Not every house can be a home. There are certain personalized touches, a sense of comfort and belonging you get from a place that makes a house your home. Choosing a house means you are selecting a place for home solace. In Singapore, widely popular government HDB housing schemes can easily fit your budget. But moving out for a better option can give you a finer lifestyle. If you are looking for a new condo launch in Singapore, here are some tips you should know before buying a Condo.
What should you know before buying a Condo?
Before jumping into the features of a perfect condo unit, you should know how life in a Condo is. Living in a Condo means:
- You will have to submit a maintenance fee along with the condo unit fee. There can be times when you have to pay extra for assessments due to lower fund reserves.
- You can avail yourself of the different amenities provided. A condominium building has common shared areas and facilities like a swimming pool, gym, lobby, parking area, and more.
- You will live along with the Condo community. As your unit’s one wall is shared with your neighbor’s wall, you might hear everyday conversations of your neighbor.
- Condos are usually located near the city’s hub. You can get quick access to city facilities.
Can a Condo be used as a Rental Property?
Other than living, you can use your Condo as a rental property. But in Singapore, to rent your Condo, you need to live in the unit for five years. After completing MOP (Minimum Occupation Period), your condo unit is eligible for putting out for rent. Consider any Condo Singapore New Launch and update yourself with their investment plans.
If you have a sustainable budget, you can invest in a condo for a more significant ROI. But before indulging in this attractive financing, do your homework on annual rental income and possible expenses like taxation or repair services.
Finding the Right Condo in Singapore:
We see a yearly new condo launch in Singapore. Property dealers are constantly innovating condos for a better lifestyle and more incredible benefits. Whether you are buying a condo as a vacation home or for an investment, keep in mind the following essentials make your purchase worth your bucks.
- Location of the Condominium:
The area of the Condominium building plays a vital role in deciding its value. The Condo should have access to basic facilities like good schools, business centers, hospitals, transportation, and entertainment. Also, see how the area’s upkeep is and investigate the crime rate for safety concerns. See future development plans in the nearby place. It will increase its value over time. Usually, a condo Singapore New launch values the importance of a promising locality.
- Official Documents and Registration:
You don’t want to get scammed by a property dealer. Visit their office and ask for official documents and government-approved certificates. Check the issued date of the documents. It is not mandatory, but a condo corporation has a commercial insurance policy. See how much the commercial insurance covers. Good insurance will ensure that you will not pay much for assessments.
- Building Assessment:
The outlook and condition of the building can reveal how well it is maintained. Usually, an old condo has more problems meaning more assessments for extensive repairs. See for the maintenance records of the building. Also, check how experts are their repairers if needed. Talk to them and see their timelines. If the Condo’s repairman has a busy schedule, then it’s a big no. The reasonable cost of the Condo will go to waste if you have to pay extra for repairs. Look for Condo Singapore New Launch to avoid these hitches.
- The environment of the Condo:
You will be living with the community. If you are a private person, then a condo is not suitable. In contrast, the condo environment and your neighbors will matter if you can easily socialize. Talk to people around there and ask their opinions about their condo experience. An excellent friendly talk with people can mean good future connections with them. Otherwise, they can be your noisy neighbors.
- Amenities of the Condo:
One of the perks of living in a condo is access to different facilities. But the quality and maintenance matter. Look around for the type of amenities available and their upkeep. The swimming pool should be squeaky clean, with no wrapper floating in the pool. You will also know how efficiently your maintenance fee is used or is eaten up by authorities. Use the evaluator to examine the quality and expected defects that might occur in the future. It is essential because you will have daily usage from the facilities.
- ‘’En-bloc’’ Potential:
A lesser-known fact about older condo buildings is the ‘’En-bloc’’ potential. Due to the older building structures, the condo units might be destroyed for renovation. These condo units are comparatively cheaper even if you go for a higher floor condo unit. Don’t get tempted by the more affordable price because eventually, you will have to house hunt again. Meet the Condo board and discuss your concerns to know better.
Wrapping Up:You should carefully select your next home destination because it is a matter of your comfort. Condo Singapore New Launch has better facilitation and a competitive edge. You will find many new Condo launches in Singapore from which you can choose. As they are new, they are less prone to problems, and you can avail yourself of benefits from early discounts.