Property: The Resale Flat Buyer's Checklist

Last week, we wrote about the importance of checking the condition of your resale flat. (Chide us for being kiasu, but we'd like to know every detail before saying yes and calling up the reno-guys. After all, resale flats are more expensive than Build-to-Orders!) However, there are a couple of other bases to cover, and instead of relying on a property agent to ask the questions, you can ask these yourself:

resale, M3 Studio, HDB, property

  1. What are the flat's attributes e.g. location, size, age, design, height?
  2. How much has your neighbours - immediate and in the properties nearby - paid for their houses?
  3. What is the flat valuation? (Tip: A flat's valuation is influenced by recent resale transactions of similar flats in the vicinity.)
  4. What is the cash-over-valuation amount?
  5. How old is the flat? (Tip: Check for the systems too, such as air-cons and heaters. This is so you'll be able to gauge if it is cheaper to repair or get a new one.)
  6. When was it last renovated? 
  7. When was the elecrical wiring last changed? 
  8. Has the flat been upgraded under the HDB's Home Improvement Programme yet? (If not, be prepared t obuy for upgrading costs in the future.)
  9. How long has the flat been on the market?
  10. Why are the sellers moving, and when? (Tip: If the seller has collected his keys to a new flat and needs to move out soon, you might be able to get a cheaper deal!)

Other factors you should take note off include those that might incur you extra costs in the future, such as distance to a nearby school and MRT, as well as distance to your parent's house which is helpful when you need baby-sitters or when there is an emergency.