Buying A Home: What Do Singaporeans Look Out For
Common questions Singaporeans will ask when house hunting
Buyers these days are savvier than ever. With online platforms serving as the bridge, it leaves many agents worried about their prospects. However, human touch cannot be replaced, so it is important to know what potential buyers are looking out for so that you can best serve them and make that sale.
Here are 8 questions that Singaporean buyers will ask when house viewing.
How long has the current owner been living here?
As Singapore has a Sellers Stamp Duty (SSD), imposes a tax if people sell within three years, there must be a reason why the owner wants to sell and pay the SSd. Those reasons could just be personal, such as moving to another country. But occasionally, it could be due to problems with the house or location. Think loan shark harassment or neighbours who are impossible to live with.
When was the unit last renovated?
If it’s an old home (e.g. 20 years or more), it would be good if the previous renovations were five to 10 years ago. This suggests the unit will be in good condition, even if the overall development is an older one.
If there are small renovations that took place just before the house went up for sale (e.g. half a year to a year before), it might be a sign to buyers that there are defects or damage they want to conceal. So ask the seller questions about renovation too.
How long has this property been up for sale?
As it is uncommon for properties to sit on the market for more than two to three months, buyers will want to know this to assess the home. Also, if the unit is well-priced, it might spell some other issues which will be considered. For example, other buyers may have spotted something such as a poor facing (e.g. the unit is right in the way of the afternoon sun), noise pollution from nearby heavy vehicle routes in the morning, or a neighbour in the opposite block with stadium lights in the living room.
What’s being built nearby, and when?
Most of the time, people would assume that having an MRT station built nearby would be good. But depending on the client, it may not be always a good thing. For example, if the client prefers quiet, having a rail line passing right in front of the house, wading through a crowd of people just to get to your lobby during rush hour may be a consideration for them. Likewise, consider the impact of new malls, hawker centres, or sports club being built nearby.
Another important consideration is the issue of when. Are they intending to rent out a room or the entire unit, MRT lines and stations under construction tend to lower rental yields for properties in the vicinity as tenants don’t want to deal with the noise and air pollution of a non-existent amenity. It’s only later, when the station is ready, that rental rates might see a boost.
What has been replaced? Why and when?
If the house is considerably older, maybe 20 years old, it would be ideal that certain fixtures have been replaced. It would be ideal if the air-conditioners are new, the water heaters are new, the cabinets are fresh carpentry, and so forth.
If nothing has been replaced in 20 years or more, brace yourself for restoration costs.
You also want to know why certain things were replaced. For example, if the cabinets were all replaced by steel or plastic counterparts, that could be a sign of a long-running termite infestation.
What’s the minimum the seller will accept?
No one likes it when people beat around the bush. Understanding the needs of your client and showing them the right property based on what they rank as important is crucial to making a sale.
Did the previous owner have pets? What kind and how many?
Animal urine, fur, and fleas can be difficult to get rid of, even after the pet has been gone for awhile. long after the original pet is gone. For those with allergies, leftover bits of fur can leave you sneezing and red-eyed every night until you pay for a costly whole-house cleaning service. For pet owners, there is a possibility of fleas from the previous owners’ pets affecting their pets.
Who is living next door?
Are there foreign students staying together on a housemate basis? If so, there will be many strangers coming and going which some people might not be comfortable with. Perhaps there is a huge family living next door? Or someone with a newborn- all these are valid concerns for people buying a house and can greatly affect the decision making process.
Understanding the common questions and considerations of each buyer will help you show them the right unit and make the sale an easier one. For newer agents, understanding the rationale behind why someone might be for or against a particular unit will help you do better research to serve your client’s needs.
