Sunday, November 26, 2017

If buying landed home is new to you, check out this list of things you need to know.

The average Singaporean’s property purchasing journey is likely to follow one of the below scenarios:

Buy HDB. Stay in HDB until old age.

Buy HDB. Sell and upgrade to larger HDB. Stay until old age.

Buy HDB. Sell and upgrade to condo. Stay until old age.

Buy HDB. Sell and upgrade to condo. Downsize upon retirement, and return to HDB.

Buy EC. Sell and upgrade to condo. Stay until old age.

Spot something interesting? Our options typically revolve around HDB flats, ECs, or condos. There’s the option of buying a landed home of course, but because these are much more expensive than the above options, they remain firmly out of reach for the average Singaporean.

If you have enough assets and cashflow and you’re thinking of buying a landed home, however, that’s awesome news. Regardless of whether you only own one property, or you’re a seasoned property investor, take your time to do the required research. After all, purchasing landed property is vastly different from purchasing other sorts of property in Singapore.

Want to learn more? Read on for 3 things that you need to take note of if you’re planning on purchasing landed property in Singapore!

#1: You need to be a Singapore Citizen or a PR to buy a landed home.

First things first: whilst expats can purchase condominiums, they’re not allowed to purchase a landed home; this includes bungalows, semi-detached houses, terrace houses and cluster housing.

If you’re not a citizen, but you’ve been a Permanent Resident (PR) for at least five years, you can apply. That having been said, things aren’t that straightforward – applications are assessed on a case-by-case basis, taking into consideration several factors including whether you’ve made “exceptional economic contribution” to Singapore.

#2: You can’t build as many levels as you please.

Thinking of buying an old house, getting your contractors in, and zhnging (read: fixing it up) it till it’s a 10-storey mansion? Think again. Each landed home comes with a certain number of floors “allocated” to it. If the land is zoned for 3 floors, for example, you can build up to 3 floors, plus an attic. If the land is zoned for 2 floors, you’ll have to make do with 2 floors and an attic.

#3: You’ll probably need to hire a professional inspector before sealing the deal on your landed home.

People who are purchasing or renting apartments have it relatively easy – they can refer to checklists that will help them assess the property and any defects that may be present. When it comes to landed property, though, a lot more expertise is required. You’ll want to hire professional inspectors to ensure that the property gets the green light in the following areas:

Foundation

Resolving a foundation issue will cost you dearly, in terms of both time and money. Properties which have weak or suspect foundation are complete deal breakers, unless you’re okay with spending tens of thousands of dollars on getting these foundation problems ironed out. Warning signs include cracks, unaligned walls, and unaligned window frames or doors.

Moisture

Again, moisture problems are both expensive and time-consuming to fix. These are more likely to be present in landed properties which have a basement built in; if you spot any leaks or mould, consider it a red flag.

Soil

You’ll want to purchase a landed property in an area with compact soil, as opposed to an area where the soil is overly soft and/or prone to movement. If the latter case occurs, you might be required to install sheet piling which will provide earth retention and excavation support; the expense for this differs on a case-by-case basis, but it will cost a pretty penny.

Roofing

If the property you’re looking at has a leaky roof, you have two options. Either ensure that the owner fixes it before you make your purchase, or simply walk away. Because fixing (or replacing) a roof is exorbitantly expensive, you definitely don’t want to be saddled with this cost when you’re buying a property. If the roof has simply lost its colour, on the other hand, that’s fine – it’s relatively simple and cheap to clean it using bleach.

Buying any property in Singapore is a momentous occasion, but buying a landed property is especially significant. You’ll want to get a home which you absolutely love, given that you’re forking out a huge sum of money, so be sure to do your homework before making your decision. Whilst you’re here, check out our articles on 5 landed property you can buy for under $3 million and home inspection for defects before you buy: necessary or not?

Many Singaporeans think of landed property as a sign that you’ve “made it”. But then again, they think the same thing about car owners, many of whom are seriously wondering what to sell off on Carousell in order to meet the next car instalment. For those of you who wish to enter the landed property scene, here’re a few deals that can be closed for $3 million or under:

5 landed property you can buy for under $3 million
AUGUST 28, 2017

1.
Serenity Terrace

Sims Avenue East, District 14

Freehold, 5 bedrooms, 6 bathrooms, 1,819 square feet (land area)

Approx. $2,850,000

This 24-year old unit is a three and a half storey unit, with a built-up space of about 3,650 square feet. It’s situated on a quiet stretch that’s about six minutes from the Kembangan MRT station.

If you’re willing to walk a bit (about 10 minutes) to nearby Changi Road, there are lots of small eateries that dot the area. As you walk closer to the Kembangan MRT station, you can find prata stalls, small bakeries, a pet lover’s centre, and convenient if unremarkable dining options.

As far as retail goes, your best bet is to drive to Siglap or Marine Parade; it’s not far, but frankly it’s not convenient without a car.

Interestingly, this landed property has two kitchens: the dry kitchen is a massive open concept plan, which doubles as dining space. The wet kitchen (where all the washing up and sinks are located) is in a smaller, separate space. This is an old school configuration that you rarely see anymore, but it’s great for hosting big parties.

Good for:

If a large space and quiet environment is for you and you already own a car, then you’ll like this one. There are few areas in Singapore that exude this level of serenity, and it’s hard to find so much room at a comparatively reasonable price.

2.
Belgravia Villa

Belgravia Drive, District 28

Freehold, Inter-terrace 3,520 to 3,584 square feet, Corner-terrace 3,584 to 3,767 square feet, semi-detached 3,929 to 4,026 per square feet

Approx. $2,650,000

Belgravia Villa will TOP in 2018, and this cluster of landed houses will take advantage of the Seletar Aerospace Park – that’s still under development, but it will likely drive up rental prospects once it’s finished.

As for current conditions, the location suffers from the lack of an MRT station. The units here are strictly for drivers only (unless you are okay to rely on the one bus stop outside the development; even cabs are infrequent).

If you are a current car-owner, then this major drawback falls away. You’re about a 10-minute drive from the Ang Mo Kio hub, and the future North-South Expressway will give you quick access to central Singapore. Within five minutes is a small mall called Greenwich V, and it’s surrounded by small but fancy dining options (the sort that hipsters and expats like, such as wine bars and places that put pear in hamburgers).

Good for:

Long term gains. The prices are low right now, because the location isn’t fantastic; but once the nearby aerospace park is built, and the expressway is up, owners will probably see nice gains.

For home-buyers, this is a chance to get high-end interiors that you normally find in District 9 or 10 condos. At the same time, you’ll have as much space (probably more) than those pricier options. If you don’t mind having to drive, this is a serious bargain to consider.

3.
Thomson Hills Estate

Thomson Terrace, District 20

Freehold, 4 bedrooms, 6 bathrooms, 2,200 square feet (land area)

Approx. $2,999,888

This unit is the oldest on the list, having been completed in 1980. But the condition is still great, as it was reconstructed in 2011. It has two storeys, with a front and back garden, and is about eight to 10 minutes from Mayflower MRT station.

St. Nicholas Girls’ School is within one kilometre, and both Lower Pierce and MacRitchie Reservoir are less than a 10-minute drive away.

There aren’t many amenities in walking distance, to be frank. But you can get to Thomson Plaza or NEX mega mall with a 10-minute drive as well.

There’s not much more to say about this unit, other than that it’s rare to get a freehold landed property of this size near Upper Thomson; especially at this price range.

Good for:

If you want a sizeable and fancy home, but don’t want to pay Sentosa Cove type prices, this is the closest you’ll get. This area will also suit drivers who hate traffic, and don’t like going into town; the roads here are congestion free at almost any hour.

4.
The Morris Residences

Paya Lebar Crescent, District 19

Freehold, 4 bedrooms, 5 bathrooms, 4,015 square feet (land area)

Approx. $2,852,000

Quirky and unusual is what comes to mind when I reviewed this landed property, but in a good way. The first thing that gets your attention is the location – it’s close to Kensington Square, which has a Giant supermarket.

In case it hasn’t been abundantly clear in this list, landed homes usually mean a degree of isolation (the prestige comes from not being surrounded by hawker centres and rowdy malls). This is the only landed property on the list where you can take a five to eight-minute walk to a supermarket. The development is also quite close to NEX at Serangoon, and it always helps to have a full-service shopping mall that’s a short drive away (five minutes or so).

The Morris Residences is actual a cluster of 10 houses. The most outstanding features would be the Ken-jo lift, and the balcony pool. The lift provides basement access, which is linked to the car park; it also means less climbing up and down the stairs (helpful if you have elderly residents or creaky knees).

The balcony pool is literally what it sounds like – a balcony where you can take a dip, and look over the horizon. It’s not big enough for full-on Olympic practice obviously, but it’s a unique way to unwind (or get struck by lightning if it’s raining; you can’t use it in bad weather, despite the awesome temptation to sit in it during a storm).

Good for:

One of the rare landed properties that’s not super-inconvenient, in terms of location. Also, the balcony pool is a hard feature to find. A very solid buy given the price.

5.
Watercove

Wak Hassan Drive, District 27

Freehold, 6 bedrooms, 6 bathrooms, 3,466 square feet (land area)

Approx. $2,301,000

This landed property is the new kid on the block (our puns get worse by the month), and it is hot right now. Bukit Sembawang Estates, the property developer, has already sold 18 of the 80 units, and TOP is only in 2020.

Watercove is a low-rise, cluster housing project with a seafront. Not a seafront view mind you, but the actual seafront, sand and all that. It’s just a short walk away from the houses.

The units are built to take advantage of that – the roof terraces are designed for BBQs while giving you the full view. This creates a sort of East Coast or Sentosa area vibe. There’s even a lift to take you directly to the terrace, so you won’t have to lug 10 trays of food and a coal bag up to the roof.

Location wise, well, you know how it is with landed housing. You’ll need to use the shuttle bus to get to the Sembawang MRT station. Retail and dining are mostly non-existent in the immediate area for now, so you’d better get used to ordering from RedMart (and to the McDelivery guy getting lost). We’ll tell you right now, you’ll take 40 minutes to get to the Central Business District by car.

That being said, this is an ideal location for anyone who loathes the urban jungle that makes up most of Singapore. It feels as if you’re not living in Singapore, but on some kind of resort island.

Good for:

People who want to be far from the madding crowd, but don’t want to fork out insane Sentosa Cove prices. Also for homeowners who prize seafront living over having a mall or hawker centre nearby.

Balking at the price tag that comes with a private landed property? Check out these HDB terrace flats that provide a landed living experience in a public housing setting.


RENTING IN SINGAPORE

Rental viewing checklist for the savvy tenant
JULY 2, 2017
rental viewing checklist

When it comes to renting, it’s better to be safe than sorry!
We’ve all heard of that one friend (or friend’s friend) who’s encountered a downright nightmarish rental situation. When this happens, you’ll have to choose between the lesser of the two evils – staying there and sucking it up, or terminating your tenancy agreement early (which could lead to some pretty hefty penalties). To make sure you limit your chances of running into unforeseen problems as a tenant, check out our rental viewing checklist that contains all the important information you should take note of when viewing your potential home. Make sure you inspect the apartment like a hawk during your viewing (and don’t be afraid to ask for multiple viewings if necessary), so that you don’t get any nasty surprises down the road!

Apartment exterior

Investing the time to inspect the common area around the unit, and the condo/apartment grounds is worth your while as you should know what’s going on around you.

Does the property seem secure?
Is there a burglar alarm or any sort of security at the entry point?
Is there a garden? If so, who is responsible for the garden’s maintenance?
Is there parking available?
Utilities and amenities

Essential for daily living, looking out for these features has an impact on your quality of life at the premise.

Are there sufficient powerpoints and are these located conveniently?
Is there Wifi? How strong is the Wifi signal in both the common areas, and in your room?
Are laundry facilities free to use?
Upkeep and maintenance

You’ll be spending a fair amount of time at home. Is the condition of the premise something you’ll be happy coming home to every day?

Are there any signs of badly flaking paint, infestations (book lice/termites/ants), or other general wear and tear?
Are there any items that are broken and/or not functioning?
Is there air conditioning? Does it work well? Who is responsible for cleaning the aircon filters?
Is there are loose or dodgy wiring? Do all the lights work well?
Do the kitchen appliances work well? Are all the burners in the stove working?
Is the bathroom in good shape, with non-leaky taps? Is the water heater working properly? Does the WC flush properly?

Payment

It’s highly advisable to be absolutely clear on money issues with the landlord before committing to a lease.

Other than the rent, are there any other bills or maintenance fees that you need to pay?
How much deposit is required? In which circumstances will the deposit be forfeited?
How long does the lease agreement run for? At which point can the landlord increase the rent, and by how much?
Other questions to ask your landlord

Miscellaneous points to bring up to ensure your well-being as a tenant.

If there are other tenants, what are they like?
What are the neighbours like?
To what extent can you decorate? Can you paint the walls?
Has the apartment ever been burgled or damaged?
What are the building’s quiet hours?
Who is the point of contact for maintenance requests? What is the typical response time for these requests?
You’ll want to make sure that you have all these covered before making the decision whether or not to rent the premise; depending on how watertight your contract is, it’ll be hard getting out of it once you sign on the dotted line.


Another tip: if you’re expecting multiple tenants or roommates, go through our list of 19 questions to ask before moving in with a roommate. There’s nothing quite as off-putting as discovering that your new roommates are the exact opposite from you when it comes to day-to-day habits (having to stay with someone who loves loud music when you prefer a bit of peace and quiet, for example, can be excruciating). Good luck!

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