Worst Mistake made When Buying Condo | Buying Tips
📘Blog: https://www.homeseller.sg/worst-mistake-when-buying-condo/
☎️ Dennis@ 98285808 for Any Queries
=========
What is the worst mistake you can make when buying a condo? Are you making this costly mistake? Important question: Are you buying for own stay or for investment?

Many make the mistake of using personal preferences to decide when buying property for investment. The truth is, your preferences matter less when you are buying for investment. The more important factors are low entry point, rentability and what you tenants may like

When buying for investment purposes, it is alright to go for the cheapest units. Usually found on low floors with no views. Tenants are unlikely to be willing to pay significantly more rent for a higher floor unit with better views which would have cost much more to purchase

Also, it may be wise to avoid first floor patio units & penthouses with high ceiling or open terraces. These are what I would call ‘lifestyle’ units. Resale demand is usually smaller for these units & may take a longer time to sell thana regular unit

Also, beware of parents, “those were the days” factors. They are usually our consultants or will sponsor some funds for the purchase. Our parents are used to big-sized layouts and will complain about, "Here small, there small...", even though you are not buying to stay. To understand why our parents feel that way, let’s do a layout flashback to the 80s.

To understand why they feel that way, we have to "flash-back" to the 80s and 90s. Helper’s room with windows, yard and a backdoor at the kitchen were a common thing.

A 2-bedroom at the Bayshore which T.O.P. in 1990s is about 1,000+ sqft. In 2000s, big balconies and long bay windows could be seen in many developments built during that time. Open kitchen concepts and the induction cooker were introduced to many families in the 2010s.Then recently, 2 bedrooms with 1 bath became popular and many 3 bedrooms are built to a compact 900+sqft

The fact is the pricing per square foot is increasing. Developers reduce the sizes of the units with more efficient layout to make the quantum affordable. Otherwise, the price will be too high.

It is always what your tenants like that is more important than what you may prefer.
=======
📌SUBSCRIBE for weekly updates: https://bit.ly/3qNlDFB
📌Youtube: https://www.youtube.com/c/PropertyDen
📌Website: https://www.homeseller.sg

#Mistakewhenbuyingcondo #mistaketoAvoidWhenBuyingCondo #propertyden #singaporerealestate #realestateinvesting

Disclaimer:
All information & opinions provided in the video are for general educational purposes only. It is not intended to be any form of investment advice. Dennis Lim

100 19

4 key Checklist before Buying Condo | Watch Before Buying
📘Download eBook: https://homeseller.sg/ebook
☎️ Dennis@ 98285808 for Any Queries
=========
4 key things you must know before buying your condo, regardless whether you are a first-time condo buyer or a veteran investor
#1 Check Descriptive Tag besides Price in Propertyguru listings
#2 Check the Land Tenure
#3 Be aware of Home Staging Effects
#4 Any Loan-Shark Harassment or Unnatural Deaths?
=========
[Checklist #1 : Descriptive Tag besides Price]
*In any listings that you see, always take note of the wording beside the price.
*It could be ‘starting from’, which may mean that the owner is not willing to sell at the listed price but a ruse by the agent to attract potential buyers to call.

[Checklist #2 : Land Tenure]
*Remember to check the tenure of property.
*There are instances where the land is freehold but the development is sold with a 99-year leasehold tenure
*For example, Shore residences in the east coast area. What are the implications? Once the lease of the building expires, the land will go back to the developer instead of the government. Hence, the possibility of en bloc is remote.
*Take note of the T.O.P. date and lease start date. These are two different things
*Normally, it takes about 3 to 4 years for the developer to complete a building from scratch. *Sometimes, there might be some delays and this can cause the T.O.P. date to be too far away from the lease start date.
*One example is Coco Palms in Pasir Ris. The T.O.P. date for this development was in 2018, whereas the lease started in 2008
*This is 10 years difference, which in my opinion, is too long

[Checklist #3 : Be aware of Home Staging Effects]
*Home staging is getting common
*Most of the furnitures and other items in the unit that you may be viewing are not included.
*You got to Imagine the place without the nice items, music and aromatherapy.
*Try turning off the air-conditioning.
*When necessary, do a second viewing during daytime if you had already viewed at night
*Viewing at different times of the day may give you a different feel about the property.

[Checklist #4: Any Loan-Shark Harassment or Unnatural Deaths?]
*It is imperative that you ask if there is any harassment from loan sharks or whether any unnatural death had occurred in the unit
*It is important because the seller or agent is not obligated to tell you this kind of information if you do not ask
*However, if you do ask, they must tell you the truth or what they know.

📌SUBSCRIBE for weekly updates: https://bit.ly/3qNlDFB
📌Youtube: https://www.youtube.com/c/PropertyDen
📌Website: https://www.homeseller.sg

#condochecklist #buyingchecklist #homebuyingchecklist #propertysingapore #buypropertyinsingapore #sellpropertyinsingapore #singaporerealestate #realestateinvesting

Disclaimer:
All information & opinions provided in the video are for general educational purposes only. It is not intended to be any form of investment advice. Dennis Lim is a certified real estate salesperson with ERA (CEA Licence No. R055990G/ L3002382K)

59 20

What is a Winning Condo? | How to Choose Condo with these Tips
📘Download eBook: https://homeseller.sg/ebook
☎️ Dennis@ 98285808 for Any Queries
=========
What does a winning condo really look like? Let me share with you 4 tips on how to choose your condo unit
[How To Choose Your Condo Tips #1 : Masterplan]
* Look into the URA masterplan of Singapore
* It tells of Singapore's development in the next 10 to 15 years
* Reviewed every 5 years
* Investing in property in Singapore can be easy as studying this insightful "Masterpiece"
* It shares valuable information and insights to the development of land in Singapore
* This information is open to the public & allows you to know where are the key growth areas?

[How To Choose Your Condo Tips #2 : Big is Better?]
* Look at bigger projects when investing because bigger projects have more transactions, thus reflecting more recent prices
* In 2019, I was marketing a freehold resale condo at Park Court near Paya Lebar MRT
* This development had only 48 units and there were no transactions in the past 3 years
* It was very challenging as the valuation was done based on the 2016 transaction and it was pretty low

[How To Choose Your Condo Tips #3 Holding & loan Strategy]
* After finding your dream condo, you now have to think about the holding and loan strategies
* For example, using a 99/1 share method, buying in trust or decoupling
* These methods may help you save on additional buyer stamp duty (absd) when you purchase a second property
* Loan strategies like pledging or showing cash may help to increase the loan amount

[How To Choose Your Condo Tips #4 Units to Avoid]
* You should avoid buying patio and penthouse units when buying a condo for investment
* These are what I call lifestyle units with much open spaces
* Also, you may want to give units which are near bin centres and barbeque pits a pass as they might be some unpleasant smell at certain times of the day
* Units facing West Sun are quite difficult to sell in resale market
* You may also want to avoid low floor units as they are not as sellable as high floor units
* 2nd to 4th storey would be considered low floors if the building is more than 10 storeys

Ponder on these 4 condo tips carefully as they will be very helpful to help you choose your condo unit
=======
📌SUBSCRIBE for weekly updates: https://bit.ly/3qNlDFB
📌Youtube: https://www.youtube.com/c/PropertyDen
📌Website: https://www.homeseller.sg

#winningcondo #HowtoChooseyourcondo #propertyden #buypropertyinsingapore #sellpropertyinsingapore #singaporerealestate #realestateinvesting #checklistforbuyinghouse

Disclaimer:
All information & opinions provided in the video are for general educational purposes only. It is not intended to be any form of investment advice. Dennis Lim is a certified real estate salesperson with ERA (CEA Licence No. R055990G/ L3002382K)

66 9

New Condo or Resale Condo - Avoid This Killer Mistake!
📘 Blogh: https://www.homeseller.sg/new-condo-or-resale-condo/
☎️ Dennis@ 98285808 for Any Queries
=========
Is New Condo or Resale Condo Better for you?
Why do new launches give better returns for pure investment play?
What do Tenants prefer? Smaller New Condo or Older Condo that are more spacious?

Let me share my thoughts with you!

📌 New Condo or Resale Condo
Newly condos are more suitable for investment while resale condos are more for own-use.
If you are buying purely for investment and end up buying a larger resale condo, it is likely that you are attracted by the lower psf price and larger size. This is a Killer Mistake!

📌 Why a new condo is more likely to bring you higher returns.
Firstly, you have to wait a 3-4 years before the project is completed or T.O.P. when you book your new condo. These uncompleted projects have to be priced cheaper because buyers are buying off-plan (i.e. from floorplans)

Secondly, there will be early bird discount given by developers on balloting day. These discounts are important to draw in the crowd as all developers want to have a “Good Start”

Thirdly, generally most tenants will prefer “Smaller New Condo” Over “Bigger Old Condo”. They will be more willing to pay higher rent for “New” rather than “Size””

Of course, there are some who felt that resale condo will have the advantage because the owner will be able to rent it out immediately. This may not be as advantageous as it seems if you are buying a 99-year lease hold condo. As the number of years remaining in the property decreases, so will its value.

📌 3 Situations When Resale Condo is Better
1) You are a veteran investor who bought an older property for its en bloc potential

2) You bought the resale condo at a fire sale price or below valuation.

3) If you are a diehard freehold fan, you may want to look more at the resale market as there may not be as many choices in the new launches.

======
📌SUBSCRIBE for weekly updates: https://bit.ly/3qNlDFB
📌Youtube: https://www.youtube.com/c/PropertyDen
📌Website: https://www.homeseller.sg

#NewCondoOrResaleCondo #newcondo #resalecondo #propertyden #buypropertyinsingapore #sellpropertyinsingapore

Disclaimer:
All information & opinions provided in the video are for general educational purposes only. It is not intended to be any form of investment advice. Dennis Lim is a certified real estate salesperson with ERA (CEA Licence No. R055990G/ L3002382K)

27 7

Sell HDB Buy 2 Condo - Is it a Scam? | Sell-1-Buy-2 Secrets Revealed
📘Blog: https://www.homeseller.sg/sell-hdb-buy-2-condo/
☎️ Dennis@ 98285808 for Any Queries
=======
In November 2019, Business Times reported that the Monetary Authority of Singapore (MAS) warned property buyers of this sell 1 buy 2 Scheme (i.e. Sell HDB Buy 2 condo )

📌 Sell HDB Buy 2 Condo | How Does it Work?
Selling one and buying two properties works through leveraging on the loan to buy two properties and hope that the profits will be more than the interest on the loans.

These are the steps to be taken:

* After 2016, HDB does not allow decoupling anymore for HDB flats
* In order for you to be able to execute this sell-1-buy-2 plan, you will need to sell your HDB flat
* SG couple sell their HDB flat to capitalise on its capital appreciation (i.e. cash out)
* Buy two condominiums, 1 of them for own use & another for investment
* ABSD will not apply because each spouse will hold one property after selling their flat

The truth is that Sell-1-buy-2 scheme is not meant for everyone..

📌 Sell HDB Buy 2 Condo | Not a Scam
This strategy is not a scam but it is based on many assumptions. In their eagerness to get your business, the property agents may not have fully explained to you how this method works.

For example, it is assumed the mortgage on the second investment property will be partially funded by CPF while the rental income of this unit will cover the rest of the mortgage.

Do note that bank interest rates fluctuate and rental income may not be stable throughout the years. Both spouses will also have to continue working.

Should one of them lose their job, it could place a strain on the family financially as there would be 2 loans to service at the same time. Both husband and wife must also be mentally prepared to service two mortgage loans for the next 20 to 30 years.

In conclusion, this sell one and buy two schemes is not a scam but it is certainly not for everyone.
=======
📌SUBSCRIBE for weekly updates: https://bit.ly/3qNlDFB
📌Youtube: https://www.youtube.com/c/PropertyDen
📌Website: https://www.homeseller.sg

#sellhdbbuy2condo #sell1buy2 #propertyden #propertyscam #sellhdbbuycondo

Disclaimer:
All information & opinions provided in the video are for general educational purposes only. It is not intended to be any form of investment advice. Dennis Lim is a certified real estate salesperson with ERA (CEA Licence No. R055990G/ L3002382K)

25 2

Top 3 Dirty Tricks by Property Agents in Singapore | Secrets Revealed
📘 Blog: https://www.homeseller.sg/tricks-by-property-agents/
☎️ Dennis@ 98285808 for Any Queries
===
Real estate is a challenging industry. It brings out the best and worst of human nature in property agents. Being a realtor is a 100% commission-based job and this motivates agents to go all out to clinch a deal. Today, I am going to share Top 3 most commonly used "dirty tricks" or secrets in the real estate industry

DIRTY TRICKS #1 AH-BENG FLYERS
• These ‘ah beng’ flyers are mainly used in HDBs
• They are cheap to print and distribute
• Flyers that look handwritten from fake buyers
• Usually these are from agents posing as buyers
• When you call these agents, they will likely tell you the buyer they are serving is overseas
• The agent will then go on to try to convince you to engage him/her to help you sell your unit

DIRTY TRICKS #2: DUMMY LISTINGS
• These are also known as fake listings
• Usually with the lowest prices in the market
• These listings are there to catch your attention
• When you call them, the agent will tell you that the unit is sold
• More likely than not, they will ask you to view their other listings

DIRTY TRICKS #3 EXCLUSIVE SELLER AGREEMENT
• Self-proclaimed super-agent or realtor who will promise sellers that they are able to sell their property at sky high prices without any strong supporting factors
• They will ask to sign an exclusive seller agreement with owners of the property
• Their intention is to kick out other agents and lock down the seller for at least 3 months
• They can also make use of your unit to sell other lower priced units this way

MY THOUGHTS
• Real estate agents are not magicians.
• In a neutral market, selling $1k to $5k above valuation
• $10k to $30k for condominiums is possible.
• Anything higher would require special unique elements e.g. Sea view or unblocked views
• In my real estate career so far, the highest pricing that I managed to get for a condominium that I sold was $100k above valuation.
• That was due to the buyer being attracted to the favourable ‘fengshui’ (geomancy) of unit
• For sellers who are stuck in an exclusive seller agreement. The way to resolve this would be to write in to the agent’s company requesting for an early termination of the agreement with good reasons.
• I certainly hope that the above sharing would answer some of questions that you may have and give you certain insights.

=======
📌SUBSCRIBE for weekly updates: https://bit.ly/3qNlDFB
📌Youtube: https://www.youtube.com/c/PropertyDen
📌Website: https://www.homeseller.sg

#Dirtytricks #tricksbyPropertyAgents #PropertyDEN #secretsofrealestate
#propertysingapore

Disclaimer:
All information & opinions provided in the video are for general educational purposes only. It is not intended to be any form of investment advice. Dennis Lim is a certified real estate salesperson with ERA (CEA Licence No. R055990G/ L3002382K)

32 0