Condominiums are arguably one of the most popular property types in Singapore. It belongs to the private property category, meaning that you don’t have to be Singaporean to purchase it, and the paperwork is also so much easier than the subsidized housing. Also, you can enjoy premium benefits, like strategic location, a gym facility, a swimming pool, concierge, and 24/7 security.
Let’s take a look at Midtown Gardens, for example. It is located at Tan Quee Lan street, close to the buzzing shopping district, Orchard. And it is also connected to Singapore’s primary transportation network. These are the perks you cannot get if you buy a landed property since they are mostly located far from the commercial areas.
Now, before you contact an agency to make the purchase, below are the essentials that you need to learn about buying a property in Singapore.
The Right Timing
This factor becomes important if you want to treat your condo as an investment. Even if you have no intention to sell it in the near future, you should still consider this factor because Singapore is notorious for having fluctuating real estate markets. The price difference of the same unit during a market peak can reach up to a couple of thousand dollars. Although reading the market requires a little bit of research on the property’s sale history, here is a tip for you: when the HDB releases tons of DBSS and ECs, it means that the demands are high. The condo’s price will go up in no time.
The Property Value in the Neighborhood
Just like a regular real estate, the surrounding units affect yours. In fact, if all the properties near yours are on sale, you need to be suspicious. The worst-case scenario is that there will be a government development project coming up, and the land in that place is going to be repurposed. When you do the valuation of the surrounding estates, consider these variables: developer, facilities, and location. By keeping them in mind, you can make a reasonable comparison to get the best price for the condo.
The Age of the Building
The rule of thumb is that a new condo in a new building is always better. It often comes with modern facilities, furnishings, building designs, and a more extended lease period. In case you don’t know, the freehold status in Singapore’s property does not mean for life. It means that the property is leased to the owner for 99 years. And this is precisely the reason why you must be concerned with the building’s age when you buy a condo.
The Amenities and Rules
Condos may look like they are sold in a complete package, together with all the luxury amenities. But one thing to bear in mind is that you are still going to pay for the maintenance. And it will be stated in your purchase contract. Therefore, before you regret the restrictions later, you’d better check them in advance and think twice. Some points can be too specific, you know? For instance, you may not be allowed to keep a pet in the condo.