Insider Tips for Purchasing a Condo

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Reading Time: 3 minutes

With real estate prices soaring, Singaporeans are now rediscovering the joy of urban living and purchasing condos. Before you take that leap, though, you should read up on insider tips that will make you a smart condominium buyer.

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Sales are greatly improving as seen on Property Guru with condo for sale ads increasing every day. People are now rediscovering what it means to be living downtown, enjoying low-maintenance housing, and the easy lifestyle of owning a castle in the clouds. With the real estate prices becoming stratospheric across the country, a condominium is the affordable means to entering the market – especially for young people.

Before You Get Started on the Real Estate Market

  • Always work with a professional real estate agent to help you with the purchasing process. It actually costs you nothing since it is the seller who pays the commission.
  • Make sure you hire the services of a lawyer to take care of the legal side of home ownership
  • Find out your financial qualification for a mortgage you can afford
  • Do the maths with your financial lender; you will also require extra money for closing costs, moving, transferring ownership and lawyer fees.

While Hunting for a Condo

  • Be prepared. You will come across various styles, high-rise, low-rise condos with some having amenities like gym facilities or doormen services.
  • Always purchase the largest units that fall within your spending capacity
  • Visit the condo neighbourhood at different times of the evening and day to ensure that the lifestyle around suits you and or your family lifestyle
  • Choose a unit that offers you a handsome view – this will make it enjoyable for you to live in the condo on a daily basis, while increasing the value of your property at the same time.
  • Avoid a condo unit whose view is distorted by a garbage pick-up area
  • Avoid suites whose windows overlook the garage entrance and the coming and going out of vehicle traffic
  • Go for suites that are not too close or right across from elevators
  • Even if you do not need one, you can always rent out your parking space – make sure that your complex has one
  • In most cases, there is rarely enough storage space in a condo. You can solve this by going for condo units that offer a locker.

When You Find Your Home Away from Home

  • Find out if the complex offers visitor packing and how many spaces are available
  • If purchasing a resale condo, thoroughly inspect your unit by examining appliances and look for wear and tear signs
  • Note the condition and aroma of the lobby and common areas like stair cases and hallways
  • Find out more about the occupants of the buildings. Are they mostly tenants or owners?
  • Find out more about the monthly condo maintenance fees and what they include (as well as what is not covered)
  • Are you going to pay for property taxes? How much and are they included in the maintenance fees?
  • Have a talk with other residents within the building to find out more about the maintenance schedule and how fast the management reacts to queries and complaints

Making the Offer

  • Visit the building and unit of interest at least twice before you make an offer
  • Find out about similar units in the area and how much they sold for
  • Listen to and discuss with your agent about the offer price
  • When ready to make the offer, have your lawyer review any legal documents that require signing

What More Should You Know? 

For a beginner investor with limited capital, the condo is the best investment to start with. The government of Singapore has also implemented a retinue of cooling measures that are meant to encourage young people to own at least one investment property for some time. Purchasing a condominium unit offers you the perfect chance to diversify your investments, gain from capital appreciation, possible rental income (should you choose to rent out) and offers you a hedge against inflation.

Property prices do not fluctuate as much as of other asset classes like bonds and stocks. This means that if you have property together with stocks, as an example, the overall fluctuations are significantly reduced. You can sleep soundly at night knowing that your net worth is not changing on a daily basis.

In a relatively land-scarce country like Singapore, you will benefit from capital appreciation. When demand for land outstrips supply, prices rise. In the last few decades, the average property prices have more than doubled revealing an average yield of more than seven percent per annum.

Retirees prefer to hold onto property due to the rental income provided. HDB flats and condos can be leased to tenants on long-term basis of six or more months. In addition, the Urban Redevelopment Authority (URA) provides for the number of occupants that can live in a residential unit as eight, no matter the size of the unit; increasing the demand for housing. Finally, with an improved economy, property and rent values also go up, meaning better equity for you.

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Reading Time: 3 minutes

With real estate prices soaring, Singaporeans are now rediscovering the joy of urban living and purchasing condos. Before you take that leap, though, you should read up on insider tips that will make you a smart condominium buyer.

Reading Time: 3 minutes

With real estate prices soaring, Singaporeans are now rediscovering the joy of urban living and purchasing condos. Before you take that leap, though, you should read up on insider tips that will make you a smart condominium buyer.

sponsored-post-investvine

Sales are greatly improving as seen on Property Guru with condo for sale ads increasing every day. People are now rediscovering what it means to be living downtown, enjoying low-maintenance housing, and the easy lifestyle of owning a castle in the clouds. With the real estate prices becoming stratospheric across the country, a condominium is the affordable means to entering the market – especially for young people.

Before You Get Started on the Real Estate Market

  • Always work with a professional real estate agent to help you with the purchasing process. It actually costs you nothing since it is the seller who pays the commission.
  • Make sure you hire the services of a lawyer to take care of the legal side of home ownership
  • Find out your financial qualification for a mortgage you can afford
  • Do the maths with your financial lender; you will also require extra money for closing costs, moving, transferring ownership and lawyer fees.

While Hunting for a Condo

  • Be prepared. You will come across various styles, high-rise, low-rise condos with some having amenities like gym facilities or doormen services.
  • Always purchase the largest units that fall within your spending capacity
  • Visit the condo neighbourhood at different times of the evening and day to ensure that the lifestyle around suits you and or your family lifestyle
  • Choose a unit that offers you a handsome view – this will make it enjoyable for you to live in the condo on a daily basis, while increasing the value of your property at the same time.
  • Avoid a condo unit whose view is distorted by a garbage pick-up area
  • Avoid suites whose windows overlook the garage entrance and the coming and going out of vehicle traffic
  • Go for suites that are not too close or right across from elevators
  • Even if you do not need one, you can always rent out your parking space – make sure that your complex has one
  • In most cases, there is rarely enough storage space in a condo. You can solve this by going for condo units that offer a locker.

When You Find Your Home Away from Home

  • Find out if the complex offers visitor packing and how many spaces are available
  • If purchasing a resale condo, thoroughly inspect your unit by examining appliances and look for wear and tear signs
  • Note the condition and aroma of the lobby and common areas like stair cases and hallways
  • Find out more about the occupants of the buildings. Are they mostly tenants or owners?
  • Find out more about the monthly condo maintenance fees and what they include (as well as what is not covered)
  • Are you going to pay for property taxes? How much and are they included in the maintenance fees?
  • Have a talk with other residents within the building to find out more about the maintenance schedule and how fast the management reacts to queries and complaints

Making the Offer

  • Visit the building and unit of interest at least twice before you make an offer
  • Find out about similar units in the area and how much they sold for
  • Listen to and discuss with your agent about the offer price
  • When ready to make the offer, have your lawyer review any legal documents that require signing

What More Should You Know? 

For a beginner investor with limited capital, the condo is the best investment to start with. The government of Singapore has also implemented a retinue of cooling measures that are meant to encourage young people to own at least one investment property for some time. Purchasing a condominium unit offers you the perfect chance to diversify your investments, gain from capital appreciation, possible rental income (should you choose to rent out) and offers you a hedge against inflation.

Property prices do not fluctuate as much as of other asset classes like bonds and stocks. This means that if you have property together with stocks, as an example, the overall fluctuations are significantly reduced. You can sleep soundly at night knowing that your net worth is not changing on a daily basis.

In a relatively land-scarce country like Singapore, you will benefit from capital appreciation. When demand for land outstrips supply, prices rise. In the last few decades, the average property prices have more than doubled revealing an average yield of more than seven percent per annum.

Retirees prefer to hold onto property due to the rental income provided. HDB flats and condos can be leased to tenants on long-term basis of six or more months. In addition, the Urban Redevelopment Authority (URA) provides for the number of occupants that can live in a residential unit as eight, no matter the size of the unit; increasing the demand for housing. Finally, with an improved economy, property and rent values also go up, meaning better equity for you.

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