Photo Credit: Penthouse Singapore
There are a lot of factors to consider when buying a new home, and there are even more when it comes to buying your DREAM home. Whether you prefer a modern, urban studio or a secluded sanctuary, it is no easy feat to tick off everything in your dream home checklist, so let's take a look at the list of things you should consider when choosing your dream home. This will help you understand and organize your needs and desires for an ideal abode.
First things first — you do the math and decide on your housing budget. Then comes shortlisting several properties to identify your dream home as you work through your priorities with the help of the list below.
When it comes to properties, location is no doubt one of the most important aspects. A property's proximity to MRT stations, convenience stores, schools, workplaces and more boasts convenience in travelling. Who doesn't want to save time on commuting, especially with how heavy traffic can get? The extra free time you can get from minimizing commute time can go a long way whether you have children to fetch/drop off or simply need to catch up on some personal time to promote your well-being.
2. Property Size
How many people will be staying in your home? Is it just for yourself or for your family? Will your parents be moving in or do you plan to have children in the future? Take family planning into consideration to determine the appropriate size of your home. You will want to take this into account so that your dream home can accommodate everyone.
3. Orientation & Facing of the Unit
Not to be overlooked, the facing of the unit is an aspect you might want to consider. Nope, this isn't for Feng Shui purposes or simply for a good view, but for a practical reason instead — the unit's orientation to the sun. Units with North-South facing are preferred over East-West ones as the latter bears the full brunt of the late afternoon sun. In order to cool such units, homeowners would have to spend more on their electric bill.
4. Type of Tenure
Take note of what type of tenure the property is under. Types of lease tenure in Singapore include freehold, 999-year, and 99-year leasehold tenure. The majority of HDB flats are issued on 99-year leases with a reversionary title to the state, meaning that the property will revert to the state once the lease expires with owners not receiving any compensation at the end of the lease. For a leasehold property, you would want to check its balance lease. If it is less than 60 or 70 years, it may prove difficult to sell in the future as the potential buyer may struggle to secure finances to purchase it. But would you really want to sell your dream home?
When it comes to freehold properties, they would not have to be returned to the state as their titles are effective into perpetuity. This is the most popular choice among homebuyers as they tend to retain value and can be passed down future generations.
5. Potential Developments in the Neighbourhood
Keep an eye out for initiatives to breathe new life into the neighbourhood of a property you are interested in. If there are plans for a new mall or MRT station and such, it could enhance the property's growth potential in the coming years, but would you be able to handle the inconveniences (most notably construction noise) that come along with new developments? It is important to take potential future developments into consideration as gentrification is a long process, so don't take this too lightly.
6. Layout & Interior Design Style
Last but not least, the layout and interior design style of a property is sure to be at the forefront of your mind when choosing your dream home. The finer details of interior designing can be pinpointed at a later stage, but you will want to know what overall interior style you want to incorporate into your dream home as it will help pull your overall vision together. When it comes to the layout, you will want something that flows as well as possible, but also allows for logical placement of furniture that you use on a daily basis.
To conclude, ask yourself what is the end goal for your dream home? Is it going to be a forever home or will you be selling it for another dream home in the future? As purchasing property is a huge financial commitment that requires careful consideration, you will want to be sure of your choice.