House hunting

My family and I have been house hunting under the scorching sun (think 41 Celsius) the past two days. Here's what I learnt and here are some tips to share:-

- Never fully trust real estate agents. Even when they seem more sincere and loyal than your golden retriever.

- It pays to talk to the neighbours of the potential property. You never know what you might learn.

- House hunting is an arduous, arduous process.

- A good time to house hunt is in winter because many potential buyers hibernate. The market is quiet then.

- Never ever rush the process. You're not buying a bicycle.

- Check the ground level of the property. Its better to buy a property on top of a slope rather than at the bottom of the slope. Especially with crazy climate changes, flash floods may become more frequent.

- A property by the main road may be valued $50 000 less than a property in an inner road.

- Location, location, location. During a recession or slow growth period, value of properties in not-so-good areas may decrease but not for properties in good areas.

- Between two choices, try to buy a property in a rich/potentially rich area. So, even if you're thinking of buying a small-ish house, buy a property with rich neighbours (big houses). The value of the property will increase quicker. The area will be more favoured by the council. Example, your road may be made into a no-through road to decrease traffic flow.

- Try to buy a property close to the city or at least close to public transport.

- Close to a shopping centre or eateries is definitely a plus.

- Try not to buy a property facing a T junction. You wouldn't want car lights shining into your living room. Plus, many Chinese think its bad luck to have a property at a T junction. Even if you're not superstitious, steer away from buying such properties as you would eliminate potential buyers.

- Don't buy a house that's old unless you are prepared to renovate. If buying an old house (eg. 20 years or older), get a qualified architect (or an expert in the construction industry) to certify the safety of the house.

- Always be prepared to negotiate with the builder of the house. They will throw in freebies if they are nice =)

- Land = capital gain. Its not the size of the house but the land that usually determines the value. Therefore, the value of individual houses increase much faster than townhouses.

- Be patient

- Pray =)


Hope that helps!