Things You Should Know When Buying a Condo

There are a lot of things you have to take into consideration when you purchase anything as big as private property. Buying a condominium requires a lot of time and money prior to the transaction. Often considered a luxury purchase, condominiums are more expensive than HDBs. We list down some things you should keep in mind before investing in a condominium.

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  1. Eligibility

If you are a foreigner or a permanent resident (PR) you can purchase a condominium as long as it is six storeys or higher. Do note that you incur 5%-15% stamp duties on your second or third purchase. You should also be eligible to get a bank loan should you not have the full amount.

  1. Budget

Before buying condominiums for sale in Singapore, you have to be capable of paying for it. Budgets for new condominiums can range from SGD 700k to millions of dollars. A higher down payment would make it more economical for you in the long run. But if you can’t pay that high just yet or you are rushing before a price swell, there are a lot of banks that offer good housing loan rates.

  1. Location

Location can be a big deal when it comes to investment. If your property is in an up-and-coming neighbourhood then you can reap the rewards in a few years. Plus, you were able to get the condominium while it was relatively cheap. Sweeping views such as the bay or cityscape will be a very good investment in the future. Pro tip: research on neighbourhoods that have great schools and MRT stations nearby to ensure that your condominium is in an ideal location.

  1. Developer

Do research on reliable condominium developers to ensure that your investment is in good hands; not only their current portfolio but also their previous projects. You can tell a lot about a developer from their previous projects. Look at how they’re maintained now. Are security measures still in place? Have the buildings shown signs of deterioration? When reviewing condo sales in Singapore you should always look at this factor.

  1. Amenities and Facilities

Facilities are usually the cherry on top when purchasing a condominium. Long jogging paths and swimming pools are big selling points in a condominium. Skyline condos even include BBQ grills as part of their amenities. Another thing to consider when factoring in amenities and facilities is how well the developer maintains these amenities. Reverting back to our number four factor: how well are these amenities maintained?

  1. Space

Property is at a premium when it comes to Singapore. Make sure you envision yourself in the next five-ten years in your condominium. Your family plan should be included in your property investment. Can it accommodate your family in the future?

There are so many factors to consider prior purchasing a condominium in Singapore. Follow these tips but also don’t forget to research. Do research on loans, developers, and locations to ensure your making the right investment at the right time.

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