There are many types of properties available in Singapore, from Strata Housing to Executive Condominiums, the options are unlimited. But for locals and expats alike – the ultimate question remains the same… “are you ready to buy a new condo in Singapore?” Check out this Singapore condo buying guide to assess your readiness.

Due to limited land area and scarcity of available parcel, Condominiums are by far the most popular type of housing in Singapore.  Whether it’s a high-end residential block or the more affordable executive condominium, putting your hard earned money on these properties requires utmost knowledge to avoid costly mistakes and dubious judgements.

First Things First…

Before signing on the dotted line, you must first determine the purpose of your purchase. Are you buying a new condo to live in or you are purchasing it as a form of investment? This is extremely crucial because not all new condos in Singapore are made the same. One must keep in mind the expected date of completion, amenities, convenience, type of development and all other qualities before you jump in to the actual buying process.

Crucial Elements You Need to Consider Before Buying a New Condo in Singapore

Financial Situation

Condominiums in Singapore don’t come cheap. Depending on the location, facilities and type of development, these private apartments can fetch premium prices. Down payments can range anywhere from 10% but it can go as high as 30% depending on the developer. Furthermore, you must keep in mind the spot cash expenses you need to settle such as the Option to Purchase, Sales & Purchase Agreement, Stamps, Valuation Property, Legal Fees, Taxes and many more. Though, you can tap on your CPF or Central Provident Fund if you have insufficient cash on hand.

Location

As they say, location… location and location! Choosing where to live and stay is without a doubt important. Strategically plan on your future neighborhood. Singapore is divided into 5 regions – Central, West, North, East and North East with each of them having different perks and privileges. You should likewise consider the future developments being offered in the area.

Amenities and Public Transportation

If you plan on buying a new condo in Singapore, checking its close proximity to the public transport is equally a must. Where is the nearest MTR station? How about LRT stations and expressways? Is there an express train you can use to explore other parts of the island? Is travelling by means of mass transport system more convenient than driving your own car? Along with public transportation, you should also check the amenities present on the condominium. Swimming pools, barbeque places, clubhouse, function rooms and gyms are the ones usually included.

General Accessibility

Another crucial element involved on this guide to buying a condo in Singapore is the accessibility to common places and recreational facilities. Make sure that there are groceries, supermarkets, food centers and shopping malls close nearby. Similarly, check the neighborhood if there are schools and colleges within short radius as this is important if you have school-going kids. Parks, sports centers and recreational places shouldn’t be ignored as well, especially for families with aging members, greeneries are a must.

Investment Potentials

Aside from having a house you can call your own, buying a new condo in Singapore can equally double as a long term investment. Think about the earning potentials of your new condo. Most of the time, condominiums situated in a favorable location can generate a smooth flow of passive income through monthly occupancy. Depending if it’s a private condominium or executive condo, you can likewise resell your unit after some time or list it on various websites for transient rentals.

7 Steps on How to Buy a New Condo in Singapore

This Singapore condo buying guide wouldn’t be complete without the steps on how to actually buy a new condominium unit. If you’ve done your research enough, thoroughly examine the market for available condos, picked out the right location and have your bank loans or finances up and ready, then it’s time to acquire the property!

1. See if you’re eligible to buy a condo and appoint a real estate agent because developers don’t directly sell condo units.

2. Visit the showflat and decide on the unit type, discuss included appliances and finishing if applicable.

3. Proceed with the Option to Purchase and pay the Booking Fee of 5-10% of the property price.

4. Next is the contract between you and the developer, or the Sale & Purchase Agreement.

5. Pay necessary taxes, stamps, fees and remaining property price by handling over the cash or getting an assistance through bank loans.

6. Take key possession and move in, this is dependent on the Notice of Vacant Possession issued by the developer.

7. Complete the sale through the Notice to Complete, this is when the developer will hand over the legal title as soon as it is ready.

Singapore Condo Buying Guide – Tips to Consider

Now that you know how to buy a new condo in Singapore, there are some vital tips and tricks you need to bear in mind. Remember that property buying can sometimes be challenging not to mention tricky so to avoid hassles and oversights, it will not hurt to consider these tips.

• Not every Singaporean or Foreigner is eligible to buy a condo in Singapore.
• Permission from the Housing Authority is required when purchasing a residential property.
• First time home buyers can get up to $60,000 grant assistance from the government.
• You only have 12-months to watch over condo defects.
• There is a 60-year lease, 99-year lease, 999-year lease and freehold properties.
• Executive condominiums do have limitations as oppose to private condos.

How to buy a new condo in Singapore is relatively easy, that is if you’re equipped with the right information before you take part on one of the most buoyant markets in the region. The decision to buy or not to buy a condo is totally yours, but if you’re fully decided to take that huge leap, this Singapore condo buying guide is what you absolutely need.