Essential Guide to Buying a Condo in Singapore
Condos, just like most pretty, shiny things, come with a huge price tag as well. That is one of the reasons why parc clematis location might be without a doubt the lucrative option that you can go about owning your own piece. They come with a wide variety of discounts from the developers like early bird discounts, vouchers, and even stamp duty reimbursement.
The disadvantage to this offer is that you have got a 3-year ahead of you for the unit to be actually constructed, but if you have the time, we recommend that you go for it.
Get your finances sorted
There is no doubt that this is a pain, but evaluating the finance is involved, and finding out how much you can afford to pay for your own, it is one of the most vital steps when you are buying a property
It will go a long way in saving you a lot of money, if you are to sort this out from the beginning, rather than finding your way into a financial transaction you cannot afford and thereby abandoning afterwards.
When armed with your budget, it is best you look around for new condo developments launch that you might be interested in purchasing.
Hire a property agent. Although not compulsory, a property agent is helpful in guiding you through the purchase process, and also take the burden of researching available developments, off your shoulders.
Hire the services of a property agent. This option is not compulsory but a property agent will offer you lots of assistance during the purchase process, and he or she will take on the responsibility of researching available development.
If you would rather save your money and do the research yourself, you can get information on new launches from property website or in newspapers advert.
Visit show flats
About 7 to 14 days before the official date of a new condominium launch, prospective buyers are offered the opportunity to visit the developer’s show flats.
At this point in time, the units are not in any way up for sale and the actual prices of the flat will not be disclosed. Instead, developers may decide to provide suggestive prices of the units.
if you seem very interested, you can complete an EOI (Expression of Interest) form. The Expression of Interest form should be handed down to your developer, along with a blank check that is addressed to the developer’s project account. This blank cheque is meant to be about 5% booking fee on the particular property, that is if you wish to proceed with the purchase. Whenever the prices are revealed, the amount will be injected accordingly.
Undoubtedly, giving a blank cheque to just about anyone is a very risky practice, so you need to be sure of the name of the developers account and it is not advised that you address the blank cheque to an individual.
One good thing about making your interest known is that you will be able to participate in the ballot system on the day the project is launched. You, together with other people that have registered their interest earlier will be summoned to book a housing unit in the development in the order of when your ballot number is called.
It is important to take note of the fact that submitting the EOI form and check will not in any way compel you to go through with the purchase. They will be returned to you without any form of penalty if you decide not to proceed.