✔️Worst Mistake made When Buying Condo | Buying Tips
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What is the worst mistake you can make when buying a condo? Are you making this costly mistake? Important question: Are you buying for own stay or for investment?
Many make the mistake of using personal preferences to decide when buying property for investment. The truth is, your preferences matter less when you are buying for investment. The more important factors are low entry point, rentability and the profile of the tenants you may get with the property that you purchased
When buying for investment purposes, it is alright to go for the cheapest units(usually low floors and/or no views). Tenants are unlikely to be willing to pay significantly more rent for a higher floor unit with better views which would have cost much more to purchase
Also, it may be wise to avoid first floor patio units & penthouses with high ceiling or open terraces.
These are what I would call ‘lifestyle’ units. Resale demand is usually smaller for these units & may take a longer time to sell thana regular unit
It may also be common for parents who are sponsoring their children to help them buy their properties being dissatisfied with the size or layout of the newer properties. Parents are likely to act as consultants for their children. These parents maybe used to the big sized layouts of much older properties
To understand why they feel that way, we have to “flash-back” to the 80s and90s. Helper’s room with windows, yard and a backdoor at the kitchen were a common thing.
A 2-bedroom at the Bayshore which T.O.P. in 1990s is about 1,000+ sqft. In 2000s, big balconies and long bay windows could be seen in many developments built during that time. Open kitchen concepts and the induction cooker were introduced to many families in the 2010s.Then recently, 2 bedrooms with 1 bath became popular and many 3 bedrooms are built to a compact 900+sqft
The fact is the pricing per square foot is increasing. This has caused developers to reduce sizes and at the same time have better and more efficient layouts so that the quantum remains affordable. Be sure to avoid using your emotions and preferences in making the decision when buying a property.
It is always what your tenants like that is more important than what you may prefer.
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All information & opinions provided in the video are for general educational purposes only. It is not intended to be any form of investment advice. Dennis Lim