Questions about buying or investing in property often get asked during family gatherings.

Woman with a surprised look

Time for Chinese New Year Again.. “Have you buy your property?” Ermmmm

The Lunar New Year along with food and the red packets come inquisitive relatives, and is nearing. Between fielding questions about when you are going to marry / reproduce / find a proper job, you will also have to impress them somehow. Here are three things that you can declare to make yourself look like a property expert.

1) “Location is everything…but not for the reasons you believe.”

Everyone has heard the phrase “ countless times to location, location, location”. But reveal you know more compared to the average Joe by telling your relatives it’s not pretty much living in popular places like Holland Village, East Coast, Seaside Residences Siglap or Bukit Timah. For instance, dwelling close to the sea may offer fantastic views, but will even incur costs that are higher as such homes need protection against saltwater. It’s also not enough to live in prime districts; if a dwelling faces the main road, for instance, its occupants will have to put up with continuous noise, traffic and even pollution.

If some of your relatives are looking to purchase property, they’d do well to nail their intention in doing this. Are they looking to rent it, live in it, or both? Determining their use for the property can then help them to decide whether they would like to hold on to it for the long term, or sell it for profit within the following few years, and what sort of property they should buy.

2) “Don’t worry about banks; they have one important concern.”

Your relatives that are contemplating investing in property may worry about the factors influencing their opportunities getting their loan applications approved. A lot of individuals incorrectly believe their property buying history plays a part, particularly when they have purchased HDB flats with the aid of grants and subsidies. But in truth, banks are mostly concerned with whether or not their instalments can clear on time; their credit history, as such and monthly income are variables that are important.

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