Purchasing a condo is an excellent investment, as property prices are always known to go up historically. But it’s essential to make sure that you buy the best condo in Singapore. How can you do that? We made a list with some of the top criteria to focus on when acquiring the best value condo in Singapore based on your needs. Here’s what you should be looking out for!
Establish your budget when looking for the best condo to buy in Singapore
Pricing is essential whenever you want to acquire a condo. The reality is that you will find condos ranging from very low to extremely high prices. What can you do in that situation? The best approach is to assess the market and see the overall prices you can expect. That will also make it easier for you to pinpoint the best and worst deals at this time.
Pricing varies based on different amenities and benefits offered by the property. The best condo in Singapore is close to an MRT station, schools, various job districts, malls, and so on. It’s a good idea to pay more for a condo if it’s close to all the things you want, plus it will also have a better resale value down the line.
Financing options for the best condo in Singapore
Some realtors will also present you with different financing options for your condo. In some cases, you might receive better deals when compared to your regular bank, so it’s worth giving it a try. Sure, that’s not always the case, but it’s still a good thing to keep in mind. Even if you don’t go through the developer and realtor, you can still find great financing options for your condo. It all comes down to browsing the market and finding the right deals.
Condo size is very important
The issue that most people face is they only think about their current needs when acquiring the best freehold condo in Singapore. That’s a problem because the needs of a person/family change down the line. It’s a much better idea to think about your future needs. Acquiring a condo with extra space might seem like a waste of money now, but as your family size increases and you accumulate more things, you’ll see it’s a worthwhile investment.
Moreover, you also need to realize that sometimes you want to change your furniture, bed, and many other items within your home. Those remodels will benefit from extra space, and you can revamp your condo’s look in a unique way. It never hurts to have more space, especially in a city like Singapore. So, if you can buy a larger condo, get it. The extra space is always worth it!
What’s the unit orientation?
The orientation of a condo matters just as much as all the other criteria. While everyone wants a fantastic view, that’s not always going to be the case. Some condos have an excellent view, others less so. Great views will have an uptick in prices, but they might lack amenities or specific features. You always want to have a balance between views and pricing, so keep that in mind.
What’s the ideal option? If you have a north-south-oriented property, this can be a stellar option. That means you will avoid sunlight during the day since the sun will pass from one side of your condo to the next, which helps avoid direct sunlight exposure. There’s a side benefit to this as well because a lack of constant sunlight keeps your condo cooler, and thus your AC costs will be significantly lower. That’s a thing to keep in mind for the best condo to buy in Singapore 2022.
Is the best value condo in Singapore already furnished or not?
Furniture might not be one of your primary concerns, but it should be. The best condo developer in Singapore will try to include furniture into the condo price, so that can be a good option. However, some developers sell condos without any furniture. If that’s the case, you want to take some measurements and see how much furniture/accessories might cost. Even if it might not seem like a lot at first, prices do add up, and that’s certainly something to keep in mind.
Always browse the market until you find the condo with the best facilities in Singapore
The best condo in Singapore for investment might not also be the ideal one if you want to live there. It always comes down to facilities and how you plan on using the condo. Ideally, you need to compare prices and see what fits your needs. A good comparison will help you find both the pros and cons of the property you are interested in. Plus, it will also make it easier to find the highlights of each property and ensure you find the right choice out of all those available right now.
Are there any renovation or repair costs?
If you buy a new condo in Singapore, that’s not much of a concern. However, if you buy a condo from a previous owner, you want to know if there are any repairs needed or not. Repair costs will always add up, especially if you have more than just one repair to do in the entire condo. Even if you want to renovate and change things a little, that can also become rather costly.
Ideally, you want to work closely with the best condo developer in Singapore and buy a new property. If you go for a property someone already lived in, that means you might need to make some repairs/changes. And as we said, those repairs don’t come cheap; many times, they can be very expensive themselves.
You can browse a list of the best condos in Singapore and see which one is the best option. That way, you get to avoid any unwanted and costly repairs. New development units will also give you access to the latest amenities and newest technologies, yet another perk to keep in mind.
Think about maintenance costs
As we said earlier, you always want to be future-thinking when buying a condo in Singapore. You want to know what maintenance costs the condo entails and if you can afford them. Internal costs related to repairs or upkeep are one thing, but then you also have inspections, installing appliances, internal fittings, and many others. Plus, monthly living costs can also be relatively high in some cases.
Does the condo have great connectivity?
Believe it or not, one of the things that increases/decreases condo prices is their overall connectivity. What does that mean? It all comes down to how close you are to the significant locations within the city if you can reach them quickly, and so on. Direct access to transportation and shopping centers or any other amenities is beneficial, and a lot of people are looking for that.
Sure, you can purchase the best value condo in Singapore that’s far away from any MRT station, but that might become an issue if you need to spend an hour or more commuting every single day. Knowing how close you are to your main points of interest within the city should always be a deciding factor and something to keep in mind.
Let’s face it: finding a parking spot in Singapore can be pretty difficult. Some condos come with a parking space, others don’t. Making sure that you do have a parking spot is always going to be a major plus. Not every condo in Singapore will have its own parking space, unfortunately. However, finding one that does and whose price is also included in the total cost of your condo is a great option. It will help you save money while also ensuring that you have a place to park your car and not deal with any extra costs in the long run.
The floor level is yet another thing that you may want to think about when purchasing a condo. Some people want to be as close as possible to the ground; others are ok with middle floors or top-level floors because they have a better view. Keep in mind that the further you are from the ground, the more you have to rely on an elevator. That can become an issue, especially when it comes to buying and installing furniture. Plus, as you get older, living in a top-floor condo might not be the best idea.
When it comes to neighborhoods, it’s always down to personal preference. The best feng shui condo in Singapore can be anywhere, as long as you like the amenities. But there are certain districts like Orchard, Tanglin, Holland Village, Robertson Quay, Serangoon that are known for their great value, safety, and amenities.
However, the more popular a district is, the higher the condo prices you have to pay. Yet, in the end, it always comes down to what gives you the best value for your needs. Condo size and features are just as important as the location, but direct access to the things you want is definitely something that comes in handy.
Does the community have any rules?
It’s a good idea to ask the realtor about any community rules that you may need to know. Some communities can be strict, while others have a relaxed set of rules. Before you choose the best condo to buy in Singapore, it never hurts to know how restrictive the community rules are.
Some communities have specific closing times; others even have regular events, etc. Talking with the realtor about these things before buying a condo is undoubtedly helpful. It’s also valid in regard to MCST fees. The MCST fees vary from one association to another, so you want to see what fees you need to pay on a monthly basis. Some MCSTs even have communal spaces that you can access as well.
Do you have any premium facilities?
Some condo developers go the extra mile and deliver premium facilities. As expected, these also come with a price increase. You want to create a list and see what kind of facilities you need and whether they are worth your money or not. For example, some properties named the best condo in Singapore deliver access to large pools, modern gyms, saunas, tennis courts, barbecue pits, etc. Figuring out a balance between premium facilities and the condominium price is certainly one of the things you want to keep in mind.
Always check as many condos as possible before buying
Studying the market and seeing listings is one thing, but you want to visit as many properties as you can. Visiting them will make it easier to see what features you are interested in, if you like the view of that condo, and so on. Combining adequate internet research with consistent viewings will help you better understand the condo market at this time and narrow down the ideal price that fits your needs.
Some condos sound great on paper until you visit them and see that’s not a good option for you or your family. That’s the reason why constantly viewing condos can help since you will start figuring out what neighborhood and condo style you like and what views are ideal for you. Visiting at different times during the day might also help because you want to see things like sun exposure, the need for AC, and other crucial aspects.
Picking the best condo in Singapore is always going to be a very subjective process. However, there are always important things to keep in mind when finding the right condo. You want to talk with the best condo developer in Singapore and see their offers. Also, create a list with all the expectations and needs you have in regard to your new condo. In addition, stick to a budget and also try to identify any financing options, if required. Following these tips and ideas will help you pick the best condo in Singapore, while also saving you time and money!