Buying The Crib

In reality, we didn't see a lot of houses before deciding on this one. We saw 2 units prior to this one and made offers. But the sellers were not motivated enough to sell.

We bought the third unit (our crib) after our first viewing, making our offer late evening on the same day. The seller accepted our offer somewhere before midnight. So we bought our crib in a span of less than one day.

It's kind of funny because we are property agents and have helped our clients buy their house after countless viewings. We also have lots of experience in setting up negotiations between sellers and buyers and some negotiations can go on for days. But when it came to buying our home, we seemed to be making a hasty decision. Viewing, price negotiation, making the offer and getting our offer accepted all happened within hours on the same day.

I believe from experience and also shown to us by our several "successful investors", is that you know the right property for you when "the feeling is right".

The apartment we viewed was not appealing. The seller was no longer staying there. A room was being sublet to a PRC mother and son, who only took care of their lease. The rest of the apartment was dingy and unkempt. There has not been any upgrading within and without the apartment - No lift level and no utility room.

The apartment, however, was in good condition. After going on it's 30 years of lease, the place is just in need of restoration. The location is a big big plus! It's just a opposite Ang Mo Kio central. Future resale and rental potential are enormous.

It all boils down to price. Price is always a delicate issue. The seller was, of course, looking to make a profit from the sale. The buyers, us, definitely wanted to buy it at the lowest "market" price possible. I hated the possibility of ruining the negotiation process by squeezing the owner on price and possibly losing out the unit. Hence, it was obvious to us to go for a win-win offer. The seller is happy to sell and we buy happy.