Your HDB flat will be reaching its Minimum Occupation Period (MOP) soon and you are thinking of upgrading to a private condominium. The obvious question will be where? For many, the decision to purchase a condo comes down to a lifestyle choice and here are some factors to help with your decision.
1. Location
This is the single most important factor. It is unlikely that you’ll live in one property for your whole life, so you have to think about long-term resale value. Is the location you are thinking of on the upswing? Are there any planned future developments in the area that could help increase the property's value? This information can be found in the URA's Master Plan (MP), which is the statutory land use plan, which guides Singapore's development in the medium term over the next 10 to 15 years
2. Age of Property
Buy resale or brand new? Brand new developments come equipped with the latest comtemporary design, modern structures, quality furnishings and high-tech security. Resale condos on the other hand, usually have established amenities like schools, MRT and shopping malls. And for the same amount of money, you usually could be buying a bigger unit.
3. Design and layout of the unit
Do not think that what you see at the new launch showflat is what you get. Developers spared no expenses when it comes to marketing their property so the showflat is spruced up to show off all it’s glory. Therefore, it is important to check-out the practical layout and space of the unit you are eyeing and see how it can suit your family’s requirements.
4. Amenities
Many people buy a condominium for its amenities or facilities such as swimming pool, tennis courts, gym, function rooms, 24-hour security etc. Generally, the more amenities within the property, the higher the maintenance fee, so you need to take that into consideration too. This fee is used to maintain not just the common amenities/facilities but the individual units as well. Ensure that you always check what the monthly maintenance fee is as it is not standardized and some high-end luxury condos can charge up to $1,000. This fee is compulsory and has to be paid on top of your monthly home instalment loan.
5. Capital Appreciation
Buying a private condominium is a big-ticket item and you should always consider the capital appreciation of the property. Buying a unit in the Outside Central Region (OCR) might not have all the modern day conveniences and amenities supporting it now, but an upcoming shopping mall or MRT station will certainly enhance the value of the property.
6. Rental Yield / Opportunity
It is important that your property has good rental opportunities and rental yield. No one can foresee the future and if you are lucky enough to be able to afford a second or third property, the high rental yield will come in handy.
7. Project Developer
Every development is different. The quality of materials used, the structural design, the fittings and kitchen appliances are all different. It helps that the developer has a proven track record and known to deliver on completion timeline. Do a check on their past projects for reviews and transaction history.
So as you can see, there are many factors to be considered when buying a condo. Be it brand new or resale, use Mogul.sg and its intuitive search function to narrow down the projects that suit your lifestyle and budget or engage one of our expert Property Concierge agents to find what you are looking for.
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