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The Perfect Wish list (Part 2)

Which Type of Buyer Are You?

There are so many types of real estate buyers nowadays that it’s no longer limited to typical home purchasers. Here’s a list of possible property buyers and their varying needs.

1. Just-married Couples
Hot off their blissful nuptials, these people are scrambling to get a place of their own. Although rare, these people do exist. The pressure to progress from rental to home is strong (Thanks, mum) and they’re looking at every possible property out there. However, it can also be too overwhelming for some.

Our take:
Find something within your financial range but do not skip on the important aspects. This means investing in a better “first property” so that you can comfortably live in for the next 20-40 years. It will serve as the place your first child will live in, so choose wisely! A good property should look a little something like this:

• Built by a reputable developer with better quality finishing and materials to last longer
• Considerably close to important amenities such as school, work and malls
• Lifestyle options available, i.e parks, pools

2. Aspiring Investor
Looking to bring in some serious cash, they are out to seek the best properties available in Singapore. Considering that rental has consistently increased over the years, it sure seems like a lucrative means of earning money. Still, there are still a few pitfalls to look out for when purchasing.

Our take:
Higher rental does not always equal to higher profit. Investors often make the common mistake of investing in a property that looks good on paper, but fails to perform in real life. Here are some notes on purchasing a rental real estate:

• Location is key – people would pay more for convenience and access to major amenities
• Consider the maintenance fees. Is it something that grows substantially over time?
• Do you foresee any future competition in the area? Make sure that what you are offer can remain relevant and marketable.
• What is the estimated resale price of the property? It’s always good to know how much a property can sell for in case of a failed investment.

3. The Bored but Wealthy
They represent the smallest percentage of property buyers in the country because they seem to be buying just for the sake of buying. Many of the properties bought serve as pet projects or vacation homes.

Our take:
While money might not be an issue, perhaps it is good to find something that can be easily maintained. The best thing would be a place that does not need major remodelling after being left alone for years on end. It also might not hurt to buy a property in a location with major future developments so that you can bring in some extra profit.

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