Most of us set our aims on buying a beautiful condo unit in Singapore at some point in our lives. Just like any big-ticket purchase, there are many concerns you’ll need to take remark of before you hurry to spend. To help you grab your dream condo in relaxation, we’ve listed a few tips to deem before going all-in:-
- Make sure you can pay a down payment of around 25%
With every costly purchase comes the choice of a down fee. For condos, that’s – gasp – 25% of the total price. Luckily, you can offset up to 20% of it using your CPF Ordinary Account, which suggests you only want to pay the remaining 5% from your currency reserves.
Of course, these proportions aren’t set in rock. As long as you maintain that minimum 5% money rule in your brain, feel independent to pay more from your savings. This, in turn, means you can cut down on the expense you’re snatching from your OA.
Once you’ve wrapped that down expenditure percentage, you can concentrate on getting a residence loan to fund the rest of your condo. But before that, do consider getting Approval in Principle from a bank first. It’s a treaty that tells you how much the bank is ready to give you, which some dealers or property dealers might ask to see before approving to sell the condo to you.
- Check if it is a freehold or leasehold
House hunters have perhaps done some research into the condo-buying journey, so terms like freehold and leasehold must be familiar. They are virtually tenures that specify how long you can own your property. The leaseholds are divided into 99 years and 999 years, while you can own freehold properties forever. Leaseholds are the way to go if you’re seeking a cheaper estate but do remark that the price will drop as the duration passes. The older it is, the less it’s worth becomes. So think carefully if you’re pondering this as a form of long-term investment. The Avenir at River Valley is a newly launched freehold development situated in District 9. The property is set to house about 376 its 36 Storey residential tower.
- Check surrounding MRT and transport
Staying nears an MRT or conveyance line ever has its merits. But there’s another reason why nearby MRT or transport lines should be a top concern. If your condo occurs to be just near any new or forthcoming stations, you can bet that the value of your residence will rise over the next few years.
The nearest MRT station to the Avenir at river valley is Somerset (NS23), about a 10-minute walk away, connecting Avenir residents to the North-South Line with main stations and interchanges like Plaza Singapore, City Hall, and Raffles Place mere stops away.
- Consider the pros and cons
Conclusions are usually made on a roster full of pros and cons, and that expands to the type of condo unit you’re buying. For instance, living on the top floor is a dream for many, but receiving those clear pictures of the sea and enclosing areas will usually also come with a heftier rate.
If you think you’d be regularly using amenities like gyms or swimming pools, tennis courts, consider picking a unit nearer to them. Remember, some condo properties have huge grounds, so walk around the area to make sure you won’t have to take 5-minute walks back to your residence when you forget your goggles at the pool.