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Make your dream house come true with 5 simple steps

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Author: Ravi Philemon

Everything you do to make your dream house come true; flicking pages of interior design magazines, looking at homes around you, browsing home renovation websites for design inspirations and consolidating numerous virtual mood boards. But not everything seen and pinned in your browsing can work well for a home in Singapore.

By: Hitesh Khan/

Apart from style, functionality and ease are equally important in making your dream house come true. There are two important factors to think about when doing renovation, i.e. our hot and humid climate, and lack of space.

These are 5 simple renovation trends that could inspire homeowners make your dream house come true.

1. Hardwood flooring
It may be appealing to place hardwood flooring to add a touch of elegance and a sense of warmth to your homes. However, the high humidity level in Singapore can cause the flooring to warp or swell in the long run. It is not possible for you to switch on your air conditioner 24/7 to reduce the humidity level in your home in order to maintain your hardwood floor as the temperature inside and outside of your home are different and could cause condensation. Different climatic conditions will cause little gaps in hardwood flooring that would attract termites.

Alternative:
Choose a wood-like tile & laminate it with wood-grain pattern or vinyl wood-like flooring which are more cost-efficient. If you still want real wood, choose teak. It is commonly used for outdoor flooring which is more durable for expansion & contraction.

Tip 1 in making your dream house come true: Use Vinyl-Flooring

2. Small Tiles

Small tiles as an accent for your room will help to make your room look stylish and more spacious. But while they may look great, they are not the best choice for a home in Singapore. The high humidity level will cause bacteria, moss and fungus to grow faster and you will find them more difficult to be cleaned.

Alternative: Keep small tiles to accent walls, rather than the entire surface. You can also play around with the patterns using small tiles in the wall. Remember – just use it as accent!

Property Valuation Singapore – Three methods that you need to know

3. Kitchen Island & Freestanding Bathtub
Kitchen islands and freestanding bathtubs are the epitome of luxury and opulence, but because they are positioned in the middle of the room, they tend to take up a lot of square footage.

Alternative: If you insist on having a kitchen island, choose hybrid islands that do double duty; where they can also serve as a dining table or storage space for instance. Instead of going for a freestanding bathtub, consider a glass-encased shower with a rainfall showerhead instead to achieve the luxury feel without taking up too much space.

4. Walk-In Wardrobe
You love it for the luxurious feel it gives your home, but it’s a luxury that should be reserved for those with a sprawling mansion – or an extra room to spare.

Alternative: Rather than convert a part of your already small bedroom into a walk-in wardrobe, a built-in wardrobe would hold your clothes just fine. As it is flushed to the wall, it takes up minimal room while giving a clutter-free appearance. Wish to parade your fashion accessories? Go for see-through panels or open shelves.

Tip 2 in making your dream house come true: Walk-in-Wardrobe may give you more space, but built-in-wardrobe let’s you make effective use of space.

5. Wallpaper
Choose a bold print, and you can create instant panache. Choose a calming motif and your home becomes a soothing sanctuary. But While wallpapers are one of the easiest style changers, they do not do so well in our humid climate. The humidity will cause the wallpaper glue to come off in the long run and causing the wallpaper to curl and peel.

Alternative: If you wish to incorporate wallpaper, stick to feature walls that are away from windows. A good alternative to wallpaper is decorative paints or special effect paints.

Do you know enough about how property valuation is done in Singapore?

Knowing how to calculate the property valuation is of paramount importance to a home owner. It can help you determine whether you are overpaying for a home, or whether you have gotten yourself a real bargain. Paying the right price is just one way you can avoid overspending on your property.

Another smart way to avoid overspending on your property is to get the right loan. Getting the right loan can be a much simpler task, but only if you get the right person to it for you. Get in touch with iCompareLoan’s loan consultant to help you get the best loan deal at the right price.

The iCompareLoan mortgage brokers can set you up on a path that can get you a home loan in a quick and seamless manner. We are the experts who do the work for you for free, while you lean back, rest and rely on our professionalism at absolutely no cost to you.

Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.

The post Make your dream house come true with 5 simple steps appeared first on iCompareLoan Resources.

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1-Net North Data Centre sold by tender for $200.2 million

Click on 1-Net North Data Centre sold by tender for $200.2 million
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Author: Ravi Philemon

Cushman & Wakefield was mandated by DataCentre One (owned by Keppel Infrastructure Trust and WDC Development Pte Ltd) to conduct the tender for the sale of 1-Net North Data Centre in June 2019 and eventually sold the 100 per cent interest in DataCentre One for $200.2 million.

Shaun Poh, Executive Director, Capital Markets, Cushman & Wakefield who handled the sale of 1-Net North Data Centre said “The sale is noteworthy given that the supply of data centres is tight across Asia, particularly in Singapore.”

“Data centres are tightly held in the city-state, typically by Telcos, conglomerates and REITs and hardly offered in the market. The tight supply situation is compounded by the fact that Singapore has pledged to reduce carbon emissions putting a lid on the allocation of land for data centre use as these assets consume high volumes of energy. As expected, this tender attracted sizeable interest from investors both local and international.”

1-Net North Data Centre

Image credit: Cushman & Wakefield

1-Net North Data Centre is located at 18 Riverside Road and spans 200,000 sq ft in available area. 1-Net North Data Centre offers stable, secure and high-powered infrastructure for digitised content, the facility has achieved Uptime Institute Tier 3 certification and conforms with the Monetary Authority of Singapore’s Threat Vulnerability Risk Assessment (TVRA) specifications.

1-Net North Data Centre has also attained Green Mark GoldPlus certification under the Green Mark for Data Centres rating system jointly developed by Singapore’s Building and Construction Authority and Infocomm Development Authority. The rating system recognises performance efficiencies in areas such as energy, water and environment, with a significantly higher emphasis placed on energy performance.

A recent research by CBRE reported that Singapore, the largest data centre market in this region, will remain as a tenants’ market because of ample supply.

The CBRE report titled ‘Asia Pacific Data Centre Trends Q1’, said the region’s data centre market continues to expand. Colocation supply across the ten Asia Pacific markets covered by CBRE Data Centre Solutions Services totalled of 1,772 MegaWatts (MW) in Q1 2019.

Demand is predominantly coming from large technology and global cloud corporates from the U.S. and China, ensuring fitted capacity remains tight across the region, said the report.

“The pipeline is totaled for about 800 MW which will help to ease the tight availability over the past few years. Nonetheless, Singapore, the largest data centre market in this region, will remain as a tenants’ market with the ample supply.”

The report noted that with 20 submarine cable systems landing, Singapore is the best connected tier I market in Asia Pacific. It added that strong connectivity along with reliable power supply sources has helped Singapore become not only the largest data centre market in this region, but also a data centre hub.

“The city-state’s conducive business environment has also allowed the data centre industry to flourish and created a highly competitive market. The presence of reputable international and local operators with strong track records has ensured end users have greater leverage and options for their deployments.”

CBRE said that large-sized technology and cloud companies have been the major demand drivers, displaying large and unprecedented requirements and accounting for a significant amount of colocation space in the last 18 months. A colocation data centre is a standalone building in which multiple companies share space for storing and running their IT equipment, akin to a multi-tenant office building or apartment complex.

A Hyperscale Colocation typically denotes large power requirements (>500 kilowatts, kW) but end-user is specifically a cloud or large tech company with requirements for scalable power, storage, and cooling; whereas wholesale colocation typically denotes large power requirements (>500 kilowatts, kW).

CBRE said in its report that it only tracks carrier neutral colocation markets which excludes non-carrier neutral facilities, system integrators and self owned facilities (including the hyperscale cloud). CBRE expects significant new supply to enter the market in the next three years, with an estimated pipeline of 177.2 MW, equivalent to around half of existing supply.

The research said that Singapore will remain an end-user market over the next 24 months due to its ample pipeline. However, data centres with strong connectivity will still be able to command premium rents for retail co-location requirements, the research added. CBRE’s report on Asia Pacific Data Centre Trends comes after it launched a specialist service for investors who want to buy into data centers.

Demand for data center investment has never been greater as aggressive foreign capital, institutional investors and infrastructure funds have started targeting the asset class.

How to Secure a Commercial Loan Quickly

Are planning to purchase properties for investment in the the largest data centre market in this region but unsure of funding? Don’t worry because iCompareLoan mortgage brokers can set you up on a path that can get you a commercial loan in a quick and seamless manner.

Alternatively you can read more about the Best Commercial Loans in Singapore before deciding. Our brokers have close links with the best lenders in town and can help you compare Singapore commercial loans and settle for a package that best suits your commercial purchase needs.

Whether you are looking for a new commercial loan or refinance, our brokers can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the loan. And the good thing is that all their services are free of charge. So it’s all worth it to secure a loan through them.

For advice on a new commercial loan or Personal Finance advice.

To speak to our Panel of Property agents.

For advise on refinancing advice.

The post 1-Net North Data Centre sold by tender for $200.2 million appeared first on iCompareLoan Resources.

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Singapore REIT Bubble Charts September 2019

Click on Singapore REIT Bubble Charts September 2019
for the source.
Author: Marubozu

Bubble charts derived from Sept 6, 2019 Singapore REITs Fundamental Comparison Table. No significant changes compared to last Bubble Charts.

(1) Big cap REIT remains expensive and value picks remains at small and medium cap REIT. Some small cap REITs start to move. Note: Distribution yield is lagging.

(2) There are no significant changes in gearing ratio.

These Bubble Charts are used to show the “relative” position compare to other Singapore REITs.

Two visual bubble charts to pick and avoid:

  1. Undervalue Singapore REITs with High Distribution Yield** (Value Pick)
  2. Overvalue Singapore REITs with High Gearing Ratio (Risk Avoidance)

** Distribution Yield are lagging.

Compared to previous Singapore REIT Bubble Charts here.

 

Disclaimer: The analysis is for Author own use and NOT to be used as Buy / Sell recommendation. Get a proper training on “How to use this Singapore REIT Bubble Charts?” here. Next REIT Course is on Sept 21, 2019. Registration detail can be found in the following link. http://mystocksinvesting.com/course/singapore-reits-investing/

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Freehold detached bungalow along Garlick Avenue for sale at S$16.5 million

Click on Freehold detached bungalow along Garlick Avenue for sale at S$16.5 million
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Author: Ravi Philemon

The freehold detached bungalow is situated at the highest point along Garlick Avenue and sits on an elevated site that is rectangular in shape

A single storey detached bungalow at 72 Garlick Avenue in District 10 has been put up for sale by Expression of Interest (EOI) for S$16.5 million.

freehold detached bungalow

Image credit: Knight Frank Singapore

The freehold detached bungalow is situated at the highest point along Garlick Avenue and sits on an elevated site that is rectangular in shape with a frontage of approximately 27 metres and average depth of approximately 31 metres. The site has a land area of 856.7 sqm (approx. 9,221 sq ft).

The freehold detached bungalow is located within walking distance are Sixth Avenue MRT station, daily conveniences such as Cold Storage and eateries at Guthrie House. Prime local shopping belt Orchard Road is also a quick 15-minute drive away from the freehold detached bungalow.

Additionally, the freehold detached bungalow is within the vicinity of some of Singapore’s most prestigious schools, including Raffles Girls’ School, Hwa Chong Institution, Nanyang Girls’ High School and Henry Park Primary School.

Linda Chern, Head of Residential Prime Sales and Corporate Leasing, Knight Frank Singapore, shares, “The property is ideal for both Singaporeans or PRs and is located in a prime residential estate that is also within a GCB zone.”

Recent property transactions for homes in the area have also been promising. Chern further comments, “17 detached homes in District 10 were transacted from January to July 2019, recording a total of S$337 million in sales. Of the 17 homes sold, 11 transacted during the May to July period.”

The EOI for the freehold detached bungalow at 72 Garlick Avenue will close at 3pm on 15 October 2019.

Mr Paul Ho, chief mortgage officer at iCompareLoan commenting on the freehold detached bungalow along Garlick Avenue said, Ho said that “as the sales proceeds start to come in from the en bloc sales completion from now till end 2019, landed properties will seem attractive to some buyers. Especially the Inter-terrace segment will hot up.”

This Mr Ho believes is because en bloc sales homeowners who are flush with cash, will resort to value hunting instead of choosing smaller condominiums which are beginning to sell at unbelievable prices.

Dr Lee Nai Jia, Senior Director and Head of Research at Knight Frank Singapore said in an op-ed in Business Times in Sep 2018 that “now is the right time to buy landed property.”

“The supply of landed homes has been limited. From Q4 2008 to Q2 2018, the total stock of landed homes rose 6.4 per cent, from 68,761 units to 73,150 units. Yet, the total stock of non-landed homes went up by about 70 per cent from 172,443 units to 293,593 units over the same period.

With a lack of a strong supply of landed homes, it appears that prices of landed homes tend to trend up more than prices of non-landed homes during an upswing in prices. The Urban Redevelopment Authority’s (URA) residential price index for landed homes rose 87.7 per cent during the upswing from Q2 2009 to Q3 2013, while prices of non-landed homes appreciated 56.2 per cent over the same period.”

Demand for landed properties will heat up on the heels of en bloc sales

An earlier research by CBRE said that the total number of transactions for landed projects in 2018 is expected to be around 300 units, with the majority of units sold outside the Core Central Region. CBRE added that freehold projects will present a better value over leasehold projects in the growing landed property market.

Joseph Tan, Executive Director at CBRE Asia Pacific, speaking at a Propertyguru seminar in May 2018 said:

“As of now, the total number of housing units offered in the market is 380,000. Landed properties only consist of 1.5 percent of the total housing stock, a small supply compared to non-landed properties which comprise 98.5 percent. Around 90 percent of landed properties are freehold while the remaining 10 percent are leasehold.

“Non-landed homes priced at $1 million to $2 million remain most favoured amongst Singaporeans. For landed homes, most investors prefer those priced at $2 million to $3 million. However, the gap between property prices for 99-year leasehold and freehold landed properties is quite narrow due to the scarcity in this category.”

Mr Ho said that given the land scarcity in Singapore, demand for landed property in Singapore will continue to rise over the long term. He pointed out that Singapore continues to be a global financial centre and a trade hub with high livability scores – all of which attracts high net worth investors to the Republic. All these factors will inevitably fuel demand for landed property in Singapore he added.

“The value buys in the property market right now are are landed inter-terrace houses which’s per square feet price on the built-up area is usually less than $1,000, but the bigger challenge for buyers of landed property is securing the best home loans. With the right loan, the buyer can save thousands, if not tens of thousands of dollars. Which is why they would have to work with established mortgage brokers who can provide them this free service.” – Paul Ho

How to Secure a Home Loan Quickly

If you are eyeing freehold landed site like the one at 537 Upper Changi Road, but are ensure of funds availability for purchase, our mortgage consultants at iCompareLoan can set you up on a path that can get you a home loan in a quick and seamless manner.

Our consultants have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.

The post Freehold detached bungalow along Garlick Avenue for sale at S$16.5 million appeared first on iCompareLoan Resources.

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Balinese-styled GCB in Kilburn Estate up for sale at S$23 million

Click on Balinese-styled GCB in Kilburn Estate up for sale at S$23 million
for the source.
Author: Ravi Philemon

The Balinese-styled GCB has a basement, swimming pool, beautiful landscaped garden and koi pond

A landed, two-storey Good Class Bungalow (GCB) at 18A Yarwood Avenue is set to go up for auction this week. Located in Kilburn Estate, the 999-year leasehold Balinese-styled GCB is an owner’s sale with a guide price of S$23 million.

Balinese-styled GCB

Image credit: Knight Frank Singapore

The resort-like, Balinese-styled GCB has a land area of 18,911 sq ft and floor area of approximately 8,956 sq ft, including a car porch and cosy, sheltered terraces totalling a size of 678 sq ft. ‘

The tastefully designed Balinese-styled GCB also has a basement, swimming pool, beautiful landscaped garden and koi pond.

Sharon Lee, Head of Auction and Sales at Knight Frank Singapore, said, “The property at 18A Yarwood Avenue has an accessible price point for a GCB of its calibre and is within reach for those looking to live a home that is limited in supply. It is also located within walking distance to King Albert Park MRT station, with amenities such as a movie theatre, dining options and a supermarket conveniently situated at KAP Shopping Mall and Bukit Timah Plaza.”

Successful sales of properties along the same stretch include the home at 19 Yarwood Avenue, which sold for S$22.15 million February this year and 21B Yarwood Avenue, which transacted for S$19.4 million in March 2018. The properties sat on land areas of 19,030 sq ft and 16,156 sq ft respectively.

The auction for the Balinese-styled GCB at 18A Yarwood Avenue will be held at 2.30pm on 18 September 2019, at the Connection Room on Level 3 of Amara Singapore.

GCBs have been in the spotlight since news broke recently that Sir Dyson had forked out $41 million for a hilltop GCB located along Cluny Road with views of the Botanic Gardens, Singapore’s first and only UNESCO Heritage Site.

List Sotheby’s International Realty (List SIR) which reported on the purchase of Sir Dyson, noted that what makes this GCB deal an even greater surprise is that landed properties in Singapore, including the 2,800 plots located in the 39 GCB areas gazetted by the Urban Redevelopment Authority (URA), are classified as restricted properties and are limited for purchase and ownership by Singapore Citizens only. Besides their rarity, GCBs also come with strict planning conditions stipulated by the URA to preserve their exclusivity and low-rise character.

Even ultra high net worth investors, such as the Dysons, need to get special approval from the government to purchase and own GCBs because they are permanent residents. Criteria include making exceptional economic contributions in Singapore and the buyer can only use the GCB for owner occupation.

According to the Singapore Residential Property Act, foreigners are not allowed to own landed properties, which include bungalows. However, foreigners are allowed to own the bungalows at Sentosa Cove, a planned resort island to attract high-net-worth (HNW) foreign investors. Foreigners are allowed to own apartments in Singapore.

More recently, a GCB plot in the prestigious Nassim Road area was bought by SG Casa Pte Ltd for a record $230 million. The price for the sprawling land of 84,543 sq ft land works out to be S$2,721 psf. The plot of lands comes with a two-storey bungalow, a tennis court and swimming pool. The site has a road frontage that is nearly 100m, and can be redeveloped into four or five bungalows.

List SIR in referring to media report suggested that the party behind SG Casa could be Eduardo Saverin. Mr Saverin became a Singapore citizen in 2012.

Sir Dyson, who is chief executive of Dyson Ltd, had earlier bought the most expensive 99-year-leasehold penthouse situated on a 62nd to 64th floor in Wallich Residence. The three-storey penthouse comes complete with a private infinity pool, jacuzzi, barbecue pit, and private lift lobby.

Besides Dyson and Saverin, another famous name that has been making rounds in Singapore’s media landscape was Jack Ma, who is said to have purchased a 30,000 sq ft site at Victoria Park Close. The Alibaba co-founder is supposedly building a two-storey bungalow with a basement and swimming pool.

The report by List SIR said, ” in light of the geopolitical tensions in Hong Kong and United Kingdom, there could be increased interest from more foreign ultra high net worth investors, the likes of Sir Dyson. Singapore’s solid economic fundamentals, sound financial framework, ease of doing business, quality education and racial harmony continue to make it one of the choice locations for potential foreign investors.”

Mr Paul Ho, chief mortgage consultant at iCompareLoan, said, “with political stability, it is understandable why Singapore looks attractive to ultra high net worth investors. Due to its limited supply and the prestige associated with these large bungalow plots, GCBs – such as the Bukit Pang GCB – are often sought after by well-heeled individuals.”

He added, “Singapore’s business-friendly environment also attracts many ultra high net worth investors to park their assets here. Prices of GCBs have been on a steady increase since 2016 and so it is viewed as a good investment.”

How to Secure a Home Loan Quickly

Are you planning to invest in landed properties but are ensure of funds availability for purchase? Don’t worry because iCompareLoan mortgage broker can set you up on a path that can get you a home loan in a quick and seamless manner. We are the experts who do the work for you for free, while you lean back, rest and rely on our professionalism at absolutely no cost to you.

Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.

The post Balinese-styled GCB in Kilburn Estate up for sale at S$23 million appeared first on iCompareLoan Resources.

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Home value may be increased with kitchen and bathroom renovations

Click on Home value may be increased with kitchen and bathroom renovations
for the source.
Author: Ravi Philemon

If you are selling you home, a nice kitchen and dainty bathrooms may increase your home value

By: Hitesh Khan/

Once a potential homebuyer gets inside you home, one of the rooms he or she will examine most carefully is the kitchen. Because of this, people often consider it a good move to remodel and renovate their kitchens to increase their home value — but they meet with different levels of success.

Two reasons for only ho-hum success for this is that a homeowner may personalise a remodel too much, or go too high-end with it. Installing a huge stove-top grill might be just what a fellow avid carnivore is looking for, but what about a vegetarian or someone who doesn’t like to cook? That person will not be interested in compensating you for the value of that addition.

Some renovations in the kitchen that typically meet with more success include the sink, counter-tops and cabinets. A sparkling new sink and modern cabinet design can really make people take notice. But if areas like your counter-tops or sink are outdated or stained, it can definitely detract from the value of your kitchen.

Think of it this way: People really don’t want constant reminders of past occupants in a home they buy, so if you’ve made any significant marks, you will want to start erasing them pronto to increase your home value.

Property Valuation Singapore – Three methods that you need to know

home value

Image credit: Grant McLean/Flickr

While a kitchen remodel can be challenging, and it’s a project you may not be able accomplish on your own. This is because you may not be exactly handy around a hammer or drill, you better call in a professional to get the job done. Getting quality improvements in the kitchen can really add some value to your home; paying for poorly done repairs and renovations will only burn a hole in your wallet.

After the buyers finish their examination of the kitchen, where are they likely headed to next? One of the other crucial rooms that can make or break a home value is the bathroom, so let’s hope they like what they see.

Bathroom renovations and additions can help increase your home value, but going overboard with items like gaudy faucets, and ill-chosen paint can be an easy trap to fall into. Sticking to mainstream and tasteful features will serve you better. If you do plan on moving, but not for several years, understand when that time rolls around, you might want to check out the current bathroom styles to see if yours is still in style or if it needs an updated look to increase your home value. If a gaudy paint was the route you took, you should probably expect it to take away some of the value from your home, unless you already intend on repainting it in preparation for the market.

New flooring can also be a good move, especially if there’s been any damage, but cement screed should generally be avoided, as should vinyl flooring. (This is true for the kitchen as well.) And while linoleum seem to be making a comeback, it’s best to avoid it; many people still cringe when they think of it and the glue that holds it down. Some good options would be marble floors or various type of tiles.

Last but not least, don’t forget to give some thought to the toilet. People can be pretty picky about toilets. As in the kitchen, they aren’t looking for reminders of past owners.

So if you are expecting a potential homebuyer to get inside your home and you’re ready to move, following these suggestions could get you more money for your house. And if you are planning on staying put, you’ll get to enjoy a classic, valuable home.

Do you know enough about how property valuation is done in Singapore?

Knowing how to calculate the property valuation is of paramount importance to a home owner. It can help you determine whether you are overpaying for a home, or whether you have gotten yourself a real bargain. Paying the right price is just one way you can avoid overspending on your property.

Another smart way to avoid overspending on your property is to get the right loan. Getting the right loan can be a much simpler task, but only if you get the right person to it for you. Get in touch with iCompareLoan’s loan consultant to help you get the best loan deal at the right price.

The iCompareLoan mortgage brokers can set you up on a path that can get you a home loan in a quick and seamless manner. We are the experts who do the work for you for free, while you lean back, rest and rely on our professionalism at absolutely no cost to you.

Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.

The post Home value may be increased with kitchen and bathroom renovations appeared first on iCompareLoan Resources.

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Dishonest renovation schemes – 4 quick tips to help you avoid being prey

Click on Dishonest renovation schemes – 4 quick tips to help you avoid being prey
for the source.
Author: Ravi Philemon

The many stories of scams we hear, both in the news and from our friends, about dishonest renovation schemes and less than unscrupulous renovation contractors makes us wary of even those who do an honest business.

By: Hitesh Khan/

Home renovation is one of the larger expense items incurred by consumers with the payment of large deposits required even before a project is completed. Yet, unscrupulous contractors who hatch dishonest renovation schemes often get away in Singapore because there is no official regulation for renovation contractors or interior designers here.

What we have in place of proper safeguards from dishonest renovation schemes for home owners is a joint-accreditation scheme for renovation contractors by Consumers Association of Singapore (CASE) and Singapore Renovation Contractors and Material Suppliers Association (RCMA). The joint scheme tries to ensure that consumers are protected against the closure, winding up and/or liquidation of the renovation business through a deposit performance bond that safeguards their deposit payments”.

The threshold to entry to become a renovation contractor is also very low. This means that anyone can register a company (or business), claim to be an interior designer, take up renovation projects, all with the only aim of perpetuating dishonest renovation schemes.

Against this backdrop, home owners are spending more and more on renovating their homes in recent years. Statistics show that over a 10-year period, the total renovation contract value has doubled – from $7,200 in 2008 to over $14,000 in 2017.  Many are also paying a larger deposit or full upfront payment, which leaves them vulnerable to dishonest renovation schemes and disputes with contractors.

dishonest renovation schemes

image credit: CASE

CASE said that the renovation contractor industry has been in the consumer watchdog’s top 10 list of industries with the highest number of complaints for the past decade.

But all’s not bleak for the homeowners who need renovation works. They can better protect themselves from shady renovation contractors if they follow these tips.

The joint CASE-RCMA accredited scheme is the minimal protection for homeowners who need renovation. The joint scheme requires an accredited renovation contractor to protect a customer’s deposit payment through purchase of a deposit performance bond. This bond will safeguard deposits against closure, winding up and/or liquidation.

The joint scheme will also use a CaseTrust Standard Renovation Contract which will ensure cost transparency and accountability for listed deliverables in a renovation project. This, in most cases, will meet the demands of a modern discerning consumer.

Renovation contractors who qualify to obtain this accreditation will be able to display a CaseTrust-RCMA logo on their shop fronts and marketing materials as an outward sign of their commitment to fair trading.

2. ALWAYS GET A FEW QUOTATIONS TO COMPARE

Even if it is a referral from a family or friend, always double check and request to see other renovation works or ongoing projects of the contractor. And never ever go with the first or only quotation you get for your renovation works. Always get at least 3 quotations from different renovation contractors to check if you are getting the best deal.

The saying, “if it is too good to be true, it probably is” is befitting especially for dishonest renovation schemes by unscrupulous contractors.

Some contractors may not always include items like cost of electrical works, bathroom accessories, curtains, air-conditioners, window-grilles, lighting fixtures, haulage, painting, cement screeding and disposal in the renovation quotation. Some contractors assume that these costs should be covered separately. Others may deliberately leave these items out to make the quotation look cheaper.

Always ask the renovation contractor to make the quotation as comprehensive as possible so that you are comparing ‘apples-to-apples’ with the different quotations you have, and so that you can award the renovation works to the right contractor.

Property Valuation Singapore – Three methods that you need to know

3. NEVER PAY THE FULL AMOUNT UPFRONT

Case executive director Loy York Jiun, for example, advocates that consumers should “always negotiate for progressive payment as the work commences, instead of paying in full up front”. A reputable renovation contractor will always provide options for progressive payments for homeowners. If anyone asks you for upfront full payment, even before the commencement of any works and regardless of the size of the works, it should make you very suspicious. It is better that you err on the side of caution with such contractors, no matter how attractive their proposal looks to you.

The following is a good guide for progressive payment to your renovation contractor:

10% – Deposit on signing of renovation contract;
40% – 1st balance payment upon commencement of renovation works;
40% – 2nd balance payment upon completion of 70% of renovation works; and
10% – Last payment should be issued 2 weeks after satisfactory completion of ALL works.

New HDB flat buyers can save money if they do defect inspection right

4. NEVER ASK YOUR BANK TO CUT JUST ONE CHEQUE

Most banks and financial institutions in Singapore do offer renovation loan packages and almost all of them will make cheques payable to the renovation firm or contractors as this is a renovation loan. But homeowners should note that terms of conditions differ from bank to bank. It may be time consuming and difficult to compare all the renovation loan packages which are out there. The worst mistake an uninformed homeowner could do is to go with the first loan that is offered.

The best advice for homeowners who need to take loans for their renovation works would be to engage a loans specialist. The loan specialist would be able to match the best renovation loan package that meets the homeowners’ unique financial situation.

Even after you have found a bank which satisfactorily meets your needs for renovation, you should never instruct your bank to cut just one cheque for the renovation works. You should ask them to issue several cheques for progressive disbursement, according to your renovation timetable.

Do you know enough about how property valuation is done in Singapore?

Knowing how to calculate the property valuation is of paramount importance to a home owner. It can help you determine whether you are overpaying for a home, or whether you have gotten yourself a real bargain. Paying the right price is just one way you can avoid overspending on your property.

Another smart way to avoid overspending on your property is to get the right loan. Getting the right loan can be a much simpler task, but only if you get the right person to it for you. Get in touch with iCompareLoan’s loan consultant to help you get the best loan deal at the right price.

The iCompareLoan mortgage brokers can set you up on a path that can get you a home loan in a quick and seamless manner. We are the experts who do the work for you for free, while you lean back, rest and rely on our professionalism at absolutely no cost to you.

Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.

The post Dishonest renovation schemes – 4 quick tips to help you avoid being prey appeared first on iCompareLoan Resources.

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How much is your home worth? Some things are within our control

Click on How much is your home worth? Some things are within our control
for the source.
Author: Ravi Philemon

Although many things are not within a homeowners control when determining how much is your home worth, others are.

By: Hitesh Khan/

A lot of things factor into how much your home is worth, such as the location, the square footage, the school district and the number of bedrooms and bathrooms. Although several of those parameters aren’t easily changed, some are under a homeowner’s control.

As an astute homeowner, your job is to consider both what you can do to improve your home worth, as well as what you may (inadvertently or otherwise) be doing to decrease it. Completing renovations and repairs might pay off to varying extents.

In other cases, you may just have to put up with some of the things you don’t love about your home, but letting a house slip into disrepair is a surefire way to decrease its value. Whatever path you choose, it’s crucial to be aware of how you’re affecting your home’s bottom line and to understand what can be done to raise it back up.

One of the main things to remember while trying to boost your home worth is that people have a wide variety of tastes. Those tastes may vary greatly both geographically and demographically. A house with the flexibility to suit a big slice of the population pie will be more in demand than one highly customized to any one particular lifestyle. The more people who find a house attractive when it hits the market, the better off you’ll be.

The property market rises and falls, and if you’ve tried to unload a private residential property at a decent price during the real estate chaos that occurs during one of the market lows, you’re probably all too aware of how difficult that can be when the market is flooded. The more comparable homes on the market, the harder it is on your home worth, especially when buyers are scarce.

Property Valuation Singapore – Three methods that you need to know

Many aspects of a neighborhood can detract from how much buyers will be willing to offer. If you live by an airport or MRT tracks, for example, the resulting noise pollution might devalue your home. Light pollution from a nearby expressway or sports stadium could make buyers wary, too.

Having bad neighbours will also affect how much you can command for your properties. When you have bad neighbours, in some cases there won’t be much you can do, but in others you might meet with success. Be sure to document your complaints and deliver them respectfully. It may also be a matter you can bring to the police or to your MP.

If the schools in your area is a well-known one, that could up the value of your home. It’s very common for homebuyers to want to move to places with top-notch schools. People with children will usually be especially cognizant of the quality of the schools in the areas they’re targeting their search. Other buyers, aware of the impact schools can have on property value, may make it a consideration as well.

home worth

Image credit: Wikimedia Commons

Needless to say, interior paint plays a big part in home worth, and if your house is in desperate need of a fresh coat, that flaw could be wreaking havoc on your home’s value. Even if you spend time and money repainting your home, a buyer might still be put off by the colour (or colour scheme) you choose. If you’re planning on painting, your best bet is to pick popular home colours in order to appeal to the largest buyer-base possible. Neutral colours are the most widely used; blue and various shades of beige or cream are good bets.

If your home is lacking in storage space, that also may be a point of contention. Warm and inviting – and not overly lived in – are what you’re going for. Most importantly, if you manage to lure potential buyers into your home, they’ll quickly take note of several things. Is the house cluttered with your possessions? Are there pictures of your family adorning every wall? Is the home dusty and dimly lit? These issues are easily remedied, but if you don’t find the time to take care of them, your home will probably have trouble selling for your asking price.

If your house is in need of a serious repair then that will most certainly be a point of contention. You need to get major repairs sorted out or risk shaving off a significant portion of your asking price; otherwise, you’re just asking future homeowners to foot the cost. They won’t and it will affect your home worth.

Do you know enough about how property valuation is done in Singapore?

Knowing how to calculate the property valuation is of paramount importance to a home owner. It can help you determine whether you are overpaying for a home, or whether you have gotten yourself a real bargain. Paying the right price is just one way you can avoid overspending on your property.

Another smart way to avoid overspending on your property is to get the right loan. Getting the right loan can be a much simpler task, but only if you get the right person to it for you. Get in touch with iCompareLoan’s loan consultant to help you get the best loan deal at the right price.

The iCompareLoan mortgage brokers can set you up on a path that can get you a home loan in a quick and seamless manner. We are the experts who do the work for you for free, while you lean back, rest and rely on our professionalism at absolutely no cost to you.

Our brokers have close links with the best lenders in town and can help you compare Singapore home loans and settle for a package that best suits your home purchase needs. Find out money saving tips here.

Whether you are looking for a new home loan or to refinance, the Mortgage broker can help you get everything right from calculating mortgage repayment, comparing interest rates all through to securing the best home loans in Singapore. And the good thing is that all our services are free of charge. So it’s all worth it to secure a loan through us.

For advice on a new home loan.

For refinancing advice.

The post How much is your home worth? Some things are within our control appeared first on iCompareLoan Resources.