Top 5 Mistakes Foreigners Make When Buying Condo
1. Assuming high prices mean good amenities and a central location
In Singapore, the more accurate formula is high prices = space and privacy. It doesn’t always equate to accessibility or amenities; in fact, it could mean the opposite.
2. Assuming that older also means cheaper
Singapore has mature estates, which have been built up over a long period, and new estates, which looks like the landscape in Lord of the Rings movies. The mature estates, despite having older properties, are more desirable.
3. Using a local bank for a mortgage, and expecting perpetual fixed rates
There is no Singapore bank that provides a perpetual fixed rate home loan. In Singapore, when we say “fixed rate” we always mean for a certain amount of time only; typically three to five years. After that, the loan will revert to a floating rate.
4. Not checking the facing of the gigantic windows
If this is the first time you’re moving into a condo, or a country where it’s perpetually summer, we have a new concept for you: property facings.
5. Central locations ironically make travel slower at certain times
Singapore is a small country, with a lot of cars. During rush hour, roads in the Central Business District are more congested than a fat man’s arteries at a bacon buffet. It will no longer matter how central your property is, as your car will progress at about 60 inches per hour.