From choosing the right location to stretching out your finances, buying a new condo in Singapore is no easy task to deal with. It is advised that before you even begin looking for a place you can call your own, referring to a checklist when buying new condo is deemed to be beneficial. This worksheet will serve as your ultimate guide to avoid confusion, poor judgements and costly mistakes.
Bear in mind that getting yourself equipped with the right knowledge and precise information is indeed crucial especially if this is your first time to buy a property. Joining the bandwagon without knowing anything about the trade is like going to a battle deprived of guns and bullets.
But before going over the Singapore condo checklist, first you need to carefully measure your readiness on acquiring a new property. These basic indicators will further aid your inclination about the veracity of buying new condominiums.
Buy Within Your Means
Always consider your finances before and after the purchase. The general rule is if you will be financing the new condo through monthly loan installment, it should never exceed more than 40% of your take home pay. Outstanding debts should likewise be considered because this will take a huge toll on your funds.
Study The Land Tenure
If you can afford a freehold property, that will be great but if not, acquiring a condo with 999-year leasehold is equally a feasible option. Although most condominiums do have a 99-year leasehold status, this is still a significant alternative considering they are more affordable and can fetch a higher rental yield.
Check Bank Mortgages
You can use your CPF to make condo deposits and the remaining balance can be financed through bank loans. Instead of applying to just one bank, you should apply to 2 other banks and compare interest rates as well as maximum loan duration.
Checklist When Buying New Condo
Along with the basic pointers above, use this new condo checklist to assess the overall features of the property you are planning to acquire. To save time and money, print this worksheet if necessary so that it will come handy the next time you see a new condominium that fancy your desires.
Bear in mind that this new condo checklist only serves as a basic guide when purchasing a property in Singapore. Supplementary information and additional requirements may vary depending on your status so always consult with your real estate broker for further details.
Singapore Condo Checklist – Quick Tips
- For convenience, print the above new condo checklist or save it on your mobile/tablet for quick guide reference.
- Ask the bank for maximum loan duration as it can stretch out your mortgage making monthly payments easier.
- To be safe, always check the lock-in period or penalty period of the bank.
- Some banks or developers may offer freebies for early bird buyers. This can be in the form of waiving legal fees or including free fire insurance.
- The above checklist when buying new condo is likewise applicable to ECs, Strata Housing and Mixed Developments.
With the real estate industry booming right now, the market is undeniably filled with wonderful options from city-fringe living to suburban getaways. Additionally, the pricing scheme of new condominiums had become more attractive and affordable. Armed with the right knowledge and helpful guides like this Singapore condo checklist, acquiring your very own property should be as easy as counting 1-2-3!