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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.
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It is absolutely important to ensure that everything checks before you decide to purchase an expensive condo that will take you many years to repay. In order to avoid regrets due to rush decisions, you could be better prepared by following the points highlighted below.
1. Vital Preparations before going to the Showflat
It is important that before you step into the showflat, you have a definite budget. This will be based on calculations you have done and understood what you are able to repay without having to break the bank. For you to ensure that you survive through your repayment period comfortably, you should not commit more than 40 percent of your income into bills.
2. It’s Safer to Leave your Chequebook at Home
Sales people at the showflat could be very convincing, and you could end up making the biggest mistake of your life. It is, therefore, wise that you leave all your payment methods at home. Remember that once you pay the deposit, it will not be refunded if you happen to change your mind. You should do this, unless you have had time to think about it and are absolutely sure.
3. Have all Your Questions Ready
Ensure that you do not leave any stone unturned. You should ask all the relevant questions that affect the property you are interested in. It is always safer to write all your questions beforehand, such that you do not forget to ask anything. You should also note those concerns that you can not identify from the showflat. These will be questions to do with the neighborhood of the flats.
4. Be Prepared with Your Power Bank, Water, and a Sandwich
You may be surprised to note that visiting the showflat could take up more time than you initially planned for. Since most of these showflats will be flooded by potential buyers, you would want to stick into the queue, and not lose your spot in the quest to find water or something to eat. You also do not want your phone to die on you as you may need it to call your knowledgeable friend for advice.
5. View the Critical Aspects of the Showflat
It is important that you visualize the actual room size, whereby you could do this by blocking mirrors which might exaggerate the size of a room. Visualize all the rooms and how they will fit into your world and all what you require. Confirm that all areas of the house are well illuminated. Confirm with the agents as to which appliances will be included in the final condo.
6. Analyze Alternative Payment Schemes Carefully
Some alternative payment schemes that will be offered to you are much complex for one to comprehend easily. This could end up being costly on your repayment. You should not rush to sign anything before you fully understand what it entails. Compare various options and get the best suited for you.
7. Get Timeout Before Signing
It is important that you only sign the sale agreement when you fully feel comfortable. You can take this precious time to think over your decisions, and have another look at the showflat. This will help you get further insights that may give you a better understanding of what you are getting into.
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