take a test drive at different times of the day and note any major bottlenecks you aren’t prepared to cope with.

Amenities Amenities

To avoid ivory tower syndrome, consider carefully how accessible must-have amenities are to the property. The more amenities nearby, the better. It would make your daily life a breeze.

Forget the car for this exercise. Take a walk around and see how close the nearest, cafes, sports facilities, shopping centre and even hospitals are. A good shopping centre that serves most of your needs will save you time in traveling further afield at the weekends.

We mentioned planning for kids. Living within a certain radius of the desired school for your child gives them the best chance of admission. So, if this is an important consideration for you, put this high on your checklist.

Close to nature Close to nature

According to a study conducted by British scientists published in the journal Applied Geography, being able to spend time in nature also has feel-good benefits that can be rather profound. The report states that living within about 300 yards of a park or nature reserve is associated with higher life satisfaction, a higher sense of worth and more happiness.

And it makes sense. Being able to spend quality time with family and friends amidst nature and away from our concrete jungle is the perfect recipe to relax, unwind and bond as a family. Living on an island also gives you myriad opportunities to indulge in sea sports or simply relax in a tranquil waterfront destination. So, do think about the kind of activities you’d like to have access to (be it cycling or rollerblading or water sports) while selecting your next property.

Freehold Freehold or leasehold?

You see these terms referenced to in property sales. But what do they actually mean?

You can hold a freehold property indefinitely, but a leasehold reverts back to the state after the lease is up (typically 99 years after development).

So how does that impact your buying decision? Did you know that freehold properties carry more value than leasehold over time? This is certainly something to consider when you seek to sell years down the road.

Mixed Development Mixed Development

Mixed developments are becoming immensely popular today, for the obvious convenience of living they bring. These are developments that combine urban housing and commercial spaces in one. For example, residential units and a shopping complex and even office spaces. The obvious benefits are the proximity of all the mod-cons you need for city living. Added to that are reduced travel expenses as you don’t need to travel to access most of what you need on a daily basis. Looking at it from an investment perspective, mixed developments tend to be easy to sell at higher prices over a relatively short period of time. If you are seeking to rent out for passive income, the chances are you would have your pick of tenants that are willing to pay more for the convenience of living in a mixed development.

Ready to occupy Ready to occupy

When looking for your dream home in 2020, it also pays to be practical about the waiting time to move in to a newly built home and be aware of the additional costs that you may incur if you don’t select a property that is ready to occupy, sometimes known as a TOP (Temporary Occupation Permit) property.

The good news is that you don’t have to wait for built-to-order properties or settle for a resale if you have plans to move into your new home straight away. And being able to move in immediately has some obvious financial advantages. You will save rental expenses on temporary accommodation, and you won’t be plagued by protracted house inspections or having to invest in extensive renovations, as you would with a resale buy.

As we mentioned earlier, buying a property can potentially be one of the biggest financial decisions you will make right at the start of a new year.

The good news is that you don’t need to do it alone. Enquire with us now through the form below and we’ll be in touch with you.

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