Are you planning to buy a condo in Singapore?
If so, you will need proper planning. A condo is a big purchase. Without proper planning, you might end up regretting your decision.
That is why today, we will share with you 5 things that you should consider before you start looking for a new condo for sale in Singapore.
1. Set aside 25% down payment:
The very 1st thing you need to do is ensure that you have at least 25% down payment.
You can easily set up a separate account to set aside this down payment.
While many people think that a lower down payment is also good enough. But, once you put up 25% down payment, your debt obligation will be more manageable. Not only that, it is easy to get loan approval if you’re willing to put up a 25% down payment. It means that you can easily get approved for the mortgage and buy a condo.
2. Check the ownership details:
When you’re looking for a condo for sale in Singapore, you can either buy a freehold condo or a leasehold one.
Depending on the type of condo which you buy, the ownership period will change.
While freehold properties can provide you with longer holding periods, the areas in which they are available are pretty limited. Also, they are 15% more expensive as compared to the leaseholds as well.
Leasehold, on the other hand, can be availed for 99 years or 999 years. They are much more affordable and available in a lot of locations. That is why finding a new condo for sale in Singapore becomes easy if you’re willing to go with the leasehold condo.
3. Vet the location:
Once you have decided about the ownership of the condo, it is time to look at the condo’s location. There are essentially two parameters on which you have to judge the location of the condo. These are
• Transportation:
You have to look at the location of the condo with respect to your workplace. Only when you can commute to the workplace easily can you buy that condo.
You have to look at the public transport availability in that area as well. If there is an MRT station nearby or some other public transportation available, you can certainly go ahead with that condo.
• Shopping:
You have to look at the shopping malls as well as other shopping districts nearby. They should be at such a location that you can easily go on the weekend for shopping.
Once you judge the location of the condo on these 2 parameters, choosing the right condo for sale becomes easy.
4. Check out the amenities:
You have to look at the amenities which come with the condo as well. For the same, you might have to look at the entire building amenities.
Many Singapore buildings have amenities like:
• Swimming pools
• Gymnasium
• And so on
You have to decide which amenities are most necessary for you and choose the condo accordingly.
5. Do not forget about taxes and stamp duty:
When you’re planning to buy a condo, it is necessary to set aside money for taxes and stamp duty. After buying the condo, it is essential to set aside money for the property tax as well.
Only when you’re ready to pay all of this and more can you go ahead and buy the condo.
Thus, before you search for a new condo for sale in Singapore, these are the 5 things that you should consider. Once you do so, your purchase will be smooth, and you will be able to enjoy the property rather than worrying about expenses and other such things.