Are you still undecided whether to buy a new condo in Singapore or not? Well, it’s not just you-- it’s a common struggle of most homeowners. Finding your next home can be challenging as there are various factors to consider, such as the pros of investing in one. So, here are the advantages you can expect when you choose to buy a new property in Singapore.
New launch condos offer convenience to buyers since everything is brand new-- from the building itself, facilities, fixtures, and even appliances. It saves you from getting headaches from all the repairs you need to do if you choose to invest in resale properties. Furthermore, new launch condos in Singapore usually have upgraded designs and smart home facilities, making it efficient and worth the wait.
New launch condos are also getting traction from investors because they can provide cost-effectiveness. Instead of putting your budget on repairs, you can save it for maintenance and upgrades later on. Moreover, new launch properties are known to be cheaper than other options since it offers lots of discounts, vouchers, and promotions to hook potential buyers. Most of the time developers even offer free repairs for the first year. So, it’s one thing that you should take advantage of when looking for a new condo for sale in Singapore.
One of the hardest parts of buying a new property is when it's time to pay and let go of a huge sum of money. Fortunately, when you choose to invest in new launches, you’ll get flexible payment schemes-- such as the Progressive Payment Schemes (PPS) and Deferred Payment Schemes (DPS). These options allow you to spread out your payment longer until you complete the total amount of payment.
PPS is when you buy a building under construction. It allows you to pay depending on the progress of the construction. You will not worry about disbursing the payment in full. On the contrary, DPS is usually applicable for already completed condos. Unlike the latter, DPS requires you to provide the 20% down payment, but you don’t have to pay for the monthly installments for several years until the agreed period is over.
Obviously, since everything in a new launch condo is in great condition, you can expect lower maintenance costs. So, compared to older properties, new condos are more susceptible to malfunctions and defects. Furthermore, if you experience defects during the period of defects-free rule, the developer will provide repairs without additional costs.
When buying a unit, it’s essential to pick the one that suits your needs, whether you want better facilities or a great window view. So, investing in new launches allows you to have the opportunity to select the best unit since there are plenty of options available in the market.
Buying a new launch condo in Singapore offers great advantages, but it’s still essential to do your own research about the unit you’re eyeing on. Before investing, you have to check if the property fits your budget, needs, and other considerations.