Worst Mistake made When Buying Condo | Buying Tips
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What is the worst mistake you can make when buying a condo? Are you making this costly mistake? Important question: Are you buying for own-stay or for investment?

Many make the mistake of using personal preferences to decide when buying property for investment. The truth is, your preferences matter less when you are buying for investment. The more important factors are low entry point, rentability and what you tenants may like

When buying for investment purposes, it is alright to go for the cheapest units. Usually found on low floors with no views. Tenants are unlikely to be willing to pay significantly more rent for a higher floor unit with better views which would have cost much more to purchase

Also, it may be wise to avoid first floor patio units & penthouses with high ceiling or open terraces. These are what I would call ‘lifestyle’ units. Resale demand is usually smaller for these units & may take a longer time to sell thana regular unit

Also, beware of parents, “those were the days” factors. They are usually our consultants or will sponsor some funds for the purchase. Our parents are used to big-sized layouts and will complain about, "Here small, there small...", even though you are not buying to stay. To understand why our parents feel that way, let’s do a layout flashback to the 80s.

To understand why they feel that way, we have to "flash-back" to the 80s and 90s. Helper’s room with windows, yard and a backdoor at the kitchen were a common thing.

A 2-bedroom at the Bayshore which T.O.P. in 1990s is about 1,000+ sqft. In 2000s, big balconies and long bay windows could be seen in many developments built during that time. Open kitchen concepts and the induction cooker were introduced to many families in the 2010s.Then recently, 2 bedrooms with 1 bath became popular and many 3 bedrooms are built to a compact 900+sqft

The fact is the pricing per square foot is increasing. Developers reduce the sizes of the units with more efficient layout to make the quantum affordable. Otherwise, the price will be too high.

It is always what your tenants like that is more important than what you may prefer.
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Disclaimer:
All information & opinions provided in the video are for general educational purposes only. It is not intended to be any form of investment advice.

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