Buying a condo in Singapore can be a breeze if you have prior experience. For the newbies to condo buying, here are the main rules to guide you as you decide.
Naturally, impulse buying is a part of our lives. It may be easy to buy an item only because it looks good, without thoroughly inspecting it. After buying impulsively, we will likely regret our hasty decision. That should not be the case if you are buying a condo as you could make a grave mistake if you do not control your impulse buying. Don’t be tempted to rush and buy a condo before you examine the unit as well as the premises for potential issues.
Educate yourself about everything it takes to buy a condo and living in one as a whole. Learn about what it takes to own your condo. Don’t allow yourself to be lured by a promise of fun and carefree living. Also, do not succumb to pressure from developers or sales pitches because their promises may be unfounded. Be sure to see everything with your eyes before making any offer.
Remember, owning your condo in Singapore does not automatically make you trouble free. You must realise that condo ownership has its woes.
Before making any offer, consider everything to prevent a potential investment mistake. Inspect all documents and know the rules. Don’t be led by what you are told. When you adhere to the rules, you will be on your way to making a financially viable decision.
Buy at the proper time
Do not be carried away by forecasts from real estate brokers because such market analysis may be selfishly profit driven. However, regardless of the market conditions, you should be ready to buy when:
- The unit price does not require more than 1/3 of your yearly income for maintenance fees, mortgage payments as well as realty taxes.
- When the mortgage can be obtained at a favourable interest rate, and when it can be kept for years to save you from recession during market swings.
- Another convenient time to buy is when there are many unsold condos, and the interest rates are low with signs of improvement in the real estate industry.
Beware of low prices with relatively high maintenance fees
This is common in older condo buildings. The price may be attractive, but such buildings are older and maintaining them will cost more. Also, older buildings are not energy efficient. It will cost more to use utilities such as water heaters.
Newer condos are more energy efficient and have a lesser maintenance cost as such buildings are constructed with sustainable development in mind. Some of such condos include the Marina One Residences condo in Singapore. Although the price of Marina One Residences may be more than other locations, the advantages of living there are certainly worth it.
Following these rules will help you to save a lot of money and unnecessary tears as there will be lesser chances of you regretting your decision.