You have finally decided to buy your own high-rise property after renting one for many years in the city. Congratulations!
Buying a high-rise home can be a great first step to dive into home ownership without needing to worry too much about the monthly commitment as in many real estate markets, a high-rise property, be it a condominium, serviced apartment or apartment, can come at a much lower price than purchasing a landed property.
Furthermore, there are a lot more choices in term of size, layout design, location and price range in the high-rise residential segment, especially when you are looking to buy in a matured area.
No matter what type of high-rise property you are buying, it is important to understand each project has its pros and cons. Therefore, know your priority is crucial in picking up your dream home. Depending on your priority, there may only be a handful of high-rise project but there also could be hundreds, so do your research!
Besides your personal preference, what tips do you need to know when picking up a high-rise project? Here are the eight considerations to assist when picking up your dream high-rise home!
1. The track record of the developer
Understand who is building the project or which management company will be managing the building after it is completed is important since you want the property you purchase to be delivered on time with good quality and is well-maintained in the long run.
Do some research on the developer background and if it permits, visit the completed projects could give you a better idea on the developer’s reputation. For a sub-sale project, always have a chat with people who are already living there. You may also ask for a copy of their Annual General Meeting minutes to understand how the project is managed.
2. What facilities do you really need?
Having more facilities in a high-rise project used to be one biggest selling point for many new projects. However, having more is not necessary merrier as nothing comes for free. The residents will be the ones who will be paying for the extensive facilities’ maintenance and up keeping cost even they do not make use of them at all. Before making a decision, be clear that monthly maintenance fee can help you live a maintenance-free lifestyle to some degree, but it should be within your budget.
3. The view and direction
If you are a morning person, you probably do not mind a unit that receives morning sunlight; If you are not, it could be the nightmare. High or low; facing east or west. Each floor and direction have its own advantages and disadvantages. Before you make a decision, weigh all the factors involved and decide what suits your lifestyle better.
4. The amenities and connectivity
“Location, location and location” is the golden mantra of buying a property. You may love to have a MRT station right in at your doorstep but bear in mind, it also comes with the noise of train and passengers every three to five minutes. Likewise, buying a property right in the heart of a buzzing commercial area may give you a lot of conveniences of daily living, but do not ignore the disadvantages such as illegal parking, traffic congestion and noises.
5. The house rules
Thinking to list your dual-key unit on short-term rental platform to gain some side income? Have you checked with the management office if short-term rental is allowed in your high-rise project? Always request a resident handbook to ensure you are happy with the house rules before putting down the purchase deposit. It could help to avoid an expensive regret decision that you have made.
6. Can you afford it?
Never buy something that you are likely to afford in the future, with the mindset that your salary is going to increase to pay off the bills. If you are thinking so, better think twice again, especially during this current uncertain time. Do understand that buying a property is more than just paying the monthly mortgage repayment, maintenance charge and sinking fund – but also the utilities bill, quit rent, assessment fee and fire insurance, just to name a few. Think about how all costs will affect your finances and stick to your decision on price range.
7. The potential return
When you are buying a real estate that call home, you are also making a long-term asset investment decision. Therefore, do not be lazy to skip the research on the property transaction and rental trend around the neighborhood. Also keep in mind that factors such as the neighborhood safety, amenities, upcoming residential supply and future infrastructure project will have a large effect on the potential return.
8. The layout and size
You may be a happy single person who only needs one bedroom and a spacious balcony for your dream home. However, if you agree that buying a property is a long-term investment, do take into consideration of your future needs. For example, an extra room for your parents to stay over, a small office corner to allow you working from home or a small store room to store your fold-able bicycle and huge luggage away.
[Image source: Photo by Engin Akyurt from Pexels]
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