Updated: Nov 20, 2020
Did your salesperson tell you this?
A couple, Jason and Audrey, almost bought the wrong property investment. No doubt they have seen plenty of Show Flats and Resale condos together with their agent. But, something just did not sit right with them.. Let's not forget that they were ready to make a purchase!
We are talking about what could be their biggest asset yet, a $1million dollar property. Now, that is not a small sum of money.
Are you in a similar situation as Jason and Audrey?
Throughout my years in the real estate industry, I've help many clients in their journey to property investment. And I've heard many of them tell me the same thing, "Other salesperson(s) agree with everything I say or like."
Does that sound familiar to you?
Most salesperson will sell you anything you say you like. Everyone will tell you that their project is the best. There's no doubt about that. And there's no real wrong is that either.
Say for example, you visit a Show Flat. An agent comes up to receive you and shows you around the Show Flat, explaining to you in detail about the location and facilities/amenities nearby. Then he/she moves on to show you the bedroom layout, explains the furnishings and fixtures the unit comes with. After which, you sit down with the agent to discuss your budget and preferences. This agent will ALWAYS tell you how good his/her project is.
And this goes on and on until you decide on one you really like.
Is there a project you like now? https://bit.ly/2IS9aiC
But wait. Don't you think it's too smooth sailing? Is it really possible for a project to be all good with no disadvantages? The real question becomes, who is willing to tell you straight up that the project you like is NOT a good property investment?
Ever wondered why no one shares with you an analysis of nearby developments comparing the PSF and if there are any major transformations? And how by the time these transformations actually get built (say 5-10 years later), will you be able to hold your property (assuming you choose to buy it) for that long? Do you have the holding power?
Did anyone ever told you to compare old prices vs new prices? And how these prices will have an effect on the project you currently like? Has anyone sat down with you to go through your financials ensuring you are able to financially afford it with reserve funds that can tide you through rainy days?
I truly believe that everyone needs to hear from someone else, for example, to get another opinion?
Someone who is able to tell you 'NO, this is not good' or 'NO, that is not good'.
Rather than someone who just goes along with you, wouldn't it be better to hear from someone why they think otherwise?
Your property investment could be your biggest asset yet, it wouldn't hurt to get another opinion?
Get another opinion on a property you like! https://bit.ly/2IS9aiC
Let me share one of my experience with a client of mine.
Jason and Audrey were looking for their first property and they have viewed tons of Show Flats. They finally decided on a project they liked. They were looking at a 2 bedroom, 710sqft unit priced at $1.217mil, 99 years leasehold project.
They almost wrote a cheque for balloting on launch day. That is, until we met up for a short discussion.
I shared with them a nearby Freehold condo, 3 bedroom 1044sqft unit, transacted at $1.02m and below, they were shocked! Lucky for them, Philip and Audrey did not get the 2 bedroom unit.
Just imagine if they got the unit? They would be paying $200k more than the resale 3 bedroom unit. This would mean that their capital appreciation would be limited due to the extra $200k they paid.
Say, in the future, they choose to sell their property. Put yourself in the shoes of the resale buyers. Would a resale buyer choose to buy a 2 bedroom 99 year leasehold unit or a 3 bedroom freehold unit?
I shared with Jason and Audrey this analysis of past data and trends, which not only opened doors for them but showed them how to choose the right property investment. This showed them the difference of having another opinion.
Explore the possibilities! https://bit.ly/2IS9aiC
For Jason and Audrey, they were curious to explore the possibilities the current market has to offer and you could be like them too! Exploring the various options before writing that cheque! This will give you a peace of mind before you write a cheque to secure a unit.
Hi, I'm Terry! I have built my career in real estate helping my clients make the most out of their money. Buying a property, to me, is more than just a paper transaction.
Having been in this industry for the past 20 years, I take pride in knowing I have helped hundreds of clients over the years who have benefitted from my sharing.
Got a burning question for us? Drop your questions here!