Do Not Buy A Condominium in Singapore Before Reading This
Investors and homebuyers keep an eye on the best condo in Singapore. It is a privilege to own a condominium in Singapore. Although real estate in Singapore is famous worldwide, people look to buy a private property or condominium. Before finalizing your decision to invest in the best condominium in Singapore, have a look at the following points.
Have Enough to Pay Down Payment
If you plan to buy the best condo in Singapore, you should have 25% of the downpayment available at hand. The advantage is you can pay 20% by your CPF Ordinary Account (OA), and the rest 5% you have to manage with cash reserves.
It is because after paying the down payment, you can settle for a housing loan to manage your condominium. And keep in mind to have Approval-In-Principle from the bank before applying for a loan.
Have an Extra Budget for Tax and Stamp Duty
Since you are buying the best design condo in Singapore, your responsibilities increase. It is not enough to pay a down payment and having enough cash to fulfill a housing loan. But there are other expenses you have to look into while moving into a condominium.
While investing in condominiums, people often forget about monthly expenses that would come their way. You should have enough money or cash to pay monthly maintenance bills like electricity, water, and so on.
Remember, you will have to pay additional property tax if you invest in a condominium without selling your current property, i.e., Additional Buyers Stamp Duty(ABSD).
Carefully Choose the Size of Condo
Since real estate in Singapore is attracting people worldwide, the housing spaces and property sizes are decreasing. When you invest in a Condominium, please ensure you have enough space, keeping in mind plans.
A couple or single person can go with small units but with the family to have to plan accordingly.
Choose Wisely from Leasehold or Freehold
There are two categories of housing property in Singapore. One is leasehold, and the other is freehold. Leasehold property lasts for either 99 years or 999 years with you, while freehold property is forever. You have liability to pass freehold property from one generation to another and so on.
With this knowledge, you will jump into buying a freehold. But, wait and have a look at both. Leasehold properties are way more affordable as compared with freehold. There is a difference of 10-15% between the two.
But leasehold property loses value with the passing time so you have to choose carefully from the two.
Check Near MRT or Transport Lines
If you wish to invest in the best condominium in Singapore, you can try your luck near MRT and transport lines. These locations come with several advantages, including ease in commuting, shopping malls, hospitals, and other necessary facilities are nearby.
Another advantage is value-giving. If the condominium is in these locations, there are all chances of a hike in prices. So, if you wish to rent your house to tenants or resale it in the future, you will earn good profits.
you should know about various condominium investment to find the best design condo in Singapore. Buying a dream home never comes easy. It is a one-time event. Every investor or homebuyer wishes to have the best investment outcome, maybe for renting to a tenant or self-living.
There are other things you should be aware of before investing in Singapore's best condominium. You have to be careful about legal matters and documentation. The place or location also matters to invest in. See if your liabilities are necessary for a happy life. Try to demolish them to get affordable condominium prices.