Making the decision to move home or to buy your first flat is big deal. Besides being a major investment, it would impact where your kids attend school, how challenging a commute you’ll need to get to work, or how quickly you can make a grocery run if you’ve suddenly run out of eggs.
As a potential home buyer, you need to consider the value of the property and the future plans of the area around it, especially if you have the intention to sell it in the future.
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According to some property experts, there’s no better time like now to invest.
“Minister Lawrence Wong recently mentioned the government has achieved its aim of stabilising the property market. Hence, we should not be expecting further cooling measures any time soon,” says Eugene Lim, Key Executive Officer at ERA Realty Network Pte Ltd.
“Market conditions are expected to remain stable so buyers need not fear that they are being forced to buy at prices that are constantly on the rise,” he adds.
Eugene, who’s had 28 years’ experience in the real estate and property development industry, says, “Developers have been launching quite a number of units and there are many choices for buyers. They’re also aware that buyers are price sensitive and hence they have priced their units competitively in order to achieve sales.”
Michelle Chia, Ohmyhome real estate consultant, adds that the current property market is soft with more potential sellers than buyers. “This works in the favour of potential buyers as they can negotiate for better prices,” she says.
So if conditions are suitable, what are the areas and upcoming estates we should be aiming for?
“Properties located within established neighbourhoods typically command a price premium, as infrastructure and amenities are already in place,” Eugene says. “As such, buyers may have a smaller headroom for capital appreciation in the future.”
“Comparatively, areas with development plans in place are up-and-coming areas. These locations may have a bigger upside for home buyers who are quick to recognise their potential and capitalise on the advantage as first movers.”
Here’s a rundown of five areas worth honing in on: