Factors To Think About Before Buying A New Condominium

A condo unit in Singapore does go for a hefty sum. On average, a condo unit is just short of $875,000.

Meanwhile, if you want a unit with more space in a prominent location – you will have to cough up a sum from $1 million onwards. For a Two-Bedroom within the Central region – units are approximately $1.6 million, on average.

However, this is mainly due to the many perks found in the establishment – varying from security to amenities. Additionally, such property does appeal to foreigners living in the country or those looking to venture into businesses.

Singapore’s higher level of development and status as a globally-known finance hub makes it even more attractive for others to invest and profit in condo units. One such place is one of the upcoming condominiums in River Valley. Therefore, you can check out the River Valley Condo price to see whether it meets your expectations.

Though a condo is certainly not cheap in Singapore – the best part is that this type of unit comes with its distinct benefits. Below, we will share a few tips to help you in your quest to buy the ideal condominium.

Consider your location

Location is vital in the decision-making process of a permanent or even temporary residence. You need to think through your choice of the condo carefully and choose your preferred neighbourhood, out of the numerous regions in Singapore.

It also depends on what you prioritise at that moment. Is your child’s education of utmost importance currently? Are you looking for a closeby establishment to your workplace? Do you enjoy being in a neighbourhood with plenty of activities to do?

All of these will help to narrow down your choices and decide which condominium you should go for.

Budget available

How much you are willing to spend matters crucially when buying a condominium. The price of one will depend on, among other factors, the location.

Which is why it was previously mentioned – as it is one of the top priorities for those looking to explore this type of lifestyle. After all, the more popular the location – the more you have to pay for your apartment.

The down payments for the residences differ from one developer to the other. There are equally other miscellaneous costs you may have to foot – including legal fees, taxes, and valuation of property, stamps, sales and purchase agreement.

This is where the Central Provident Fund (CPF) comes in handy, in case you lack enough funds.

Choice of facilities and amenities

Check for the facilities present in the condominium residence – including the gyms, swimming pools, playgrounds, and so forth.

It’s important to address the types of amenities you want when discussing with a realtor so you can enjoy them right within your own convenience.

Now, make sure you check on the surrounding amenities as well. Having close proximity to nearby public transport options and a multitude of shopping malls or grocery stores will help make a resident’s daily living easier.

Investment potential

For some, it’s about living in the condominium you have bought. However, some may want to rent it out and earn profits instead.

Previously, we touched on the location and amenities available – aspects such as these will contribute to the investment potential of the condominium. With the right location and selection of amenities – you can guarantee a huge return on investment.

For instance, even if there are amenities which you don’t plan to use often – they’ll still be useful in the future when you plan to resell your condo unit. Following the concept of ‘the more, the merrier’ – the plethora of amenities will give the condominium an added advantage.

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