When it comes to buying a home, millennials have something else on their minds. As the generation most likely to live in urban centers, this demographic craves new options for housing that are both modern and sustainable. Condo projects have become one of the best ways to accommodate this demand. If you’re looking to buy a condo, you need to know before new condo launches in Singapore.
If you’re looking to invest in real estate or a first-time buyer interested in purchasing a home in a significant city, acquiring a condo might make more sense than a single-family home.
Although condos make up just a tiny portion of the overall real estate market—roughly 8% in 2016—the trend toward urban living and limited land means that developers are creating more and more of these types of properties. The overall real estate market has skyrocketed in the past few years, but condos have remained relatively stable. With home prices rising across the country, now is an excellent time to purchase a condo.
What to Look for in a Condo
Like any significant purchase, you’ll want to do your research before buying a condo. Here are some things you’ll want to pay attention to:
Location: Where you choose to buy will affect the price of your unit. Generally, the closer you are to downtown, the higher the price.
Size: You’ll want to pay attention to the condo’s square footage, as well as the number of bedrooms and bathrooms.
Yours Alone or Shared? You’ll want to ask yourself this question before every purchase. New condo launches in Singapore as an investment property, you may wish to purchase one listed as shared. But if you’re buying for personal use, you’ll likely want to buy an all-o-one.
How to Buy a Condo
Here are a few tips on how to buy a condo:
Shop Around: Before heading to open houses, look online for listings that pique your interest. Check websites like Trulia and Redfin to see what other condos are for sale in the neighborhood you’re considering.
Before heading to open houses, look online for listings that pique your interest. Check websites like Trulia and Redfin to see what other condos are for sale in the neighborhood you’re considering. Get Preapproved: Before heading to the open house, have your lender pre-approved for a mortgage. This will save you a lot of time and trouble and stop you from showing up at an empty house.
Before heading to the open house, have your lender pre-approved for a mortgage. This will save you a lot of time and trouble and stop you from showing up at an empty house. Know the Lingo: When you’re buying a condo, you’ll likely encounter some new terminology. Here are a few commonly used terms you should look up: Prenuptial: A contract made between married people that deals with the financial aspects of a potential divorce. Prenuptial agreements are often tailored to reflect particular circumstances such as second homes, inheritances, or finances. Co-Ownership: This is when two or more people own a condominium in which they share responsibility for paying the mortgage, taxes, and other maintenance costs.