How To Spot Cheaper Home Alternatives If You’ve Missed Out On Your First Choice
It’s not uncommon for your first choice to fall through when shortlisting a home. Maybe the seller changed their mind, or the unit got taken off the market. While this can be disappointing, there’s often a silver lining: your fallback options might actually save you money. By re-evaluating what’s out there, you could stumble upon a property that not only meets your needs but also suits your wallet better. Just watch out for “analysis paralysis” when exploring these new listings. Here are a few simple ways to stay consistent, spot more affordable homes, and ultimately make a reasonable choice.
1. Reexamine your priorities, and consider if the second choice must be within a kilometre
A common “hang-up” of missing your first choice is to focus on location. Many buyers immediately concentrate on alternatives within a one-kilometre radius. This could make sense if the location is the be-all and end-all of your choices, but do take a moment to relook at your priorities.
Upon reflection, you may find that some of the following are just as important as location, if not more:
- Proximity to public transport
- Enrolment distances of desirable schools
- Ideal unit layouts
- Resale prospects, if this is not the final stop on your property journey
- Unit size and condition
And many others. Sometimes, meeting these criteria is easier, if you’re willing to consider a change of location. If your main concern is a large unit (e.g., 2,000+ sq. ft.), then it may be viable if you’re okay to shift from East to West, or to accept an older but more spacious project. Older condos, such as Pandan Valley and Bedok Court, are more out-of-the-way but can offer much larger unit sizes.
2. Eliminate the least important factor on the list, then look again
Among the desired qualities of the property, identify the one that is the least important. That is, a quality that’s more of a preference than a requirement. The most typical example of this is investment value: it’s a common tendency for Singapore’s owner-occupiers to think like owner-investors, and want better resale potential through freehold status, proximity to a good school (even if their children aren’t attending), or a strong transaction history for the project.
But if the ultimate goal is home ownership and comfort, then simply removing one of these traits could bring up second choices that are more affordable or appropriate. Even a simple switch, like accepting a property that’s further away from a famous school, might result in significant price differences.
It’s also important to be honest here: if you’re not truly clear on your plans to upgrade (e.g., you may end up staying for the next 20 years), or if the option to rent out the unit is more of an aspiration than reality, then exclude these factors for now. Get more practical and grounded as you’re forced to narrow your choices.
3. Head one train stop away
This was one of the reasons Parc Esta saw strong interest: some of the buyers were those who couldn’t get a unit in Paya Lebar Quarter (PLQ), or who found themselves priced out. There were two alternatives facing them:
One was to settle for an older condo in very close proximity, such as surrounding parts of Geylang. But many of these projects were very old, less-than-aesthetically pleasing, or were pure apartments without common facilities. The alternative was to just go one train stop away, such as to Parc Esta which was next to Eunos MRT station.
Sometimes, just a distance of one stop can make a huge difference in price. In one incident last year, some buyers who wanted a unit near the airport missed out on Sceneca Residence (significant to them, since it’s attached to the Tanah Merah MRT station that links to Changi Airport).
They were able to find an alternative just next to Kembangan MRT station, which was just one stop away. Although it wasn’t as new, it met their criteria, could be moved into right after renovations, and they saved money on top of it.
4. Changing the price filters by a small amount can have a big effect
One of the problems with property portals is the way the price filters work. If you set the maximum price to $1.6 million, for example, the system will exclude even the units at $1.605 million.
This can cut out a surprisingly large number of viable alternatives. A good recent example of this would be the recent slew of launches in District 15. Consider a young single looking for a one-bedder here: if this buyer sets price filters to $800,000 to $1.2 million, the first option they’d see would probably be Emerald of Katong, which has one-bedders of up to $1.2 million.
Unfortunately, Emerald of Katong sold out 99 per cent at launch, so there’s a good chance our buyer fails to find a one-bedder here. If they were to bump up the maximum by a very small amount, however – say to $1.248 million – this is potentially enough to get a one-bedder at Tembusu Grand. These are both within the same district and quite close to each other.
It’s a small thing that many overlook, but it can make a big difference: just tweak the price filter to go a bit higher.
5. Travel around the hotspots of the neighbourhood that attract you
Pick a few things in the location that attract you, such as the mall, schools, a favourite foodie stretch, etc. If these are the main draws, then take short trips around the area (e.g., take the bus or train a few short stops from there). You’ll often spot properties you hadn’t considered before, which are actually quite close. Here’s an example:
Fusionopolis is near the JTC Launchpad (where many new start-ups have their office), and also has a supermarket, pharmacy, and restaurants; it’s also one stop from Buona Vista, where The Star Vista is located. Many buyers interested in the One-North or Buona Vista area will focus on condos like One-North Eden. But those who “patrol” the area may discover that condos like Normanton Park are a short bus trip to Fusionopolis, which isn’t as obvious on paper.
Looking purely on property portals and Google Maps can cause you to miss these details; and good old-fashioned legwork is hard to beat.
If you still aren’t sure which your second choice should be, or you can’t find the details you need, reach out to us on Stacked. We’ll keep you updated with reviews of both new and resale properties, so you can make a better choice.
If you’d like to get in touch for a more in-depth consultation, you can do so here.
