You may be living with your parents right now and it’s comfortable. However, there may come a time when you’ll want the freedom (and maybe even bragging rights) of having your own house.
So, what should you consider when you’re thinking of buying a home for the first time? And what are some of the factors that make it attractive to invest in a large space right from the start?
BENEFITS OF BUYING A LARGE SPACE
Even if it’s the first time you’re buying a house, there are several reasons why you may want to invest more money for a large space. Whether single or currently married but without children, a large space is an investment for the future. When kids happen, you’ll need a lot of room, which may not be possible if you’re living with your parents in a small HDB flat.
Rather than moving or upgrading to a bigger home in the future, it would be less of a hassle to start off with a large home already. Big spaces will benefit kids, as children thrive when they have more room to grow. A large house gives them the advantage of having their own rooms and play areas while ensuring that there’s ample privacy for everyone.
Also, as your parents age, you can take care of them by having them move in with you. A dual-key configuration would offer increased privacy for starting a family whilst still living with one’s parents. A small home on the other hand, won’t allow for much pivoting if the situation demands urgency.
One advantage of getting landed property is that it usually comes with its own garden and yard. Having a little place to grow some green can take the edge off from a typically busy day.
Furthermore, for home buyers who enjoy hosting and entertaining friends, the bigger the home, the easier it is to initiate big gatherings. Also, if you need to put up with guests for the night, you’ll have the means to do so; even if it means crashing on the couch in the living room, at least there will be more space.
Another benefit of having a large space is storage. You may be a pack rat or plenty of clothes which demands a bigger closet. A bigger home means more wall space and therefore, building a longer and denser wardrobe helps takes the pressure of having to hunt for various storage spaces around the house to keep clothes.
If you’re a pet owner, a larger home is also beneficial to animals as they have more places to explore and make their own. Pets sometimes will need their privacy as humans do so get a place that your dog or cat would love!
Another factor that may push you toward investing in a large space is that landed houses or even cluster homes are usually freehold strata. Sometimes there are even freehold non-strata projects where you can own the property and sometimes the land, with the exception that all land regardless of its title can still be acquired by the government should it fall within where they want to build new infrastructure.
Finally, a key reason why you would want a bigger home is the enjoyment you would get with designing and renovating the place. After all, the more space you have, the more things you can do with it. Larger spaces also afford homeowners the option to design the interior efficiently such as adding or removing partitions more freely to suit the family’s needs.
CONSIDERING THE PRICE ISSUE
While there are many benefits to living in a large home, sometimes people are held back because they feel it’s unaffordable.
But buying a bigger home may not be as expensive as you think.
At an entry level, you can get a 5-bedroom condominium in Pasir Ris for $1.8 million. For a landed property like Victoria Park Villas, prices of transacted units start from $3.9 million, which is a good deal for a house located near prestigious Coronation Road. When you consider projects like Seaside Residences, whose highest transacted is $5.7 million, the gap is vast and dispels the misconception that condos are always more affordable than houses.
As long as you carefully calculate whether you can afford the market rates for a big home, you can have peace of mind in investing. Determine your financial strength with an affordability calculator like http://www.propertyguru.com.sg/mortgage/affordability-calculator
If budget is a constraint, then consider sacrificing on location or age of the unit or other expenses like renovation, at least for the time being.
If you possess purchasing power, large homes make good financial sense. Wong Xian Yang, an analyst with OrangeTee points out that “though the quantums for large spaces tend to be high due to their larger size, they tend to be cheaper on a per square foot (psf) basis as compared to other units within the same development, assuming similar storey and facing. So, for a multi-generation family, it would be more cost efficient to buy a large unit to house the entire family rather than buying two separate units.”
From a long-term perspective, it may be a good idea to buy a large space now as new large units are expected to become rare in the future, given that most new developments tend to lean towards a unit mix which favour smaller units due to current loan curbs and cooling measures.
LOCATION AND AMENITIES
A key consideration when you’re buying a home is its location and the amenities nearby. How close is it to the city and how convenient is its access to public transport like buses and the MRT?
You may also want to consider its proximity to schools for your children, leisure facilities like a cinema, parks, restaurants and shops like a big supermarket.
One thing that new home-buyers worry about buying a large space is that it would be difficult to maintain. Though larger homes require more maintenance such as dusting and vacuuming, the difference in workload can be lightened with the use of technologies such as autonomous robotic cleaners and HEPA filter air purifiers. Furniture and fittings such as curtains and drapes can also be replaced with blinders and sunshades which require less cleaning.
With all these compelling reasons that make buying a large space a good idea if it fits your budget, now is a great time to invest in a large house of your dreams and live large!
For more information about our Living Large Specials, go to: livinglarge.propertyguru.com.sg