Are you planning to buy a condo as an investment? Great! Buying a condo can be a great idea for investment, but failing to plan carefully can lead you to purchase an unsuitable property.
In this blog, we’ll shed some light on the warning signs of an unsuitable condo and the points you should discuss with your real estate agent before investing in one.
What are the Benefits of Buying a New Condo in Singapore?
Condominiums were introduced in Singapore back in 1985 and have been a popular investment for foreign investors. Due to the high demand for condos as an investment and the fact that “almost 90% of all completed projects are sold out,”. The price of new condos has seen an uptrend due to increasing demand from investors.
The condo market is expanding, with a new condo for sale in Singapore launched every year, easily accessible by public transport and can be easily accessed via public housing.
Why You Should Buy a Condo Over an Apartment
That is a very common question among Singaporeans – should I buy a condo or an apartment? They want to purchase. Here in this article, we will try to shed some light on the advantages and disadvantages of each so that you can make a wise decision.
1. Condo vs. Apartment: The Size Debate
The biggest benefit of condos over apartments is the size of the condo. Most condos have larger rooms than apartments and feature more facilities, such as a private pool, which apartment dwellers don’t enjoy.
2. Condo vs. Apartment: The Price Debate
Average condo prices are higher than the average apartment price due to their location, facilities, and size. But if you plan to use the condo as an investment property and let it sit idle for years, then a condo is a better option for you. It is stable in price but is not as lucrative as an apartment.
3. Condo vs. Apartment: Your Neighbours Debate
The same apartment can have different sets of neighbors from another apartment. Think about it this way – if you bought a three-bedroom apartment, you would get three different sets of people to live in the same building with you, which sometimes makes the area noisy and crowded.
What to Look out for When Investing in a new condo for sale in Singapore
When investing in a property, you will naturally want to get the best value for your money. Therefore, you must do adequate research and due diligence before making any real estate purchase.
If a condo is launched without much buzz or promotions, it means that there are already many properties snagged by investors who are keeping silent about it and waiting for the prices to go down to buy in at a lower price after launch.
Final Thoughts
Buying a condo for investment can be a profitable long-term investment if you choose to buy well. But if you don’t prepare as we did in this article and do not do any thorough research, you will likely end up with an unsuitable property that cannot be rented out. It is important to remember these three important points:
1. Do your research
2. Buy a condo that has the right features and location
3. Don’t underestimate the importance of due diligence
We hope that this article helped you.
