Purchasing a condo may be a terrific way to enter the property market without worrying about the care that comes with single-family homes and townhouses. Condo owners may usually take advantage of amenities, and the condo organisation is responsible for building upkeep. If the condominium association allows rentals, a condo might be an investment that generates rental revenue. Here are five tips to follow if you plan to buy a luxury condo in Singapore.
#1 Examine Your Lifestyle
Condominiums are perfect for people familiar with most elements of apartment life sans the built-in upkeep. Another property may be a better alternative from a reputable real estate developer in Singapore if the desire for sizable spaces or more privacy is more substantial. Similarly, if sharing walls, ceilings, or floors with a neighbour seems undesirable, a condo might not be the best option since it entails essentially living on top of your neighbours.
#2 Look for a Realtor Familiar with Condo Properties
Locate a real estate agent who will look out for your best interests. You will want someone with experience in condominiums to address any issues you may have and help you through critical processes. Your realtor should be familiar with condo complexes, developer options and concerns they may have. They will also know which developments have performed the best resale prices.
#3 Determine Required Amenities
Condominiums provide various facilities for varying lifestyles. Consider the features you desire and aspects such as location and price when you work with your realtor. You are also purchasing access to these facilities when you purchase your unit. Hence, never hesitate to put them on your wish list. Remember that some facilities you do not intend to use may still be valuable when selling. A condo from a developer with fewer facilities than others in the vicinity may command a lower selling price.
#4 Investigate the Property Management Company
Find out who is in charge of the day-to-day operations when viewing condominiums. You can contact the property management organisation with information, such as who handles resident requests and community rules. Consider conducting your research on the reputation of the condo developer and management and speaking with board members to see whether or not they are happy with their services. Poor management may reduce the value of your home or raise your HOA dues.
#5 Study Regulations & Association Fees
You will have to pay condo association fees to maintain the property and its amenities aside from the monthly mortgage. Examine the expenses and inquire about what they cover versus what you will still need to do outside the monthly charge.
Inquire about the house regulations of the neighbourhood. Understanding their guidelines can assist you in determining whether the community you are considering is suitable for you. Moreover, inquire about how the board and the property management of the luxury condo in Singapore handle concerns or complaints and pay attention to how they respond. It might indicate how much help you can anticipate when an issue arises.
Keppel Land is a branch of Keppel Corporation, Singapore’s flagship multinational corporation and building developer. Award-winning residential complexes, high-end commercial locations, and integrated townships are among their extensive portfolio. Discover more about the business and its many commercial and residential development projects by visiting Keppel Land’s website.
