The question of whether or not to buy a condo is one that many people in Singapore at Tampines St 62 EC struggle with. The decision can be especially difficult if you are renting an apartment, because it may be unclear whether the landlord will allow you to sell your current property and move on. However, there are a few questions you should ask yourself before making your final decision:
What Is Your Budget For Buying A Condo?
This is a difficult question to answer because it depends on your personal budget. However, if you are looking for an HDB or private condo, you can go to the website of the Housing and Development Board for help. This is a government organization that gives prospective buyers information about the different housing options in Singapore. You can also get help by contacting real estate agents with years of experience.
What Are The Available Condo Units?
Once you have decided on a budget, you will want to know how much living space you can afford and how many bedrooms your family will need. There are also smaller condominium units available that will be more affordable but don’t have separate bedrooms, for example you may need a 2 bedroom unit with one large common living area (common space). This can work well for families who want to save money and have privacy in their own homes.
What Amenities Does The Condo Offer?
There are many amenities to take into consideration when purchasing a condo. If you have a family, you will want to find out if there is an indoor children’s playground or perhaps an adult fitness center with features such as yoga rooms and aerobics studios. There may be free bicycle rentals available to help you get around the city. You will want to know if the complex is near shopping malls, public transportation and commercial centers. There will also be plenty of recreational areas such as swimming pools or golf courses.
What Are The Financial Aspects Of Buying A Condo?
You may be looking into getting a mortgage because it can be difficult to purchase a condo with cash up front, or you may already have savings. Banks will need to look at your credit score and see what your monthly income is before giving you a mortgage. The bank will also need to know if you qualify for the condo loan under Singapore Housing Loan or HDB First Mortgage Loan.
How Long Does It Take To Transfer Ownership Of A Condo?
If you already own property in Singapore, it only takes around 8 working days to transfer the ownership of your condo from one name into another. The process is done by the legal department and can be completed at any time during regular work hours (8:30 am to 6 pm). The legal department will send you a letter with all of the required documents.
Are you looking to sell your existing home?
When you sell one condo and purchase another, banks will offer you better rates for both mortgages. You may also be able to reduce your interest rate overall and use this as a bargaining tool when negotiating the price of your new condo.
Summary
Buying a condo is an investment that you will be living in or renting to others. There are many things to consider when purchasing one, so it’s important to ask the right questions and do your research before making any decisions.
