This topic crops up every time I have coffee session with friends. That question of ‘when will property prices be dropping MORE.’ Let me tell you with a story yeah. Next time anyone ask, at least I can send them the link to this article. 😛
Let’s say last year, we went to view a property. The location was very bad. It was deep inside a super jammed main road which meant that coming out during peak hours will take half an hour, just to join in the main road jam. The developer’s staff at the sales gallery was also rude and knows nothing about the project at all or give us all the wrong information. The layout of the unit was very bad. We have to pass through the kitchen before we could reach our rooms! (exaggeration, hopefully). Last but not least, it was priced above every other new projects in the area; overpriced naturally. So, we left the show gallery and we decided not to buy the project because nothing is right with it.
This year, that SAME project which we viewed and hated is now on discount. It’s 15% discount. Still the same location, same jam. We dropped by and the sales people are still ignorant and rude. The layout has definitely NOT changed. Question is, will we now buy when the price is discounted 10% or even 15-20%? Hopefully we are objective enough to understand that just because price is discounted, a bad product remains a bad product! Ladies and Gentlemen, when we buy a home, it will be with us for a long time and the mortgage payments are usually over the next 30 years. Are we prepared to overlook all the disadvantages just for the extra discounts?
Of course, let’s also understand that times are indeed slow for the property market for a couple of years already. Obviously there will be some good projects which the sales had been slower than usual and now with the Home Ownership Campaign 2019, the developers are willing to provide discounts so that they could finish selling and move on to their next project. These are the projects worth considering and buying. Remember yeah, the purpose of buying is NOT because of the discounts but because the development meeting our needs. If we need a home and the development meets nearly all of our needs and it comes with a discount plus stamp duty exemptions, this is the BEST TIME to buy. Happy reading and understanding.
written on 4 March 2019
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