Purchasing a condominium is a decision that no one should take lightly, especially considering the costly investment one has to make. Having been convinced by the brochures and the eventual visit to see the showflat, it is usually tempting to sign the sale agreement right away. It doesn’t make it any better when real estate agents indicate to you that the unit is in high demand, and you might lose the chance to own it to other potential buyers. Please see Midtown Gardens Bugis for the latest info with regards to the development.
However, before you finally decide to sign that purchase agreement, there are important things you must consider before actually deciding.
1. Ensure you Visit the Actual Condominium Site
It is important to note that many showflats will not necessarily be close to the exact location where the condo will be constructed. Hence the importance of knowing the exact location of the condo site. You also want to make sure that you ascertain the condos proximity to important social amenities such as MRT stations. It is crucial that you get to see the accessibility of the condo, and if the roads are safe and passable. You will also get to see if you love the neighborhood.
2. Compare Prices of Other Condos in the Neighborhood
As much as you feel that you got the best offer, it is always wise to research on this. You need to get information regarding condos that have been sold in the surrounding area in recent times. The comparison with the price you were offered should indicate to you if the deal was favorable.
You should find out if the land is freehold or leasehold, whereby the developer should not give you a 99-year lease on a freehold land. You should ensure you get the best deal.
3. Ensure Your Financial Situation is Right
An investment of such magnitude should be carefully thought out, whereby it should fall in line with your financial capabilities. You should be able to understand all the costs you are going to incur for you to own the condo. These costs should fall within your TDSR (Total Debt Serving Ratio) limits. Basically, ensure that you can be able to service the purchase of the condo and all the costs that comes with it without making your financial life miserable.
4. Read and Understand the Fine Print
Be very keen to understand everything written on the fine print, and question the agents where you need clarification. Ensure that you fully understand what you are getting for the final price. You should not assume that everything you saw on the showflat will be included in your condo. Be particular about knowing the final floor area that will be usable. This will help you select between various available condos.
5. Make a Choice of the Unit you Desire
It is important that you look at the developments floor plans and get detailed information of how the flats will look like. Make your choice regarding accessibility to communal spaces, or window placements. You will have a chance at selecting the condo that will meet your tastes and preference.…