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Things to Consider Before Buying Your First Condo

AkCondo Blog

It’s every person’s dream to buy their own house and make it a home, where they can create precious memories with his family and loved ones. This is why people work hard to save money, and then look for houses to buy and make their own. It’s often a dilemma when you go to buy your first home, and thousands of people in Singapore face it every year. Many Singaporeans have set their eyes on the new and modern luxury condos that can be seen across the city. Since Singapore is divided into 5 planning regions, which are further demarcated into 28 districts. There are hundreds of new condos for sale in Singapore, and they are at a much lower price because of government policies. You need to take the following factors into consideration when checking out the condos for sale:

Vicinity

It is always important to check out the area around the condo you are examining. While some people prefer a quiet neighborhood without the hustle and bustle of cars and people, others prefer to live in areas which have all the modern facilities, and where they can lead a comfortable life with their families. Instead of asking your realtor about the neighborhood, it is better to take a stroll and see for yourself if you feel like home there. It’s also a good idea to talk to people who live there, have them give you their two cents on how it is to live in this part of town, and then compare it with your vision of a perfect neighborhood. Careful examination is crucial, as it would be your neighborhood for almost all your life, and the place where your children will grow up.

Basic and Advanced Facilities

While checking out the condominium for sale in any of the districts, the first thought on your mind should be whether all the basic amenities are within reach or not, such as hospitals, clinics, parks, and markets. These facilities add to the value of the area, and condos sell like hot cakes in such areas where everything is close by. People also prefer to have shopping malls, leisure spots, and grounds nearby, so they do not have to travel very far to get anything. If you like the condo, and the neighborhood is perfect in this sense, it is time to buy it before anyone else does! Another very important factor you need to consider, for the sake of your children’s future, is how close are the schools where you would want to send your child. This is the number one reason that a condo for sale near the highly ranked schools in Singapore would sell faster and for a higher price than a condo in any other vicinity.

Proximity to Local Transport

A large number of Singaporeans choose to benefit from the public transport system, and the number of cars is decreasing as we speak. They have the SBS Transit and SMRT buses, and also the MRT and LRT trains, which mean that public transport is available to everyone. For this reason, people opt for condos that are within walking distance to at least one of these transport systems, since they choose to travel like this for work and back. Having your condo further away from public transport would mean that you would need to walk long distances to reach a bus or train, own a car, or make use of the taxis. This would be much expensive and also gives you the hassle of getting stuck in traffic every now and then. It would be better to make the smart decision and find a condo in a suitable location, rather than spending thousands of hours of your life stuck in traffic.

Leasehold or Freehold

Another factor that may not have an immediate impact on your decision to buy a condominium, but has a lot of impact in the long run, is whether the property is under leasehold or freehold. Leasehold means that you own your condo, but not the land to it. The land is allotted to be used by you for a time period, usually 99 years or 999 years. After this time passes, your descendants will have to return ownership of the land, and the condo built on it, to the government. Freehold is the ideal condition where your condo, and the land it is built on, is yours, and you are the sole owner until you choose to sell it. It is very important for future homeowners to check out all the documents of the house they are going to put their life’s savings in. If you keep these things in mind, you will soon be the proud owner of your first house, an executive condo. Singapore is booming with lucrative condominiums at lower prices, and you should be able to find the perfect one.