Question: How do I choose a condo in Singapore?

Is it worth to buy a condo in Singapore?

There’s no right or wrong to buying a condo in Singapore as long as you’re not taking on excessive debt to do so. The value is always in the eye of the beholder, but having a level-headed approach will definitely benefit you for the long term. After all, buying a property is no small matter.

What do I need to know about buying a condo in Singapore?

Tips for buying a condo in Singapore

  • Make sure you can pay the 25% down payment. …
  • Check if its a freehold or leasehold unit. …
  • Check nearby MRT and transport lines. …
  • Scope out the amenities to see if you’d really use them. …
  • Set aside extra budget for taxes and stamp duty. …
  • See if the size of the condo is suitable for future plans.

24.08.2020

How do I choose a condo unit?

What should you look for to get the best units?

  1. Consider the unit facing.
  2. Which floor the unit is on.
  3. Proximity to entrance, gates, and quieter facilities.
  4. Keep a distance from bin centres, substations, and certain facilities.
  5. Look for efficient layouts.
  6. Check the number of units per floor.
  7. Look for “bonus floor space”
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How much should I pay for a condo in Singapore?

Total initial cost required

3-Room HDB BTO flat 2-Bedroom private condominium
Selling price $180,000 $900,000
Loan amount $162,000 (assuming HDB Concessionary Loan and 90% LTV) $675,000 (private bank loan at 75% LTV)
Cash and CPF downpayment $18,000 $225,000
Legal fees $181.45 $1,500

Why you should never buy a condo?

Less Space and Flexibility. Another one of the reasons not to buy a condo is that you have less space and flexibility in how you use your place. Some condos offer owners extra storage space or possibly a basement, but you’ll still likely have a smaller, more compact living environment than you would in a house.

Is it better to buy HDB or condo?

Even the more expensive HDB resale flats are much more affordable than the average condo. If you are currently strapped for cash, or if you are budgeting for your first child, private property may have to wait. Some other decisions to consider are: Condos generally appreciate faster than HDB resale flats.

How long does it take to buy a condo in Singapore?

Then after 8-10 weeks, the sale is completed. You have your new condo in Singapore within 11 months.

6. Completion of Sale.

Steps Timeline
2. Plan your Budget Property Taxes for Foreigners Property Financing Other Fees 3-6 months

What should I know before buying a condo?

7 tips for buying a condo

  • Consider your lifestyle. Hate to mow the lawn and trim the hedges? …
  • Work with a Realtor with experience in condos. …
  • Decide what types of amenities you want. …
  • Find an FHA-approved condo. …
  • Research the property management company. …
  • Review association fees and regulations. …
  • Ask about special assessments.
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5.04.2021

Can single pr buy condo in Singapore?

Yes, you can. There are no restrictions for single PRs buying condos. However, you would be subjected to ABSD for your first property purchase.

What is the best floor for condo?

7 Best Types of Flooring for a Condo

  1. Hardwood. Hardwood is made of milled using a single layer of timber. …
  2. Cork. Cork comes from the barks of the cork oak. …
  3. Laminate. If you can’t afford hardwood, the laminate board is the perfect alternative. …
  4. Tile. …
  5. Engineered hardwood. …
  6. Carpet. …
  7. Concrete floors.

23.04.2021

Are first floor condos more expensive?

There’s no rule of thumb for how much you might save on a ground floor—it will depend on a variety of factors including light, location, and outdoor space. That said, typically a first-floor unit can be up to 15 percent cheaper than something comparable on a higher floor—or more if the apartment’s less than ideal.

Which is the best condo in Singapore?

Best Singapore Condominium

  • Caribbean @ Keppel Bay. Location: Keppel Bay Drive, Telok Blangah. …
  • Costa Rhu. Location: Rhu Cross, Tanjong Rhu. …
  • Cote D’Azur. Location: Marine Parade Road, East Coast. …
  • Draycott 8. Location: Draycott Park, Orchard. …
  • Duchess Crest. Location: Duchess Avenue, Bukit Timah. …
  • Glentrees. …
  • Pebble Bay. …
  • Regency Park.

How much cash should you pay for a condo?

New condo launch: 20% of the purchase price, of which at least 5% must be paid in cash (i.e. 15% with CPF) Resale condo: At least 5%, including an option fee of at least 1% which must be paid in cash (i.e. 4% with CPF)

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How do you know if I can afford a HDB?

  1. To check your eligibility and estimated housing loan amount, you may apply for an HDB Loan Eligibility (HLE) letter.
  2. You will need to have a valid HLE letter when you book a flat from HDB, or obtain an Option to Purchase from a resale flat seller and when you submit a resale flat application.

How much savings do I need to buy a condo?

How large of a down payment will you need for a mortgage on a condominium? The short answer is 3 percent to 20 percent of your unit’s purchase price, with 10 percent being common for those buyers who must rely on conventional loans to finance their units.

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