If you’re considering buying a property in Singapore, investing in a condo might be an option worth exploring. But is it the right choice for you? In this blog, we will take a closer look at the worth of buying…
If there’s one thing we all know, it’s that Singapore’s property market is synonymous with dynamism, growing rapidly over the past few years. Staying ahead of the game and finding that perfect condo for investment in Singapore can be nothing…
Considerations for purchasing an executive condominium (EC) in Singapore include income, property prices, eligibility, additional costs, housing grants, and mortgage loans. The current income ceiling is SGD 16,000 per month, and property prices range from SGD 800 to SGD 1,200 per square foot (PSF). Additional costs include stamp duties, legal fees, and mortgage insurance. Eligible buyers may qualify for CPF housing grants ranging from SGD 10,000 to SGD 30,000. Banks offer up to 80% loan-to-value ratio for ECs under construction. For a property priced at SGD 1 million with a 20% down payment of SGD 200,000, the estimated monthly installment would be around SGD 3,382 for a 25-year loan at 2% interest. Consult a financial advisor for personalized advice.
The pros and cons of buying an older condo, highlighting factors such as affordability, maintenance costs, and potential investment returns. It covers aspects like age of the building, en-bloc committees, rental transaction history, risk of special assessments and levies, and maintenance costs associated with older condos. The decision to buy an older or newer condo depends on individual preferences, budget, and long-term investment goals.
Yes, you can sell your Executive Condominium (EC) after fulfilling the 5-year Minimum Occupation Period (MOP). After completing the MOP, you are allowed to sell your EC to Singapore citizens or Singapore Permanent Residents. However, if you wish to sell your EC to foreigners or non-residents, you must wait for a total of 10 years from the date of purchase, when the EC becomes fully privatized.
Finding the perfect condo in Singapore for 2023 may seem daunting, but with some research and consideration of your needs, you can make an informed decision. To start, determine your budget and consider location based on proximity to work or school and amenities like shops and restaurants. Look for condos that offer amenities that fit your lifestyle, research developers and their past projects, and ensure the unit size and layout meet your needs.
Yes, it is possible to purchase a new launch condominium before the 5-year Minimum Occupation Period (MOP) is fulfilled for your current property. However, Additional Buyer’s Stamp Duty (ABSD) will be incurred since the new condo will be considered your second property. It is crucial to meet the MOP of your existing HDB flat before acquiring a new launch condominium.
While executive condominiums may attract potential buyers with their more affordable price range, there are compelling reasons to consider purchasing a condominium.
In terms of valuation and rental income, executive condominiums often outperform private condos, making them an appealing investment option.
Under Singapore's Building Maintenance and Strata Management Act (BMSMA), the upper floor unit owner is presumed to be responsible for the water leakage and, as a result, the repair costs, unless they can prove otherwise. If you face this issue, the initial step should be to speak with your upstairs neighbour or involve your condominium's Management Corporation (MCST). Both the upper and lower floor units should then jointly carry out an investigation to identify the cause of the leak and proceed with repairs. In cases where neighbours are not cooperative, the Strata Titles Board (STB) can be approached to resolve the issue.
High floors offer breathtaking views, enhanced privacy, and a quiet refuge from noise disturbances. Low floors provide convenience and accessibility, especially during emergencies or power outages. Higher floors often carry a higher price tag compared to their lower counterparts. Lower floors may experience more foot traffic and a greater likelihood of pest intrusions.
