Singapore boasts of abundant real estate properties. And while some people can afford to purchase single-family homes, others prefer to buy a condominium unit. But purchasing a condo in the country is not always about the building’s superiority and location. Buyers will need to take into account many factors to ensure their investment is worth it. Consider the tips below when making a condo purchase in Singapore.
Determine the Property’s Age
New condo units are equipped with contemporary structures, state-of-the-art structures, modern building designs and high-technology security systems. However, resale units can still be a great purchase. This type of units often has an established community and you have the option to haggle a larger one for around the same amount you may pay for a new unit.
Evaluate the Value of the Surrounding Properties
There are a lot of ways to evaluate the property’s current value. Check with IRAS on property valuation for flats or use other methods. Check the surrounding units’ estimated value including adjacent apartments and nearby condos. And as you compare prices, consider things like developer, land area, facilities and others.
Assess the Current Market Situation
When it comes to buying properties in Singapore, especially condos, there is a proper timing to watch out for. For instance, buying a flat while the housing market is at its peak will make you realize later that you paid more than the worth of your unit. In Singapore, it is generally ideal to purchase a condo when there is a rise in transaction volumes with the price remains constant. Check out http://www.newpropertyguide.com for more details in this aspect.
Assess the Available Facilities and Amenities
Facilities are those common to all unit owners such as like saunas, pools, restaurant and cafe while amenities are those you can access in your unit like cable, internet access, air conditioner, patio and bath tubs. Keep in mind that some condos provide the same amenities and facilities. And a condo with more of this may be more expensive.
Check Building and Unit Maintenance
Those who own a unit are obliged to pay maintenance fees to the building’s administrators. Such fee is used for maintaining common facilities and individual units. It is made on top of your home loan payment every month. When purchasing a condo unit in Singapore, make sure you check the monthly maintenance fee since there is no standard amount for this. On average, you may be charged between $200 and $300 per month.