Before you begin your search for a condo, you may be asking what characteristics make a condo desirable. Are there any hazards I should avoid? In this essay, I’ll go through the eight most crucial things you should look out for when putting down a deposit on a home.
1. The number of units in the project
The amount of maintenance costs you will have to pay may vary depending on how many units are included in a condo property. The condo with more units will be able to split the cost of maintaining the facilities more effectively than the condo with fewer units, for instance, if two separate condos have the same types of amenities. Particularly when it comes to expensive things or significant facility facelifts or upgrades.
Owners of condominiums with fewer units may occasionally be require to pay an additional sum on top of the maintenance charge to cover large expenses. Additionally, a condo with fewer units typically has fewer or smaller amenities because of the project’s space limitations. smaller pool and gym, no tennis courts, etc. Some tenants may prefer a condo with more amenities if you’re buying to rent.
2. Distance to MRT station
More convenience will be provided to you or your tenants the closer the MRT train station is to your home. The distance to a train station is undoubtedly a crucial factor for a tenant when selecting their housing location in Singapore because the majority of tenants don’t own cars.
3. Future growth and development ~
When purchasing a condo, don’t forget to assess budget, necessities, and wants. Based on my seven years of experience with this three-weighted probability of balance, I will be providing my views and opinions in this article. Despite this, please keep in mind what could drive up a condo’s price if you’re searching for price appreciation in the condo you’re purchasing. Future developments that will take place nearby the property are typically one of the factors that can influence price appreciation. For instance, the development of a brand-new MRT station, commercial malls, educational facilities, a desirable primary school, etc. A rise in the value of real estate may result from these improved facilities.
4. Layout fit your family or tenant needs?
Do take into account the type of unit you are purchasing. Does the number of bedrooms, the size of the unit, and the floor plan (such as an open or closed kitchen, a study area, a balcony, etc.) meet the demands of your family? Or is the type of apartment you’re buying comparable to what your potential tenants want as well?
5. Facing of unit
Find out which of the unit’s several facings (windows, balcony, etc.) you will have when you buy it. You might want to keep in mind the following items:
1. A sunny afternoon
2. Vehicle noises
3. Bin center
4. Swimming pool
5. Any block-to-block distances
6. BBQ areas, a tennis court, a parking lot, etc.
7. Facilities in the condo project
What features do you desire in the condo you plan to purchase? What types of facilities, on the other hand, do you not require? For instance, I will narrow down a condo with my growing kids if they need a pool or if I need a gym to work out.
Alternatively, if I don’t think I’ll need any amenities, I might prefer a condo without them. especially if a portion of the money spent on maintaining these amenities comes from the maintenance fees.
7. Maintenance fees
Find out how much maintenance costs will cost you before purchasing a condo. This sum may have an impact on both your net profits when you sell the property and your future net rental revenue. Be aware that such maintenance fees may grow over time owing to inflation, such as compensation increases for condo management employees or increases in service costs or maintenance costs for the building’s façade.
8. PSF of the unit compared to the district
If you wish to earn from your acquisition, this is among the most crucial things you must perform.
Compare the PSF of your unit in relation to the neighborhood, paying specific attention to the condos that are just next to your condo development. Verify that you are not paying too much for the property.
Advice to home buyers & Conclusion
The aforementioned eight elements should, in general, make it clearer for you to determine how to compile your initial selection of condos for consideration.
However, buying a condo isn’t always as simple as it seems. Additional factors to consider include ownership plan, risk management strategy, exit strategy, and legal considerations. If you want to be completely certain about your home acquisition, do hire a knowledgeable advisor.