Updated: Nov 20, 2020
And things you should know
Philip and his fiancé wanted to buy a 2 bedroom unit all because they liked the location and their agent asked them to submit a cheque for balloting on launch day without checking surrounding transactions.
They felt excited but yet worried because the unit that they wanted cost about $50k more as compared to a lower floor unit. They have already stretched their budget by $100k!
There were many people at the show flat and they started feeling the tension and hype. They felt like something was not right but weren't sure what it was.
Do you have similar experience? If yes, please PAUSE/ HANG ON! We are talking about a $1 million dollar property!
What if I told you there are some things your agent did not share with you..
You must be wondering.. So, what is wrong with that? Why is it wrong? Why am i saying you should hang on/pause?
The answer is that, its not wise to buy a property under pressure! Plus, there are many other factors you should consider before submitting a cheque to secure the unit of your choice.
Find out the other factors you should take note of when buying a property! https://bit.ly/2IS9aiC
It's not uncommon for most buyers to have a checklist and I'm not surprised if you have one too 😊
There is nothing wrong with the checklist above.
And besides, the checklist above is pretty straightforward.
All agents will sell you what you're looking for. They will tell you all the nice things you want to hear. They will tell you that their project is the best!
BUT what they did not tell you are things outside of this checklist!
Honestly, to be fair to the salesperson, there is nothing wrong if he/she did not tell you that. Perhaps, you didn't ask.
When you walk into the show flat, everyone will tell you how good their product is, there will never be a situation that the salesperson will say that their prices are on the high side or say negative things about the project and ask you buy nearby projects instead. I am very sure they will be kicked out of the show flat if the developer finds out.
Throughout your property search, no salesperson dares to say NO to you.
NO, the price is too high
What if the breakeven price is est $1200psf, but you purchase at $1700psf?
NO, the nearby projects prices will affect your project you wanted
Did you compare nearby property prices?
NO, you do not have sufficient reserve funds
How long can you hold if you get retrenched?
NO ONE dares to give you their TRUE opinion
You need someone who gives you a True Opinion Outside the Checklist.
Will any salesperson Say “NO”, you should not buy this project?
Get a different perspective on a project/property you like! https://bit.ly/2IS9aiC
Why is it important to look at a project in a different perspective before you make any decision?
Let me share one of my experience with a client of mine.
Philip and his fiancé 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.
During launch day, Philip told me he submitted a cheque for balloting. Just like many other buyers, Philip liked the project because of its good location. However, due to its prominent location, the show flat was jam packed that day. This resulted in Philip not being able to get his choice unit.
Did Philip choose to give in to pressure and go ahead with the purchase or did he choose not to buy?
When I showed them a nearby Freehold condo, 3 bedroom 1044sqft unit, transacted at $1.02m and below, they were shocked! Lucky for them, Philip and his fiancé did not get the 2 bedroom unit. Just imagine if they got the unit? They would be paying $200k more than the resale 3 bedrooms unit.
How much do they have to sell to make a profit?
Resale Freehold 3 Bedroom sold at $918,000 and $1,020,000 only.
They realised the importance of analysing past trend/ data and how to choose the right property for own stay and investment.
Perhaps, your situation might be different from Philip and his fiancé. Maybe you can explore the options available to you from my experience with different clients. We are talking about a BIG sum of money, possibly your biggest asset! When choosing a property, spend some time to find out more than just whether its situated in a good location or not. 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! https://bit.ly/2IS9aiC