Captivated by Singapore’s beauty but scared to start looking for a property? Here are some things to keep in mind when buying Singapore condos:
Slowly but surely
It will take a lot of time find a Singapore property that meets most, if not all, of your needs. Moreover, condos are on top of the list of property buyers in Singapore so expect a lot of competition while looking for the perfect property. There are a lot of options when looking for Singapore condos for sale and you should think long and hard about what Singapore property would fit your lifestyle. Make sure you’re well researched and know how many options you have. Make sure you also know your priorities regarding amenities since there will be a lot of options and sometimes you will need to compromise, you can’t always have everything you want.
There are generally three types of Singapore condominiums based on their prices. First are the Mass Market Condos, which are the most affordable. Then there are the Mid-market Condos, which are a bit more expensive but offer more amenities than mass market condos. The most expensive are the High-end condos, which consist of Singapore luxury condos that are mostly located in the heart of prime cities.
Whether it’s to serve as your own home or as a Singapore property investment, buying property can be very costly. Living In Singapore estimates that the cost of a five-bedroom apartment in Singapore can buy you a mansion in the US. This is why some buyers turn to HBD properties for a cheaper buy. For the ultra-rich, they either go for Singapore luxury condos or Singapore bungalows for a better long-term investment.
Another factor to consider is that although Singapore condos have great amenities, there are fees to maintain them which range from 200 SGD to 1000 SGD. Also note that you are not allowed to rent out your condos until after you’ve met the Minimum Occupancy Period of five years. Squarerooms recommends that you earn “at least $10,000 a month” before even considering to buy Singapore property.
The luxurious Marina Bay Sands hotel in Bayfront Avenue, Singapore
Set your eyes on the future if you plan to buy Singapore condos
Singapore has a lot of rules and regulations when it comes to buying property. As such, you have to consider your future plans to find out if a condominium is the right property for you. For example, if you buy a condo as your first property then suddenly get married and want to buy an HBD property instead, you’ll have to sell your condo first. If you buy an HBD property first, and then find another good Singapore landed property for sale or want to get a condominium, you’ll have to meet the Minimum Occupancy Period of 5 years in your HBD first.
Think you’re ready to buy your Singapore condo now? You can check our Facebook page and blog for the latest news and updates about Singapore real estate properties.