Buying your first condo can be intimidating, especially if you need help figuring out where to start. To make the process smoother and more manageable, it’s important to do your research so that you’ll understand the different aspects of buying a condo. At Newlaunchportal.com.sg, we provide information about new launch condos in Singapore, as well as helpful advice on what every first time condo buyer should keep in mind when making their purchase. Here are 10 things that every first-time condo buyer should know before they take the plunge.
1. Understand Your Budget
The most important thing to consider when searching for a condo is your budget; this will determine which ones are within reach and which are out of your price range. Do some research into typical prices for condos in the area you’re looking at, and decide how much you’re comfortable spending on your dream home. It’s also important to factor in other costs such as monthly maintenance fees or property taxes that come with owning a condo.
2. Research potential areas
There are many factors to consider when choosing an area for your new home, such as proximity to work or school, access to public transport, neighbourhood safety ratings and ease of access to entertainment options such as restaurants and shops. Conducting thorough research online or even walking through potential neighborhoods can help you narrow down possible locations for your future home purchase.
3. Get pre-approved for a mortgage
Before you start looking for a new home, it’s always a good idea to get pre-approved for a mortgage loan from a bank or lender; this will give you an idea of how much money you have available to purchase your dream home without having to worry about potential rejections later in the process due to insufficient funds or credit history checks by lenders. Pre-approval is also beneficial because it helps sellers to see you as a serious buyer rather than someone who is just looking at properties with no intention of making an offer at a later date.
4. Know what amenities are important to you
When shopping for a condominium, it is important to know what amenities are most important to you – things like security features (lifts/lobby), recreational areas (gym/pools), nearby grocery stores/restaurants, etc. all play a role in choosing the unit that best suits your lifestyle needs, while still staying within the budget parameters that you have previously set. In addition, considering extras such as balconies or terraces can add value depending on personal preferences and usage plans at move-in date, after the key handover ceremony day has been completed between seller & buyer parties, if applicable.
5. Think about maintenance fees and repairs
Once you’ve settled on a property, make sure the maintenance fees are manageable – these can sometimes go unnoticed until they’re due and can drastically cut into savings needed elsewhere. Also find out who is responsible for repairs – these are usually managed by either the landlord or the building management, but check before you sign anything, just in case. This way, both parties know exactly who is responsible for maintenance throughout the tenancy.