Buy new launch or resale property. Make the right decision and know what is your need.
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New launch vs resale condo – Things to consider before buying
Photo: Park Place Residences
Buying a condo? That’s got to be one of the biggest decisions of your life.
How do you make up your mind? Here are the 6 things you need to consider while purchasing one:
1. Price Negotiation
Markets are dynamic, the economic environment challenging, so the prices you are being quoted are up for negotiations. Here’s how they are likely to play out though:
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Still making up your mind? Then here’s some more reasons in favour of new launch condos.
- Budget wise: New sale condos can be bought at the developer’s price, cutting out the agent’s commission in the process. This saves you a lot of money since the developer foots the agent’s bill.
- Facilities: New condos have better and more facilities to offer as compared to resale properties. Also, the common areas tend to be a little worn out and dated when it comes to resale ones.
Lastly, if you are not willing to play the waiting game and want to have a home right away, then pick a resale condo as a new property brings with it the uncertainties of timelines and project delays.
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Why you should consider buying completed resale condos
It was indeed a sharp tale of contrasts for private residential properties completed between 2014 and 2015, compared to when they were first launched in 2010-2012. In the latter, there were intense en masse property aspirations, especially for buying private residential properties in suburban areas. These buyers were generally those looking to upgrade, hopeful of garnering a high rental income or good resale interest after the completion of these projects. As such, many new projects during this period saw brisk sales activity.
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Investors Dilemma – Buy New Launch Condominiums Or Resale Property
With multiple rounds of policies meant to curb property prices growing like bamboo, the market is still going strong. Add that to inflation consistently hitting levels that overwhelm interest on savings, it is no wonder even the average resident in Singapore is looking at making his money work harder by putting it into properties. The performance of real estate since 2009 can after all be likened to an express elevator that goes straight up to the 88th floor.
Many investors feel that the question now is not whether you should be investing in properties. But whether to buy an under construction condominium or buy a completed resale property for investment.
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Singapore Condos : Which one should I buy? New Launch, Recently TOP or a Resale Unit?
It’s come to that point in your life where you know the time is right for you to get an investment property to rent out in Singapore.
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Before you buy your new home, here are some good reasons to consider new launch condos:
- Expected Capital Assurance –
- Peace of Mind –
- All Things New –
- Progressive Payment
- Buy at direct developer prices
- Don’t have to pay agent buyer’s commission as developer pays for it
- Get to own the most modern and new condominium together with their trendiest facilities
- Decide how you would like to furnish your condominium!
- Enjoy the full leasehold duration (for lease hold properties)
- Be a proud owner of the latest and newest condominium
- Hassle-free as you don’t have to negotiate with seller
New Launch Project or Resale Unit?
Advantages of buying a new launch project
1) The buyer enjoys low installment repayments while the property appreciates in value.
The monthly repayment of new launch projects is low, due to the progressive payment schedule. As such, during the construction phase, the monthly installment is low. At the same time, the market price of the property is increasing. This results in a very good return on investment (ROI).
The monthly repayment for resale units is the full installment, which lowers the ROI of the investment.
A new launch or T.O.P.
Aside from being able to physically check the unit and facilities before purchasing the property, TOP projects, which are also known as newly-completed properties, offer a slew of benefits such as allowing investors to get immediate rental income, while homeowners who are in a rush to get a new home can move in almost immediately.
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T.O.P. choices
Are you considering a TOP purchase? Here are some developments to take note of.
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T.O.P. projects to look out for in 2017
T.O.P. tips to ease your moving day
Home ReportTM
FREE: Get the public version of the report that the professionals use to price property and devise marketing and negotiation strategies. S$ 88.00 / unit (incl GST)
Don’t miss more posts by REALTOR Mani 玛尼 மணி Subramanian Veeramani
Check it out my posts (700+) https://www.linkedin.com/today/posts/AskRealtorMani
Don’t miss more posts by REALTOR Mani 玛尼 மணி Subramanian Veeramani
Check it out my posts (700+) https://www.linkedin.com/today/posts/AskRealtorMani
?+6583004411
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