The cost of condominiums can be somewhat high but this hasn’t stopped more investors from looking at acquiring new condos.
A lot of steps go into the process and since the investment requires a huge sum you don’t want to make mistakes here.
This guide is here to help you make the best decisions and be properly informed so you don’t make the “had I know” mistakes at the end of the day.
For a first time buyer, take your time as we go down each step involved in buying a newly launched condo in Singapore.
Here Are The Tips To Buy A New Launch Condo In Singapore
1) Get your finance ready
Making sure that you can actually afford a condo is vital but unfortunately, not so many buyers start with this assessment which may mean abandoning the plan along the way.
You might want to finance this purchase via a loan. In this case, there are pertinent things you should consider.
First, know the status of your Approve-in-Principle (AIP). This will take away your assumption and give you an actual amount of loan you can receive from your bank. AIP differs from bank to bank and so does the monthly repayment monthly amount and period. So, do well to contact different banks to find a deal that suits you best.
Other financial aspects you might want to check includes CPF, stamp duty, and other dependent additional fees.
For a more detailed financial calculation or to find out more about your loan eligibility, feel free to Whatsapp our sales representative at https://wa.link/2tx1bw or call Developer Sales Enquiries at +65 6610 6116.
2) Visit Show flats
It’s time to go out and see what’s on the table. You might want to get help from a property agent who will make finding and choosing easier. It’s not a must that you hire an agent if you’ve got the time and you feel really comfortable about it, you can do it yourself.
Also, there are different online portal in Singapore you can find listings of condominiums available at any given time.
For an exclusive visit to the showflat and direct developer discount, call Developer Sales Enquiries at +65 6610 6116.
3) Show Interest
It’s time to make a choice. Just a few weeks before the launch of new condos, potential buyers are given the chance to show interest in units they would like to acquire. This is done by completing the ExpressionofInterest (EOI) form. Have it in mind that the form doesn’t mandate you to complete the purchase of the units you chose at the time you can have a change of mind at any time.
That said, the EOI comes with a 5℅ total purchase fee paid in cheque.
4) Book your Units
The day comes where you can see the full details of your unit.
When you arrive at the show flat on the given date, you’re to submit your ballot number given to you when you completed the EOI form.
In due time your ballot number will be called and the developer will hand you documents referred to as Property Details Information (PDI). This is where details of your chosen flat are written including the price. And attached to it is the Option to Buy (OTP) form which gives you the go-ahead to buy the property.
5) Visit your Bank
It’s time to conclude the loan process with your bank. Present the Option to Purchase form to the bank as evidence.
Everything going as planned you’ll be issued a Letter of Offer. This letter carries all details concerning the loan including the repayment agreement.
6) Put ink to paper
Within weeks the developer will turn up with papers to sign. This is usually called “Sales and Purchase Agreement”.
At this point, you’re asked to complete the downpayment, pay the stamp duty, and other fees if any.
Moving forward, the payment begins funded by the bank loan. You should know sometimes the development period takes up to 3 years to complete.
Finally, your condo keys are in your hand. You are now a proud owner of a new beautifully finished condo.