If you’re planning on buying your home in the near future, then you’re probably looking at condos as a viable option. Condos are becoming more popular than they were a few years ago, and with positive reasons for why that is. The cost of living in Singapore is also very affordable, making it an attractive city for those who aren’t looking to spend a lot of money on housing.
One of the biggest perks of purchasing a condo is the ability to have more space for less money than what you would if you bought an equivalent house from an agent.
In this article, we will look at 6 things you should know about buying a condo before taking the plunge so that you don’t end up regretting your decision later.
What is a condo and how does it different from an HDB?
A condo is an apartment which is owned by a person and is constructed by a company. A HDB (Housing Development Board) is a public housing provided by the government to those who do not own the property. The major difference between the two is that HDBs are rent-controlled, while condos are not.
If you rent an HDB, your rent will be calculated according to the rate of resale of the property, which is based on the physical condition of the property. If you rent a condo, your monthly rent will be calculated according to the sum of the capital repayment rate, plus the rate of interest. The amount you have to pay for your mortgage will vary, depending on whether you are renting a HDB or a condo.
Generally a condo is more expensive than a HDB flat and is usually a better buy for those who do not wish to own a HDB flat. The condo units tend to be more spacious than HDB flats and are usually sold unfurnished.
The terms “condo” and “apartment” are often used interchangeably, but it’s important to know the difference. An apartment can be found on every floor of a building, while condos are usually located on only one floor of a building.
Condos are also known for including more amenities than apartments like a pool, clubhouse, garage, etc., which make them more expensive than apartments. While an apartment might have room for you to store your belongings inside, the space provided in a condo would likely not be sufficient.
Condos also tend to have higher security measures such as card access and doormen or concierges to watch over your property during your time there.
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Why would you buy a condo instead of an HDB?
Buying a condo may be the better option if you are looking for long-term stability and affordability. Properties in condos typically last longer than properties in HDBs, and they tend to appreciate at a slower rate. In addition, condo units are more spacious and affordable compared to HDB apartments.
While there are some disadvantages associated with buying a condo such as higher fees and maintenance costs, these drawbacks usually pale in comparison to the benefits of owning your own home.
Additionally, condos can also offer greater flexibility when it comes to zoning restrictions or changing priorities down the line. Overall, using an agent is important when deciding whether or notto purchase a condominium apartment because they can help you identify which unit would best suit your needs.
Here are a few of them:
- HDB flats are priced much cheaper than the condo’s.
- Condo’s may be located in a more convenient location than HDB flats, but not always.
- HDB flats generally have better school, shopping and entertainment choices.
- Condo’s usually have more things included with the purchase such as gym, swimming pool, etc. Some are even fully furnished.
- Condo’s have to be maintained through fees, which HDB does not.
- Condo’s may require more of your attention, such as having to call the contractor more often.
- Parking, which is either a subject to extra fees or very limited.
Things you need to know before buying a condo
This is important as the process could be more complicated than you initially anticipated.
1) Make sure you can afford it
Know how much money you will need to spend on your new home. You can start by taking a look at what similar condos are selling for in your desired area.
Once you see that there is a potential cost, compare the condo’s square footage and available amenities with the price. You should always try to find a ‘bang for your buck’ deal, so take a look at what other nearby properties are selling for so that you have something to compare it against.
2) Research the neighborhood before investing in it
It’s best to do as much research as possible before making an important decision like this one. You want to know about crime rates and average income levels in different neighborhoods before deciding which one is best for you. If possible, talk to friends or family who live in Singapore and visit the area so that they can point out any potential risks or concerns they might have had while living there.
3) Consider having some type of rental agreement
If you decide to buy a condo, then make sure that you understand what kind of rental agreement comes with it. Some condos only offer short-term agreements while others offer long-term agreements with various options, such as flexible rent payments on top of monthly rent and higher security deposits (because often rentals come with less expensive mortgages). If you want someone else to manage your condo while
Finding a condo in Singapore
The first thing you should do is find a reputable agency that specializes in Singapore real estate. This will help to ensure that you are buying from someone who has the experience and knowledge of what they’re selling. If you have any questions, you can contact them and ask for advice on your real estate purchase.
Once you find a reputable realtor, it is time to look at condos and homes that are available in the area that you want to live in.
This process will require some research: finding out if the area has restrictions on construction or other factors that might affect how much a property costs. Some areas may not be conducive to buildings taller than five stories, while others may allow buildings up to 20 stories.
You should also consider how close the property is to public transportation or other important amenities such as schools and hospitals.
You should also look at public records so that you know who owns the property before making an offer on it. This will help make sure there are no surprises down the road when renovations or repairs are needed.
Buying tips when buying a condo
There are a few things you should know before buying a condo. Here are six of the most important tips to consider when buying your new home in Singapore.
1) Make sure you’re not getting scammed
When buying a condo, it’s best to use real estate agents that have been vetted by the public. This ensures that you’re not getting scammed or taken advantage of by someone who is trying to make a quick buck from selling condos. This is especially important if you’re looking for something in an area where there isn’t a lot of competition for condos like the United States, Canada, or Australia. It makes it easier for people to take advantage of their customers and charge more for properties than what they’re worth.
2) Do your research
If you want to buy your home without any difficulties, then it’s important that you do some research on what type of housing is available in the area. Things like square footage and property prices will vary depending on where you live, so doing the legwork ahead of time will save you headaches later on down the line.
3) Research comparable properties in Singapore
One way to ensure you’re making an informed decision when purchasing your new condo is to compare similar units with other units already listed on real estate marketplaces like Zoopla and Quotifly. If one unit has a sale price but another unit has an asking price that seems too good to
Final Words
Buying a condo is an exciting purchase, but it can be even more exciting when you know what’s in store. Here are some things to consider before buying that might help you decide whether or not condos are the right choice for you.
1) How many square feet do I need?
There are many ways to calculate how much space you need in your condo. Some factors to consider are how many people will be living in your unit, what activities you have planned, and if there is any storage space you’ll be using. Do some research online to figure out what the average square footage size is for a condo of your desired location and number of bedrooms.
2) What does my budget look like?
If you want to buy a second home or an investment property, then condos might not be the best option for you. However, if you’re looking for something affordable with relatively low monthly payments, then condos are perfect. If you’re buying your first home or just don’t want to spend too much money on housing, then condos may make sense for you as well!
3) Will I need a mortgage?
When purchasing a condo from the market, it is often necessary to get a mortgage loan from the bank. This means that your monthly rental payment will likely go up as well as your interest rate over time and that could lead to trouble down the road if your finances aren’t properly managed. For this reason,
