Most people who are not owning a home in Singapore are paying monthly rent which can be expensive in the long term. The homeowner may also ask the tenant to vacate the rented home at any time. However, many of these young professionals have a limited budget, since they do not have much savings, and their salary or monthly income is not very high. They will prefer to purchase a new condo since the property papers are clear, and the condo will be in better condition. Hence they are interested in finding an affordable new condo for sale in Singapore. With a large number of new condos being available in 2022, some factors which condo buyers should consider while booking a new condo.
Location
One of the most important factors affecting the condo price is the location of the condo. Singapore is divided into five regions, Central, East, West, North, and North East. The central region is again divided into the core central region which includes the central business district (CBD) of Singapore. Like all large cities, the real estate rates are highest in the CBD and surrounding areas. So unless the buyer has a large budget and is working in the CBD, it is better to search for homes in other regions of Singapore since the prices of the condo will be lower for the same area. Most buyers would like to reduce the time they spend commuting to their workplace almost daily, so they would prefer to purchase a condo close to their office.
Completion date
Home buyers are aware that the property prices vary depending on the date when the construction of the condo will be completed. If the condo construction is complete and the buyer can start living in it immediately, the property rates are likely to be higher, since there is very less risk in purchasing the ready possession property. In contrast, if construction of the property has just started and it will take 4-5 years to complete the construction, there is some risk involved, since the construction may get delayed due to a lack of funds, or other factors which are beyond the control of the construction company. So builders are likely to charge a lower rate for properties if the construction will take more time to get completed.
Type
In Singapore, a large number of properties are leasehold properties, with a lease duration of 99 to 110 years. There are other properties that are freehold or have a lease duration of 999 years. When a buyer purchases a home in the leasehold property, he is entitled to stay in the home only for 99 years, after which he may have to vacate the home. So usually the condo prices for leasehold homes are lower than freehold properties. Hence property buyers who cannot afford to invest a larger amount, are usually purchasing condos in leasehold properties.
Price
Usually, if the buyer is purchasing a condo whose construction is completed, he will have to make an upfront payment and usually take a loan. So he should have sufficient savings to make the upfront payment and also have enough income to repay loan installments.
