A couple in their 30s, expecting their second child, wanted to upgrade from their three-bedroom unit to a four-bedroom unit in a more central location, with a budget of $4-6 million. They preferred condos in the Stevens Road/Balmoral area, emphasizing space and layout flexibility to accommodate their growing family.
Their initial plan was to purchase a resale landed home or a four-bedroom unit in a condo, with an emphasis on easy renovation and a regular-shaped layout.
However, they needed to time the sale of their current home and purchase of their replacement home carefully to avoid paying Additional Buyer’s Stamp Duty. They also included a nine-month leaseback clause in their property sale contract, allowing them to lease their sold property back from the buyer and giving them time to househunt, plan their move, and coordinate their renovation and family needs without rushing.
Property Search and Considerations
The couple searched for a home in the Stevens-Balmoral area, considering developments like Cyan, Palm Springs, Park Stevens, Balmoral Residences, and The Glyndebourne. They looked for a property with good resale value, proximity to schools, a regular-shaped layout, unit sizes above 2000 sq ft, and features like a private lift and spacious living areas. The couple was seeking a condo that fit their needs.
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According to Sheng, a property agent and partner property consultant with Stacked, properties in these prime residential areas provide a certain quality of living, and buyers are more focused on prioritising lifestyle needs and convenience, over investment-led decisions.
The couple’s successful property search was a result of careful planning, coordination, and understanding of the market considerations involved.
Their experience highlights the importance of considering multiple factors when searching for a home, including lifestyle needs, convenience, and future plans. As Sheng points out, most buyers don’t choose between a good option and a bad one, but rather between several reasonable ones, making the decision difficult.
In such cases, seeking professional advice and guidance can be invaluable in making an informed decision.