36 Crucial Tips for Private Property Buyers 2023

These tips serve as the essential checklists for anyone looking to buy a private property. It is being one of the most expensive asset in one’s life and shall be taken with the utmost attention. 

Property Market

  1. There are opportunities in every market condition, however,
  2. Good deals are getting lesser in a booming market!!
  3. Many properties on sale are now overvalued, stay alert!!!
  4. Buying overvalue property could erase all your hard earn savings!!! It happens over and over again. Don’t be the one!!!
  5. Many properties in a booming market has limited upside potential for next 7 – 10 years!!!
  6. Employ defensive buying strategies in a booming market in 2023!!
  7. Interest rate is high now, and may get higher, good to set aside buffers!!
  8. URA estimated 17,427 units of private residential units completing in 2023, price and rents may soften (vs 2022 at 9526 units).
  9. However, future supply remains around 10K units per annum, price may continue upward trend 2024 onwards!!

Property Location

  1. Walk around the development to check out the amenities before buying!!!
  2. Accessibility, especially MRT is a key consideration!!
  3. Locations with major upcoming development has better appreciation potential, such as TEL in East Coast area!!
  4. Buy near good schools = constant demand!!!
  5. Avoid places with heavy traffic, MRT track!!!
  6. Avoid development with inaccessible locations!!
  7. Avoid developments not fitting the neighbourhood!!

The Project

  1. Projects offering all large units have better appreciation potential!!!
  2. Large projects with extensive facilities have better appreciation potential!!!
  3. Functional, efficient and elegant architecture design is a plus!!
  4. Avoid projects with predominantly small units!!!
  5. Avoid small developments as maintenance could be a big issue!!!
  6. Avoid projects with odd shape land or buildings!!!

The Unit

  1. Regular and efficient layout always prevail!!
  2. Units facing south > north > east > west generally!
  3. Avoid loft or double volume units!!!
  4. Avoid units with odd or creative layout!!
  5. Avoid ground floor or penthouse units!!!
  6. Avoid units facing expressway, major road, don’t be misled by beautiful sea views, etc!!

The Developer

  1. Different developer has different character, critical to review their past projects in detail if buying new launches!!!

The Price

  1. Purchase price is the most important factor and yet often overlooked!!!
  2. All properties are good to buy as long as price is attractive enough!!
  3. Avoid if price is inflated, no matter how centrally located or how good it is!!!
  4. Many who bought CCR projects in booming market around 2007 and 2013 lose all their down payments, some even more!!!
  5. Be critical with the purchase price!!!
  6. Do CMA against neighbouring developments!!!
  7. Do CMA against comparable developments!!!

It is overwhelming but property is 99.999..% the most expensive asset we purchase in our life so it is to be taken very seriously.

About the Author

Robert Peng has been in real estate full time since 2009, have seen through the ups and downs in the real estate market. Robert has been keeping track on the real estate statistics and would be able to share with you the insights that would not otherwise be available without substantial effort in consolidating the past data.
 
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