For those looking to reinvest in their first property without spending an outrageous amount of money, purchasing a condominium for resale enables you to hunt for a house that has already been marked up to market value. Knowing your objectives when purchasing a home is critical, as it will assist you in determining if a new listing or a resale condo fulfills your requirements. It will be easier for you to determine whether this is the type of growth you desire and what your unique requirements are.

New launch pay later

Due to the fact that new condominiums are constructed without the use of a mortgage, expenses such as maintenance fees and property taxes are not incurred to fund the cash flow of resold condominiums. New condominiums are typically less expensive than existing resale apartments in the region. Renting resale condos is quicker than renting new condominiums, which takes two to three years.

On a square foot basis, the premium for new condominiums can be as high as 40% higher than for existing selling units. When condominium purchasers are deciding between new construction and pre-owned units, price is a critical factor. Developers of new condominiums frequently offer discounts to buyers who purchase during the market’s early stages of development.

Developer offer more discounts

It is possible that there is a chance to undervalue the property, which means that developers will offer a greater discount on resale homes during the early stages of a new entry-level property. Due to the first-mover advantage, new condo buyers are more likely to purchase the condo at land prices comparable to those of previous owners who purchased before to the condo’s opening. Buyers seeking instant rental income or a track record of successful transactions may pick resale properties.

Buyers who prefer to purchase resale properties that match their demands and then renovate to produce the appropriate living space are hampered by the design of new entry-level properties. One of the most prominent arguments for investing in resale units is that experienced investors prefer risky new landlords and startups.
After a few years, the novelty impact wears off and the property becomes a resale property. Each resale unit has a unique purpose for the owner to sell.

One of the primary benefits of investing in new condos in Singapore is that purchasers can book them concurrently with the construction of another home or project. While you may be able to negotiate a better deal than purchasing a condo with the seller, it’s impossible to ignore the tempting deals given by new launch developers. The deals vary according on the seller’s desperation to sell the gadget, but buying from a new launch developer should never provide you greater opportunity for negotiation.

For the majority of first-time homeowners, the choice between new and resale is critical: If you’re looking for a new condo to move into, your first choice should be a resale home, but you should also examine new-build residences with temporary permits. New construction can take up to two years to complete, far longer than resale properties. Other exceptions include new investors purchasing new condominiums, and if you find yourself in a property where your trusted financial counsel has no financial interest in the new start-up project, it is natural to grant approval regardless of your financial status.

More downpayment

For resale apartments, a 25% down payment is required and the Progressive Payment Scheme is used to begin monthly repayment of the unfinished new condo (PPS). You will have to wait three to four years for the new condo (800 units with 250 one-bedroom units, 250 two-bedroom units, and 300 three- or four-bedroom units) to receive a provisional occupancy permit (TOP), which allows home owners to occupy the property until all other requirements are met, and obtaining a CSC takes time.

Once a unit is sold on the secondary market, its selling price becomes the standard for similar units currently under development. When a buyer purchases a new entry-level property, the developer establishes an entry-level price for the various unit kinds. The data indicates that prices for first-time buyers are increasing faster than prices for resale houses in the first two years following the peak.

By browsing many different types of property, you may examine the current rental rates for resale units. Although the condominiums offered for resale are not wholly new, they span a broader geographic area in terms of unit size than the launch units. Property guides, Real estate

Leave a Reply

Your email address will not be published. Required fields are marked *