Trends in the real estate market always keep changing each year. It’s 2022 and surely a lot of things have changed in the market compared to previous years. It does not matter whether you have already selected some properties for your next potential purchase or looking for different properties; this article will showcase you some of the latest market insights that can save you from making a big mistake.
Pay Off Your Existing Loans
You might be considering different home loan options for your property purchase. But keep in mind that the recent cooling measures introduced by the government in 2021 have lowered the Total Debt Servicing Ratio (TDSR) from 60% to 55%. This clearly means that you cannot use more than 55% of your monthly income to pay off your debts.
If you already have a lot of outstanding loans, then this can cause you trouble in getting approval for your home loan application. You must try to pay off all of your loans that are close to closure. Doing so will give you the edge of getting approved for the home loan without facing the restrictions of lowered TDSR.
Always Pay Multiple Visits to Your Shortlisted Properties
Purchasing a home is not a recurring event in your life. Making a smart decision is necessary to ensure that you land the right deal. You would surely be having a list of properties that you prefer to buy. Get in touch with your realtor and ask him to arrange multiple visits to these properties at different times of the day for you.
Doing so would ensure that you are fully aware of the ins and outs of these properties. You can also analyze the neighborhood and residents around these shortlisted properties.
Moreover, you must properly inspect the properties to explore any issues. You must discuss these issues with the owner before sealing the deal. Negligence in such a pivotal matter can cause you to spend a hefty amount on maintenance work later. Having defects in the property also lower its resale price.
Always Analyze the URA Master Plan
Surroundings matter a lot. Don’t always believe what you are told about the surroundings and developments near your shortlisted property. This is where you can adopt a smart approach by analyzing the URA Master Plan with your realtor. URA Master Plan provides you with a clear picture of the planned developments in your property’s surroundings.
Look for the areas that are near shopping malls, hospitals, schools, and other amenities. Moreover, you must also ensure that the URA Master Plan does not show any development plan near your property that blocks the view of your property or intends to add a lot of unwanted traffic in your area.
Your realtor can help you in analyzing this roadmap. Realtors are also aware of the planned developments in almost every area within their service domain.
Plan Your Move Properly
You don’t need to make any hasty decisions while moving to your new property. First of all, you must keep aside some money for maintenance work if you are planning to buy a resale condo. Don’t expect everything in the condo to be in a perfection shape. There is always something that needs renovation in accordance with your needs.
Secondly, save some money for rental accommodation as well. The recent shortage of renovation manpower has caused a massive delay in renovation projects. You may have to live in a rental property for a few months before the renovation work completes. Saving money beforehand will surely save you from unexpected rental costs.