What you need to know before buying a condo in Singapore
The best time to buy a condo in Singapore is now, with the market at its lowest point. It’s important to know what you’re looking for before buying though; condos can be expensive and there are many different things that matter when it comes to finding the right place for your needs.
Condo prices in Singapore are rising quickly
For Singapore residents, condos can be a great place to live. Condo units are typically spacious and modern with lots of amenities nearby. But make sure that the condo is in a good location by checking out traffic and other local factors before you buy! Also book yours as soon as possible because the condo prices are rising day by day, making it harder for Singaporeans to own their homes.
The condo market in Singapore is very competitive, and some places offer ‘upgrades’ that turn out to be anything but. It’s important that you know what you’re getting both as far as the unit’s condition goes, but also extras like the building’s facilities. Before you finalize your purchase, make sure to visit the development yourself.
Not all condos are worth their prices
Some developers are guilty of jacking up prices on what could be very nice units, simply because they know that people will pay for them without much thought. Also, since not all units in a particular development will be the same (floor layouts and views can vary) you should make sure to take your time finding one that has the features you want at the best price possible. However, parc clematis condo in clementi would be your right choice!
A new condo can cost up to $1 million
Thanks to Singapore’s booming economy and high demand, prices of new condos in the country are rising quickly. A brand-new unit located near major centers like Orchard Road can cost as much as $1 million (SGD), which is extremely expensive for those who aren’t looking to live there full time. If you’re not ready or able to buy a new condo, consider checking out the resale market where condos can be found for much cheaper.
The choice is yours when it comes to who you get your home loan from
Whether it’s to do with affordability or convenience, most Singaporeans will go with their preferred bank to secure financing for their purchase. But shopping around and comparing prices from different banks is a good idea if you want to get the best deal.
There is a minimum 10% down payment for buying a condo
When you buy a condo in Singapore, you must put at least 10% of the purchase price down. If the price is higher than your initial budget, then you can divide your down payment into two parts: 20% for the deposit and 90% for the actual purchase. This is because there are two parties involved when buying a condo in Singapore: the seller and the bank providing your home loan.
If you plan on getting a condo in Singapore, make sure to start looking for one as soon as possible! Singapore is becoming more expensive by the day, so make sure that you are prepared financially before shopping around. Also, it’s important to know what you’re looking for before buying, because not all condo units are worth their price tags.
Keep in mind about the stamp duty
You need to pay stamp duty on the purchase of the property and other incidental costs like legal fees, which could be over $10,000 USD.
Buying a condo is definitely an investment, but it’s important to know what you’re getting before finalizing your purchase. When you do buy though, make sure that you’re financially prepared for this expensive commitment; the minimum down payment on condos in Singapore is 10%.
Signing an agreement
The buyer needs to sign an agreement with the developer before purchasing the property that states they will only occupy one unit at any time (unless it’s shared ownership) and that they will not rent the unit out.
The buyer also needs to be a Singaporean. Hong Kong citizens who have worked in Singapore for at least two years can buy a resale HDB (Public Housing) flat. While foreigners are only allowed to purchase private buildings like condominiums properties like bungalows on contractual land.
Singapore is becoming one of Asia’s most expensive places to live, and purchasing a condo in Singapore is pricey for locals let alone foreigners. Make sure that you do your research before buying a condo to ensure you’re not overpaying.
When it comes to financing, make sure to shop around for the best price because even though many Singaporeans get loans from their preferred banks, you could be missing out on better deals if you don’t compare. Also, make sure that you are financially ready for this commitment before taking the plunge into the Singapore condominium market because it can be challenging to get a home loan in Singapore if your credit is not good.
Lastly, make sure to read all the fine print of condo documents before signing any agreement because some Singapore condos have strict rules that can be hard to follow. Check out more…
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