Are you planning to buy a new condo in Singapore? Congratulations! Investing in a condo can be a wise decision as it comes with various benefits like better security, amenities, and maintenance. However, before you make your final decision, it’s crucial to do your homework and make sure you’re making an informed decision. That’s where our New Condo Checklist for Singapore comes in handy.
In this article, we’ll guide you through the essential checklist items to consider before buying a new condo in Singapore, ensuring that you invest your money wisely and enjoy a comfortable living experience.
Checklist for Buying a New Condo in Singapore
The new condo checklist for purchasing a condo in Singapore encompasses several crucial factors that every discerning buyer should carefully contemplate. Among these is the location of the condo, the richness of amenities provided, the intricacy of the floor plan, the reputation of the developer, the cost, and the financing options that are available. Prospective buyers are encouraged to procure a floor plan from the agent and use Google Maps to ascertain the proximity of nearby amenities. It is also imperative to inspect the developer’s past performances and reputation, as well as the quality of materials used in constructing the condo. Financing options, such as bank loans and CPF funds, must also be considered, and buyers should examine their CPF account balance. Seeking counsel from a real estate agent or financial advisor can help you develop a tailored approach for your specific circumstances.
Lentor Gardens Residences
1. Importance of passing the Executive Condominium eligibility criteria
Meeting the Executive Condominium eligibility criteria is crucial for those looking to purchase a new condo in Singapore. As discussed in the previous section, certain conditions must be met before purchasing an Executive Condo directly from the developer. These include having a family nucleus with at least two Singapore citizens, meeting income requirements, and being a first-timer applicant.
Failing to meet these criteria could mean losing out on the opportunity to purchase your dream home. However, passing the eligibility criteria not only ensures a smoother purchase process but also guarantees that you are eligible for housing grants and subsidies. Before embarking on your condo purchase journey, it is important to make sure you fulfil the eligibility requirements to avoid any unnecessary setbacks.
for buying a second condo in Singapore
When it comes to purchasing a second condominium in Singapore, buyers need to be aware of the resale levy. This levy is payable in certain cases, such as when purchasing an Executive Condominium (EC) for a second time. It’s important to note that not all ECs are subject to the levy, so it’s best to confirm before making a purchase. The amount of the levy varies based on the initial purchase price of the EC and how many years have passed since the initial purchase. Buyers should budget for this additional cost when considering their budget for a new condo. By being informed about the resale levy and other potential costs, buyers can make informed decisions when purchasing their second condo in Singapore.
2. Allowed Changes to Wall Placements, Windows, Front Doors, and Balcony
When it comes to making changes to your condo, it’s important to understand what’s allowed and what’s not. According to the developer’s guidelines, balconies are meant to be semi-outdoor spaces, so they cannot be enclosed with walls or glass panels. However, adding blinds is considered a furnishing and is allowed. It’s also important to note that the roof and external walls of the development, including windows, must meet a 2-hour fire rating. Additionally, there are restrictions on changes like round/curved walls, excessive bay windows, huge planter boxes, and bathrooms opening directly into awkward areas. While it’s important to know these guidelines, it’s always best to consult with your developer or management team before making any changes to your condo to ensure you’re staying within the bounds of the regulations.
3. Understanding Bank Home Loan Structures for Condo Purchases
When it comes to purchasing a new launch condo in Singapore, understanding bank home loan structures is crucial. As mentioned earlier, taking out a home loan requires a 25% down payment, and banks will loan up to 75% of the purchase price. It’s essential to have a good understanding of not just the loan amount but also the repayment period and interest rates applicable. That way, you can plan your finances to ensure timely loan repayments.
Additionally, it’s wise to explore the availability of CPF funds for buying a new condo in Singapore. Knowing how much you can use from your CPF and the various types of CPF accounts that can be tapped into will help you make informed decisions. With a solid understanding of bank home loan structures and CPF usage, you can move ahead confidently with buying your new condo.
4. Availability of CPF Funds for Buying a New Launch Condo
An important aspect to consider when buying a new launch condo in Singapore is the availability of CPF funds. CPF funds can be used to pay for the down payment, stamp duty and legal fees of your new condo. It is essential to understand the CPF usage limit, which depends on the remaining balance in your Ordinary Account and the property’s purchase price. It is advisable to check with the bank to ensure sufficient CPF funds are available before committing to a purchase.
However, it is important to note that CPF usage reduces your CPF savings, resulting in a lower retirement fund. It is important to have a balanced approach and not rely solely on CPF funds for your new launch condo purchase. With this information in mind, it is essential to plan your finances carefully and make informed decisions when purchasing your dream condominium.
5. Importance of Requesting Floor Plans to Study Carefully
The floor plan of a condo unit plays a crucial role in determining its value and suitability for prospective buyers. That is why it is important to request the floor plan and study it thoroughly before making a purchase decision. Understanding the layout and dimensions of each room, bathroom, and balcony will give buyers an idea of how their furniture and belongings will fit in the unit.
Additionally, knowledge of the floor plan will help buyers identify any potential problems or limitations with the property’s layout. Therefore, it is essential to take the time to study the floor plan and ensure that it meets your requirements and preferences. Proper evaluation of the floor plan can save you both time and money in the long run.
6. Use of Camera and Notes to Document Any Problems in Condo Units
When inspecting a condo unit, it’s crucial to document any problems that you come across. One way to do this is by using a camera to take pictures of any problematic areas, and making sure to take notes as well.
This will not only help you remember the specifics of the issues, but also provide evidence to share with your landlord or property management team. It’s important to approach this task responsibly and respectfully and to be sure to notify the appropriate parties through the proper channels. By being diligent in documenting any problems, you can protect yourself and ensure any issues are addressed in a timely manner.
7. Who Can Purchase Private Property in Singapore
Foreigners above the age of 21 are restricted from buying landed property or HDBs in Singapore unless they are married to a Singapore citizen. However, they are allowed to shortlist new launch condos, pay the booking fee and sign the sales agreement for a new launch condo unit. It is important to understand that anyone who is not a Singapore citizen needs to obtain approval from the Controller of Residential Property before purchasing a private property.
It is critical to have a clear understanding of the eligibility criteria for purchasing private property in Singapore before making any decisions. By following a checklist and understanding the rules and regulations, foreigners can successfully invest in their dream homes in Singapore.
8. Common Condo Flooring Issues to Watch Out For
When it comes to buying a new condo in Singapore, it’s important to pay attention to the flooring. While it may seem insignificant, there can be a number of common issues to watch out for. For example, some condos may have uneven flooring, which can be a safety hazard for residents. Additionally, some materials, such as laminate or vinyl, may not hold up well over time and can show signs of wear and tear relatively quickly.
It’s also important to be aware of any potential moisture issues, as this can lead to mold growth or other damage to the flooring. By paying attention to these common issues and addressing them as needed, new condo owners can ensure that their homes remain safe, comfortable, and visually appealing for years to come.
9. Common Furniture Issues to Check for in Your Condo Unit
When moving into a new condo, it’s important to inspect the furniture that comes with the unit. Common furniture issues to look out for include scratches, chips, and dents that could affect the aesthetic value of your decor. It’s also important to check that all drawers and cabinets are functioning properly. Another common issue is mismatched or worn-out furniture that may need to be replaced.
By taking the time to thoroughly inspect the furniture before moving in, you can avoid any surprises and make necessary arrangements for replacements or repairs. Remember that your condo unit is an investment, and ensuring that the furniture is in good condition can enhance its value and provide a comfortable living space for many years to come.
10. Common Maintenance Issues with Air-Conditioning and Water Flow in Condo Units
One crucial aspect of owning a new launch condo in Singapore is ensuring proper maintenance of air conditioning and water flow systems. Regular maintenance of the ACMV systems, including supply and exhaust fans, is necessary to ensure optimal operation. Keeping air conditioner filters, coils, and fins clean also help units function efficiently. Water conservation in cooling towers is also an essential issue as common problems exist.
It is crucial to provide adequate access for cleaning, inspection, repair, and replacement tasks. It may also be helpful to document any maintenance issues using a camera and notes to alert the property manager or developer promptly. Taking care of these systems can prevent costly repairs and downtime in the future, making it easier to enjoy the comfort and convenience of condo living.