Now i know why people CRAZY about new property..

[radha08]

past few weeks i been doing some look look c c at resale condo/apt/hse etc etc also been to a few NEW condo launch....personally closest i came to commiting was a new unit at Flamingo Valley but didnt happen...anyway....call me a slow learner but i realised that 90% of the resale units are TERRIBLE....run down/over populated/dirty...people not very house proud or maybe tenanted units...real NO GO

But on the other hand experience of visiting showflat with BRAND new finishings...nice model layout personalized service by agent the whole experience is really enticing plus the perks like stamp duty absorption/furniture vouchres/free ipad....it really WORKS

anyway this thread just to highlight to any bro/sis who are SLOWER learner than me....

of course if u need to move in immediatey then new unit is out of question but if time is on your side i say think about it...

[ysyap]

Thank you for sharing your experience. I'm sure it will benefit some people, whether slower learners or new to the property sector.

[Naruto]

past few weeks i been doing some look look c c at resale condo/apt/hse etc etc also been to a few NEW condo launch....personally closest i came to commiting was a new unit at Flamingo Valley but didnt happen...anyway....call me a slow learner but i realised that 90% of the resale units are TERRIBLE....run down/over populated/dirty...people not very house proud or maybe tenanted units...real NO GO

But on the other hand experience of visiting showflat with BRAND new finishings...nice model layout personalized service by agent the whole experience is really enticing plus the perks like stamp duty absorption/furniture vouchres/free ipad....it really WORKS

anyway this thread just to highlight to any bro/sis who are SLOWER learner than me....

Same same feeling here, resale most with tenanted units really turn off..
Specially those with multi tenants..

Another diff is the size, resale bigger, new 'compact' for the same $$..

So, view more resale or buy brand new?

[kane]

The resale I go see usually about 3-5 years old. All still looking quite new.

[sh]

I think the key is look beyond the "distractions" to see the true potential of the resale property. These distractions can be removed. Hack out the whole interior if necessary, especially with the huge price difference between new and resale. If these distractions contribute to a lower price, (because nobody can see beyond them), so much the better. That's when a shrew investor will go in.

Remember that new becomes old after some time. LH, time run out, but for FH, time is on your side.

[ysyap]

I think the key is look beyond the "distractions" to see the true potential of the resale property. These distractions can be removed. Hack out the whole interior if necessary, especially with the huge price difference between new and resale. If these distractions contribute to a lower price, (because nobody can see beyond them), so much the better. That's when a shrew investor will go in.

Remember that new becomes old after some time. LH, time run out, but for FH, time is on your side.

I would have to agree with you on your points. Well, if a new unit cost much more than an older of the same size, tenure, location, etc., go for the older unit. Throw in another $50k to do up the whole place nice nice and you've got yourself a fantastic deal. You might save even more from buying the new unit and giving that $50k you set aside for renovation of the old unit, to the developer, in the end! And don't forget after you get the new unit upon TOP, minimum renovation is still required, at maybe say $10k? So who lose more?

[chiaberry]

An important point here is that many buyers don't have the CASH to fork out for renovations nor the CASH for the deposit (or even to start paying in full). Thus the move towards new properties where it comes in with everything (but the furniture) done up and included in the purchase price plus need to pay lesser up front.

[ikan bilis]

....face wise... got lots of difference hor....

can throw a big house warming party and show off with a brand new 2bdr penthouse, shiok!....
...but how to do that with a 5-10yr old 3bdr? very malu-lah...

[roly8]

haha...
too many tenants in your condo ..

[yaozong7]

The flipside of new properties is the rooms are so miserably small. A housing agent actually suggested to me to hack away a new condo's wardrobe so that I can fit in a queen sized bed in the non-master bedroom!

And that's for a $1k psf OCR 3 bedder! Haha...

[amk]

to TS:
1) u didn't look hard enough on the resales
2) see, new sale marketing works, no wonder ppl go for new sale.

I just viewed a 4yrs old tenanted pty (in CCR). pristine condition.

[peterng8]

I would have to agree with you on your points. Well, if a new unit cost much more than an older of the same size, tenure, location, etc., go for the older unit. Throw in another $50k to do up the whole place nice nice and you've got yourself a fantastic deal. You might save even more from buying the new unit and giving that $50k you set aside for renovation of the old unit, to the developer, in the end! And don't forget after you get the new unit upon TOP, minimum renovation is still required, at maybe say $10k? So who lose more?

I agree and add in another point, the exterior is also important (resale i mean), interior very nice but exterior(facilities etc..) looks terrible is not going to help alot.. esp LH the older it is the attractiveness decreases

[ysyap]

I agree and add in another point, the exterior is also important (resale i mean), interior very nice but exterior(facilities etc..) looks terrible is not going to help alot.. esp LH the older it is the attractiveness decreases

Yes yes... external look plays a part if you are looking to sell it. Otherwise, guai guai stay there till en-bloc lor! Unless you are those who always use the facilities until they are all falling apart then maybe sinking fund will be tapped to replace and repair those facilities and equipment.

[radha08]

the other day i went to view a condo at simei omg when i looked closer in the pool i saw one of the sunbathing chairs lying at bottom of pool....omg..i asked agent about it she said wind blew it in...

[pinkpolkadot]

Exterior is very important cos it will affect your "feel" about the place. That day I went to a condo. The walls crack, the paint looks dull, the common corridor not well maintained, just to name a few - overall it look like a HDB. I was shock when I was told it's only 6-year-old!

[DaytonaSS]

Exterior is very important cos it will affect your "feel" about the place. That day I went to a condo. The walls crack, the paint looks dull, the common corridor not well maintained, just to name a few - overall it look like a HDB. I was shock when I was told it's only 6-year-old!

according to a property guru friend, he shared alot of condo(cannot say region) the owners very "miao", all kind of maintenance or upgrade also vote dont want, so as to save on maintance/sinking funk, as a result, over time, the condo's facade deteriorates very fast.

so its true, from sharing here.....

[sh]

Yes exterior is important. Go for designs that are timeless, eg colonnade, Arcadia, ocean park. Still looks good after all these years. Avoid fads, 'classical' or 'Spanish' styles that was so hot in some time ago.....

Any other suggestions on good looking older projects?

[pengful]

past few weeks i been doing some look look c c at resale condo/apt/hse etc etc also been to a few NEW condo launch....personally closest i came to commiting was a new unit at Flamingo Valley but didnt happen...anyway....call me a slow learner but i realised that 90% of the resale units are TERRIBLE....run down/over populated/dirty...people not very house proud or maybe tenanted units...real NO GO

But on the other hand experience of visiting showflat with BRAND new finishings...nice model layout personalized service by agent the whole experience is really enticing plus the perks like stamp duty absorption/furniture vouchres/free ipad....it really WORKS

anyway this thread just to highlight to any bro/sis who are SLOWER learner than me....

of course if u need to move in immediatey then new unit is out of question but if time is on your side i say think about it...

What you just wrote reflects the exact sentiments that I am feeling... condition of resale on older properties very jialat... then again, new ones very expensive now.

I will wait and see how the market goes after the next round of cooling measures... hope to see it happening soon.

[radha08]

What you just wrote reflects the exact sentiments that I am feeling... condition of resale on older properties very jialat... then again, new ones very expensive now.

I will wait and see how the market goes after the next round of cooling measures... hope to see it happening soon.

yup in the meantime enjoy ur beemer... (looks like that in the picture in ur nick)

[ysyap]

the other day i went to view a condo at simei omg when i looked closer in the pool i saw one of the sunbathing chairs lying at bottom of pool....omg..i asked agent about it she said wind blew it in...

So funny... if you look closer, you might see a body buried beneath that chair!

[Allthepies]

past few weeks i been doing some look look c c at resale condo/apt/hse etc etc also been to a few NEW condo launch....personally closest i came to commiting was a new unit at Flamingo Valley but didnt happen...anyway....call me a slow learner but i realised that 90% of the resale units are TERRIBLE....run down/over populated/dirty...people not very house proud or maybe tenanted units...real NO GO

But on the other hand experience of visiting showflat with BRAND new finishings...nice model layout personalized service by agent the whole experience is really enticing plus the perks like stamp duty absorption/furniture vouchres/free ipad....it really WORKS

anyway this thread just to highlight to any bro/sis who are SLOWER learner than me....

of course if u need to move in immediatey then new unit is out of question but if time is on your side i say think about it...

I have another view: New unit gives u imagination to think what u be getting... I.e. U don't really know what u be getting.

On the other hand, resale unit is there for u to see, feel and touch. There is no lying, u immediately know the view ur unit has, how large the bedroom, how nice the marble, how good the faciilities, how nice the landscaping... And best of all even those very good units are selling cheaper than new launches...

[irisng]

I think majority of us will prefer new than old but some people might like the locations, amenities around there, layout of the unit, near to their parents' house or that they cannot wait, then most likely they will go into the resale market.

[KarenK]

Just to share my personal experience. I seriously considered getting an old unit coz those are very much bigger and spacious. very value for money compared to new developments. However for old units, one will have to fork out to replace stuff like electrical wiring, water pipes (if they are really jialat), cabinets for all the rooms, toilets etc etc. and for these expenses, one has to fork out a lot of CASH or if not take up a renovation loan. renovation loan is limited by a cap (eg 7 times your salary) and the interest rate is exhorbitant. for a new unit, everything comes sui-sui and u only need to buy furniture. those earlier expenses are essentially parked under a Housing Loan which also charges a much lower interest. In view of this, I went for the new unit instead as I have yet to find a printer good enough for printing tons of money.....

[insigina]

Just to share my personal experience. I seriously considered getting an old unit coz those are very much bigger and spacious. very value for money compared to new developments. However for old units, one will have to fork out to replace stuff like electrical wiring, water pipes (if they are really jialat), cabinets for all the rooms, toilets etc etc. and for these expenses, one has to fork out a lot of CASH or if not take up a renovation loan. renovation loan is limited by a cap (eg 7 times your salary) and the interest rate is exhorbitant. for a new unit, everything comes sui-sui and u only need to buy furniture. those earlier expenses are essentially parked under a Housing Loan which also charges a much lower interest. In view of this, I went for the new unit instead as I have yet to find a printer good enough for printing tons of money.....

You are right to an extent. But renovating an old unit (especially landed) gives you alot of fun and satisfaction. Weekends are spent hunting around for tiles, fittings, etc. Moreover, you can customise it to your needs and budget. If your budget is tight, one can scale back and do the critical items first and then go to phase 2 when you have enough vit M. I enjoyed the process very much.

[pinkpolkadot]

You are right to an extent. But renovating an old unit (especially landed) gives you alot of fun and satisfaction. Weekends are spent hunting around for tiles, fittings, etc. Moreover, you can customise it to your needs and budget. If your budget is tight, one can scale back and do the critical items first and then go to phase 2 when you have enough vit M. I enjoyed the process very much.

That is the (fun) highlight of buying a re-sale

[chiaberry]

Here's my experience. In 2010 I bought a resale unit because:
1. Bigger area (1800+sq ft)
2. Very near in-laws home (where we are based most of the time)
3. We have lived in this area for 15+ years.
4. Enough car parking space for our 2 cars.
5. Price (<900 psf).
6. Freehold.

It needed full renovation of course (project >20 years old in original condition).

We took an equity loan from our investment property to pay for the renovations. Interest rate same as the housing loan (based on SOR).

I am not a very homely person and did not really enjoy driving around the place to hunt for tiles/kitchen appliances/sanitary ware etc. But it was useful experience in hindsight (I suppose). Now I can walk into a showflat and appreciate the quality (or lack of) in their fittings.

[buttercarp]

Here's my experience. In 2010 I bought a resale unit because:
1. Bigger area (1800+sq ft)
2. Very near in-laws home (where we are based most of the time)
3. We have lived in this area for 15+ years.
4. Enough car parking space for our 2 cars.
5. Price (<900 psf).
6. Freehold.

It needed full renovation of course (project >20 years old in original condition).

We took an equity loan from our investment property to pay for the renovations. Interest rate same as the housing loan (based on SOR).

I am not a very homely person and did not really enjoy driving around the place to hunt for tiles/kitchen appliances/sanitary ware etc. But it was useful experience in hindsight (I suppose). Now I can walk into a showflat and appreciate the quality (or lack of) in their fittings.

I find renovating and monitoring the progress of renovation very stressful.
So I'd rather pay a bit more and walk into a new house with the ID all done up for me.

[ysyap]

One person's antidote is another's poison!

[kane]

I always dream of renovations when I'm at Ho Kee or Sim Siang Choon buying faucets of kitchen fittings to replace the worn out ones at hpme. Lol. And when I look at the tiles at the tile shop today. Wah! All sorts of pattern and nice big sizes are all available.

[teddybear]

I believe many of the new launch property buyers are same as you, which is why they rather pay >30% premium price for new launch than resale, and we did not even take into consideration that new launch got 20% useless space compared to those resale >8 years old even comparing both of the same quoted sqft size.
Seriously, if buy resale and total renovation with even better quality than new launch also don't need >$120 psf! So paying >30% premium not justified. <=10% may be...

Just to share my personal experience. I seriously considered getting an old unit coz those are very much bigger and spacious. very value for money compared to new developments. However for old units, one will have to fork out to replace stuff like electrical wiring, water pipes (if they are really jialat), cabinets for all the rooms, toilets etc etc. and for these expenses, one has to fork out a lot of CASH or if not take up a renovation loan. renovation loan is limited by a cap (eg 7 times your salary) and the interest rate is exhorbitant. for a new unit, everything comes sui-sui and u only need to buy furniture. those earlier expenses are essentially parked under a Housing Loan which also charges a much lower interest. In view of this, I went for the new unit instead as I have yet to find a printer good enough for printing tons of money.....