Looking to purchase a property soon? How can you make sure to prevent buyer’s remorse in a few years’ time? The answer lies in an eight letter word: L-O-C-A-T-I-O-N. With much patience, your new property will ideally depreciate at a much slower rate in the long term, due largely as a result of its great location.
Whether you are looking for an HDB or private home, you should keep the following critical factors in mind as you go house hunting:
1. Evaluate the level of accessibility to nearby transportation
Can you easily find buses and MRT stations? Besides homes located in city centres, those with convenient access to public transportation are usually in higher demand and fetch higher prices than similar properties without it.
Also, with Singapore government pushing for a zero vehicle growth rate and the occasional train disruptions, you will soon come to appreciate the convenience and benefits of living in a great location.
You should never purchase a property without clearly understanding about the current and future transportation plan for the area. Avoid areas far away from MRT stations, unless you live in a “ulu” area and own a car. This will only be an exception assuming there are future plans to open a new MRT station in the area.
2. Keep a lookout for key infrastructure development
For areas located away from the city, you want to watch out for major infrastructure developments like the High Speed Rail in Jurong, or even building of new roads. This is a crucial indicator of a healthy neighbourhood in the long term, as property value in Singapore are generally closely related to the government’s infrastructure initiatives.
Other progressive developments include the incorporation of business hubs and offices, recreational areas, as well as development of education institutions.
You can also find out what Urban Redevelopment Authority (URA)’s future master plans for the area is, which presents a good picture of the amenities that you should expect to witness in the neighbourhood later. Analyzing the URA Master Plan is probably one of the best methods to gauge the projected price of the property you plan to buy.
Who knows, you could even hit the jackpot once the underdeveloped area is transformed into the next hip, edgy, gentrifying urban centre, which will justify the ROI of your purchase in the long term. As the infrastructure developments take place, your property value will increase significantly and turn out to be a good investment.
Alternatively, Ohmyhome frequently publishes write-ups about residential areas that can give you a better idea of what to expect before settling in.
3. Check how far away you are from amenities you require
You will benefit from moving to an area within walking distance to the main amenities you need, once you realize the amount of time it will take you to get there. You want to clearly understand how long it will take you to get to your workplace, the city centre and other frequently visited places including the childcare centre and your parents’ house.
In addition to MRT stations and bus stops, other essential amenities you might frequent can include schools, shopping malls, supermarkets, as well as libraries and sports facilities like swimming pools.
But depending on various interpretations of what makes for a great location, subjective factors that determine a property’s value will also be considered. As a home is much more than just an investment, you should not expect a single property to meet all needs and preferences.
Find your dream home now with Ohmyhome property listings. If you need assistance in buying your dream home, learn more about our HDB Buyer Agent Service. We can help with financial planning and exploring of housing grants suitable to your diverse needs! Call us at 6886 9009 to learn more.
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