Investing in private apartments or condominiums is one of the best ways you could ever invest and grow your money. In Singapore, properties are not cheap; in fact, the cost of properties in the country is one of the highest in the world.
This high cost should make an investor apply extra caution when looking at investing in these properties. For new investors, getting a handful of knowledge of how these businesses are done is very important.
In this article, I’ll be discussing 6 things a new investor should know before buying properties in Singapore.
1) Surrounding Property Value
Taking a valuation of a newly launched property should be one of the first things done by an investor. You can also have a good estimate by checking the value of the surrounding properties. If you’re new to the business, you may find this hard to do. So, you may want to hire an expert who can give an estimate and may also guide you further.
2) Apartment space
Knowing the floor area of an apartment before acquiring is another very important thing you should do. For instance, your family’s size can be a determining factor on what you settle for, and also the property’s size should align with whatever purpose you intend to use the property for.
3) Maintenance
This depends on different factors and most times you don’t get a good estimate until you’re far into the purchasing process. The cost of maintenance differs per property’s initial finishes. This means a property’s cost can hint at what’s expected as the maintenance cost. However, know that new property comes with lower maintenance compared to older ones.
4) Defect Liability Period
Most new properties like new condominiums, always come with a default liability period for a certain duration. The duration can be up to a year, this means for anything that goes bad within the duration you get free repairs and fixes. Of course, damages caused by you are not under this warranty.
Also, know that most times you don’t enjoy this when you’re a secondary buyer.
5) Capital Appreciation
Buying a newly launched property opens you up to making the most in terms of profit. In case of a resale, you’ll be letting the property go after capital appreciation might have set in. This in turn allows you to make the most of it. Remember, if you were to buy from a reseller, you are, for sure going to pay more, as capital appreciation, would have set.
6) Continuous Payments Plan
For instance, acquiring a new lunch condo doesn’t require you to put down the full payment. The payment period can go up to 3 years. This makes the financing easier for many acquiring these new condos.
Lastly, we’ll like to look at a question that bothers so many: can a foreigner buy a house in Singapore?
Definitely, a foreigner has the right to purchase a house, be it private apartments or condominiums. However, they are subject to the following law: Foreigners are only allowed to buy executive condominiums that are at least 5yrs old. They are not eligible to buy HDBs or brand new Executive Condominium.
To find out more about which are the potential new launches in Singapore that you should look out for, call Developer Sales Enquiries at +65 6610 6116 or Whataspp our sales representative at https://wa.link/2tx1bw. For more information about New Launch Condo in Singapore, please visit http://singaporepropertylaunches.sg/.
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