Condo, one of the big "C"s in life, has been constantly on high demand despite of the ever increasing prices and shrinking sizes. Having said that, usually young people settle for HDB flats as their first home, before upgrading to condos once they have completed their Minimum Occupation Period (MOP) with sufficient savings on hand.
If it is time for you to think of getting one..... here are some important considerations that you may wish to bear in mind.
1. Look at the Location
To me, the location usually comes first when choosing my ideal home. Let's say if I see a very tastefully-designed condo with ample space and ideal layout, I wouldn't choose it if it is located far from town or inaccessible via public transit.
There are plenty of condominium for sale in Singapore, some in prime locations while others are scattered around the island. It is true that the property value is highly dependent on distance from the central business district. But also bear in mind that when you live closer to city centre, the savings from transport costs will be maximized.
2. Match Your Needs with Your Budget
Whether you are looking for new launch condo or resale condo, always have a checklist of the "criteria" of the condo you prefer so that you wouldn't be too spoilt with choices. For example, if you prefer having more living space, you may not opt for new launch condos as they are usually smaller than most 4-to-5 roomed HDB flats.
Of course, knowing what you want is not sufficient if you don't do the calculations properly. The cost should entail an option fee (cash only) i.e. booking fee upon picking a condo, down payment, legal fees, stamp duty, renovation cost and the remaining would be loan installments which become your monthly commitment for a maximum of 30 years.
3. Research, Research and Research
If you have not been in touch with the property market for some time, it is important to do sufficient researches to understand the current supply and demand. Perhaps checking out the new launches around your area or reading online reviews of the condos would paint a clearer picture before drawing down your options.
For instance, as I am browsing for luxurious developments in Singapore's Central Business District, one that caught my attention is the Concourse Skyline condo. What attracts me is the amazing view that this new prime area offers - from Gardens by the Bay to the Marina Channel - that's the best waterfront view in Singapore especially when lit with the beautiful night lights.
On top of the luxurious urban lifestyle, its strategic location also offers great values to investors. With prime office just next to Concourse Skyline, and a train station away to Suntec and Marina Bay Financial Centre, it is a much sought after home be it for own stay or investment.
4. Understand the Law / Regulations
Yes, buying a condo can involve alot of procedures and paper works. You should:
- Check your CPF Funds and know the CPF Housing Withdrawal Limits to help pay for your home.
- Understand the stamp duty ratees for property in Singapore, which varies for citizens, PRs, foreigners, etc
- Hire an agent via the Council of Estate Agents (CEA), the governing body for property agents in Singapore if you require assistance. Don't worry, the council does not charge any fees for this.
In fact, there are a lot more legal matters to be sorted out, so it is good to have prior knowledge before assigning your lawyer to execute the Sales and Purchase Agreement
Good luck in searching for your ideal condominium in Singapore!
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