If you have your sights set to buy a new condo in Singapore, there are some things you need to know first. You shouldn’t rush into it especially if you’re a new buyer. After all, a condo is a major purchase. There are many things you should consider before you even make a down payment.
There are also many condo options in Singapore. Most of them boast of having state of the art amenities. It can indeed be overwhelming for new buyers. It’s a good thing that you have stumbled upon this guide. Because here you’ll find valuable tips on how to buy a condo.
Get ready to pay the 25% down payment
The first thing you need to do is make sure that you can pay the 25% down payment. That’s the standard amount that buyers need to shell upfront if they want to buy a new condo in Singapore. But you can actually offset as much as 20% of the total price of the unit by using your CPF Ordinary Account. So this means that you only need to actually pay 5% cash. But of course, it’s always advisable to pay a large down payment so you can cut down on your monthly expenses. After taking care of the down payment the next thing you can do is to try to get a loan from a bank.
Choose a condo near an MRT
You should also consider the ease of commuting in choosing a location for your condo. This is particularly important if you’re planning mostly to use public transport. If a place is near an MRT line then for sure it’s also near amenities such as convenience stores, malls, parks, etc. There’s also an advantage to getting a condo that is near a new and upcoming station. That means the value of the condo will increase in the years to come. This is important if you have plans to sell your unit later on. Condos located in the central area are generally more expensive than condos located in other places.
Consider the size of your condo
The size of the condo is also important. You need to make sure that you’ll get a condo that will suit your needs. But you shouldn’t just consider your present needs but your future needs as well. If you’re a couple for example who have plans of having kids in the future then you should choose a condo that is big enough for a growing family. It is more practical and economical to buy a bigger condo now than look for a new place when you start to have kids. If possible, you should also get a furnished condo. That will save you time and money.
Buying a condo is a big move for individuals and couples. It signifies the start of a new life. It’s an exciting time but it can also be scary. You don’t need to feel overwhelmed if you’re planning to buy a new condo in Singapore. All you need to do is to follow the tips above.