Many of us dream of owning a condominium in Lion City someday. It is not unusual to nurture such a dream, as many of these condos boast top-notch amenities and facilities. These days, you will find many Singaporeans eye these condos as their dream homes.
However, to keep you on your track, here are some handy tips to purchase a condo in Singapore for first-timers.
1. Find out whether it is a leasehold or freehold unit
If you are already house-hunting, you might have possibly done some homework on the condominium-buying journey. Terminologies, such as leasehold and freehold, would be familiar to you.
If you are uninitiated in this journey, these terms decide the duration for which you can own a property. A person can own a freehold property forever. However, leaseholds mean a person can own the property carrying from 99 years to 999 years in Singapore.
If you are looking for less expensive property, you can go for leaseholds. However, remember that the value of the property dips with time. So, deliberate on this if you want to purchase a condo as your long-term investment.
2. Ensure you have enough means to pay the down payment of 25 per cent
Whenever you plan to make a costly purchase, there is a choice of making a down payment. If you are going to buy a condo, it is 15 per cent or one-fourth of the total cost. The good news is you can take up to 20 per cent from your CPF OA. It signifies that you need to just arrange for the remaining 5 per cent from the cash reserves.
After you cover the amount for the down payment, start focusing on getting a home loan for financing the remaining expenses for your condo.
3. Deliberate on whether you would really use the amenities available with the condo
Living next to an infinity swimming pool or a tennis court can be a really pleasant experience. However, ask yourself whether you would use these facilities or simply wish to admire them.
Some facilities may dazzle you, but you should note one important point. If the condo is fancier, you need to pay more maintenance fees. So, if you are all set to purchase that sleek condo, you have to also pay for amenities you do not intend to use.
4. Check nearby transport and MRT lines
There are a lot of merits to staying in proximity to a transport line or MRT in Singapore. You can enjoy hassle-free commuting conveniences and can easily access nearby community centres or malls. You cannot enjoy these conveniences if your condo is far off from MRT lines or other transport modes.
Another key benefit of buying a condo close to an upcoming or new station is that the property value will surge during the coming few years. It is an important point to contemplate if you plan to rent out or sell your condominium in the future.
Typically, condominiums in the central locations of the city are of high value. That’s because these properties are close to amenities and MRT stations around the locality.
If you’re looking for new residential spaces or condominiums, Jalan Tembusu new launch properties would be perfect for you.