Posted by: tonkatsudelights | September 17, 2007

House Hunting

At the top of my agenda this month was house-hunting. The rental at my current place is expiring at the end of the month and I have to move out by the 28th.

Renewing the contract was not an option because some other people have taken over the apartment for more than double the price I am paying right now! My rental now is $1,300 – the landlord initially asked for minimum $2,500 – that somebody else took it at $3,000. Uh, well…

I have always wanted to buy a place of my own. But since I delayed my decision last year, I missed the bandwagon. The price is simply ridiculously high this year and I personally think that it is not sustainable. So I have to defer that decision again until the market is getting better. I will buy when it is a good buy. And I believe when the supply increases in the next 1-2 years, the market will at least be softened. So I decided to weather the storm for a while.

The reality is not all buyers in the market right now are genuine buyers who buy with the intent to stay. There are far more investors out there. And it’s apparent from the so many units of new apartments which are floating out there in the market as the speculating investors are trying to sell the apartments that they have bought before.

I remember I went to a showflat of an apartment on a saturday, finding that there were only 2 units left in the building, one on the lowest floor and the other one on a high floor. The psf price is more than $1,000 — which, frankly, I think is actually quite high for an apartment in that location. So I decided not to buy it. But look what I found the next morning in the classified ads in the Sunday Times — three units of apartments from that project were up for sale in the resale market, and those three were from one single seller! I seriously am questioning whether they can really find the buyers…

And then I went on to find a place to rent instead. That, too, was a challenge.

The apartments that fit my budget are located far far away in ulu places. In a way, I was prepared for that so it was not my biggest headache. But the quality of the place was just so disappointing. One place stinks due to all the incense that the previous owner burned in it. The other is sticky and stinks because the current tenants are pet owners. And so on… and so on… similar experiences continued…

Agents are not really much helpful also. The property agent that I have used for the last 4 years seems not to care this time. He only actively responded when I told him I was looking for a place to buy and suddenly he could make time for me. It’s so obvious that he’s after the big bucks only. Between buy vs. rent, definitely he’s gonna make more money if I buy a place. Another agent I engaged was only interested in showing the units that were under her care only. She avoids co-broking as much as possible. Again, going for the big bucks.

Anyway…

Luckily I finally found a place within my budget, and it is only five minutes away from where I am staying now.

But seriously… I hope the market will soften sometimes in the next year. And if that is so, I for sure am gonna buy a place of my dreams!

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Responses

  1. nearer bukit timah or bukit batok now? 😛

  2. hee hee… bukit batok… but then again it’s still a very short drive to bukit timah… you can’t escape when you come back to singapore! 😛


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