Typical Profile of
a Shoebox Unit Occupant
Can you actually compact a house into a home? Furthermore,
some of these miniature housing comes attached with a bomb shelter and huge
balcony, making the “liveable” spaces even more challenging. Strictly speaking,
shoebox units are not for all. You would not expect a family of five living
together in one right? Shoebox units are generally more suitable for singles
and couples (without kids), whereby the management of space is much more flexible.
Try putting a baby into the equation and you might need more than one shoebox
unit for that combination.
Checklist for home buyers
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Yes
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No
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1
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Do you intend to stay alone in the unit?
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X
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2
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If no for Qn 1, will there be more than 2 person staying in unit?
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X
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3
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If yes for Qn 3, do you have children?
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N.A.
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4
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Is location an important consideration?
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X
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5
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Is size an important consideration?
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X
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6
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Is budget an important consideration?
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X
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7
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If yes for Qn 6, Do you intend to rent if buying is not an option?
|
X
|
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This is a typical profile of a potential buyer for a shoebox
unit, and usually they fall within the age group of 24 – 35 years of old. Of
course there are other combinations, but I believed this is one of the better
profiling, except if you are referring to a bachelor.
Location Factor
One of the main reasons why shoebox units remain attractive
is their location. Many of them are actually situated in CBD, down town or city
fringes, where they provide the occupant(s) the convenience of travelling to
work – especially so in reducing the hassle of traffic in the mornings to work.
To many young ambitious working professionals, time equates money, and this
factor can be seen as need.
“Why not rent?” If given a choice and correct market
scenario, I would have to say that to own is much better then to pay the
mortgages for someone else. Of course if the down payment of at least 20% is
not an issue.
Budget Factor
Theoretically, who would not want stay in a bigger house,
such as a 5 bedrooms duplex penthouse in the heart of the CBD, whereby your
workplace is just located in the next building? I know I would. This comes to
our other important factor – Budget. Yes, the ‘B’ word that many would hate to face when buying a property. In the
real world, there are people who can only buy ONE property and that is to for
own stay. If time and/or location are critical factors in their consideration, with
limited budget, choice may be just an illusion. We have to remember, not all of
us can own a property without wiping clean all cash flow and CPF.
Opportunity Factor
It is rather safe to say that the peak, and probably most
enjoyable stage of our lifespan is between 25-35 years old whereby you are most
likely be working in the managerial level, have more free time and higher
spending capability. Before that, though it is more carefree your spending
power remains a major constraint; And after this stage, though financially more
stable, commitment level is definitely higher.
Think about this: If you do not stay in a studio or one
bedroom apartment during this stage, whereby you can design and allow your
creativity to flow, when can you ever do it in the future, assuming the normal
course of life stages? (Yes – I am talking about living your 20s in full
colours!) Remember, you are only 25 or 30 years old once.
Leaving Note
On the hind side, we must also recognize that there is also
the dark side for shoebox units, such as incredible dollar per square foot as
compared to bigger sized units, resale difficulties, rental cap etc. These are
real and practical reasons as well. However, this article is focused more
towards buyers-turned-occupiers of shoebox units rather than investors of shoebox
units, and that one should always weigh all considerations before purchasing a
property.
Most of the time, you will not be able to get the best of
all things in life; it is just about balancing the constraints, the needs and
the wants. Shoebox units are not all bad as they can be the alternate avenue and
solution for those with the specific requirements.
