So you finally decided on buying yourself a piece of land. Whether you are planning to live there or rent the place out, before you look in Singapore property / real estate listings, here are five questions you might want to keep in mind:
Is it a wise investment?
Of course, this is not an easy question to answer especially since the market rises and falls several times a day. But is the place high maintenance in terms of the house and/or the landscape? If you have extra money or if the need arises, is there room for improvement? Is it located in an area that is being developed and bringing in investors or are the businesses around it about to or are already declaring bankruptcy?
Where is it located?
How far is it from schools and offices? Is there a local shop that is within walking distance or is at least a short drive away? If you or the tenant does not have a car, is public transportation nearby? What about recreational facilities such as playgrounds, parks and even malls? Is the neighborhood clean and safe or is it rundown and littered with unscrupulous characters?
What are its aesthetic properties?
Does the house have any points of interest such as a nice panoramic view of the ocean, the mountaintops or the city? Does it come with a swimming pool or a spacious backyard? Is the architecture unique in terms of exterior or interior design? Has the Singapore property been landscaped or does it have the potential to look attractive outside and/or inside?
How inhabitable is it?
Would the house require constant repairs? Is there enough space between neighbors for privacy? Can the area accommodate cars for owners, tenants and guests? How accessible is it? Does the house require residents and visitors to climb stairs?
How resilient is it?
Can it withstand any hail, storm or flood that might be native to that area? Can you imagine the area during spring, summer, fall and winter? Does the property get enough sunlight? Is there a fire escape? Not to get morbid, but does it have a basement, bomb shelter or panic room in case of emergencies?
It is always a good idea to have sufficient knowledge about the Singapore property market in that area when house or property hunting. When deciding, know where you stand and what your priorities are. Also, bear in mind that buying or investing in property is always a risk. If you take all this into consideration, then you are ready to look at those property listings again. Happy hunting!