Buying a new condo launch can be overwhelming, especially if you are doing it on your own without the help of an agent or property manager to guide you through the process. The following tips will ensure that you have the best possible experience when purchasing your next new condo launch in Singapore, whether it’s your first or your tenth purchase in Singapore real estate.
1. The Process:
The first step in the process of purchasing a new condo launch is to find an agency that is in the business of selling or buying new condo launches, as opposed to those that focus on market resale. The best way to do this is by contacting multiple agencies and speaking to their agents. Ask them how they can help newcomers like you, which will give you an idea of how they would act when it’s your turn at the table. Agents also have access to listings that were never released and will therefore be able to give you more information about the final sale price of these condos or flats.
2. The Deal:
The next step is to meet with your broker to discuss the condo offer you have received. The agent will present their findings on your new property and will look at it in terms of its location, size, and complex layout, before identifying the best deal for you. Sometimes, the agent will suggest that certain properties be sold by a certain date or with certain conditions attached. This is because they are trying to make the most money for their clients by making sure they receive the best price possible.
3. The Payment:
The next step is to compare the condo offers you have received. This involves deciding on the right payment method, i.e., cash, bank loan, or financial institution loan, that is ideal for you and your situation.
4. The Walk-Through:
With a new condo launch, it’s important to inspect the property thoroughly. You will therefore want to take a walk-through of your new property with an architect or engineer who can identify any weaknesses or flaws in terms of structure and design. These professionals will also be able to assist you in future planning in terms of what amenities are available nearby and how you can plan for renovations or future expansion options for your home.
5. The Buying Agreement:
Once you have seen the property and decided on the pricing, it’s time to meet with your lawyer to discuss the details. Both of you will want to look at the agreement carefully and make sure that it is fair and beneficial for both parties before proceeding. If there are any clauses that you do not agree with, speak up now so that you can get these issues resolved prior to signing your agreement.
6. The Deposit:
The next step is to sign your agreement with a 20% deposit and a letter of intent from your bank or financial institution should you be taking out a loan for the remaining 80%. The bank or financial institution will then issue you a letter of offer to sign and return. Once the 20% deposit has been made, the buyer can then start the process of getting their loan or signing a contract with their chosen bank or company for financing.
Buying a new condo launch in Singapore can be an exciting and fulfilling process, especially if you are purchasing it with the help of a knowledgeable real estate agent. The tips above will show you how to make the most out of your purchase and ensure that it is the right deal for you.