Popular Condo developments such as Park Colonial Woodleigh will offer some of the most convenient living when it comes to a luxury condo purchase. Located at Woodleigh Lane along Upper Serangoon Road, Park Colonial is a massive condominium project with over 800 condo units for residential living. The condo site is strategically adjacent to the Woodleigh (MRT) train station for transportation and nearby essential amenities like the Woodleigh Mall, Bidadari Park and much more, which are some key features that people look for when it comes to an ideal condo purchase. To execute your best buying strategy for a Singapore condo, there are some things you’ll need to know.
Picking the right people to work with
The first step to any home-buying process is to hire not only a property agent, but a good solicitor as well. They will provide you with the professional guidance you’ll need when it comes to laying out a strategy for buying the condo of your dreams. If you seek taking out loans for the condo property, a lawyer’s expertise will aid you in the process, the bank will also assign a lawyer to you if you do not have a solicitor to work with for the documentations required.
Picking a suitable property
Picking the right Singapore condo for you and/or the family can often be a hard task so you’ll need a house hunting team. Now that you’ve put together a house-hunting team, you are ready to shop for condo properties. While searching for the perfect condo, you want to make sure that the condo has all of the suitable features that suit your requirements.
The mortgage stage
If you’ve decided on Park Colonial Woodleigh or other projects, you can hold that condo unit for up to two weeks. This will give you an advantage over others being that they won’t be able to view the condo property while you are holding it. You have to secure your financing and pay a second option fee, if you fail to do so, it will forfeit the first fee you’ve paid. When getting a mortgage you’ll have to pay the loan at a fixed rate every month or a floating rate set by the banks, with subjective bank interest rates. Also the loan tenure is dependent on the home owners age.
Beyond the mortgage and final fees
Beyond the mortgage there are additional fees and final fees that must be paid. For Singapore citizens there’s a Buyer’s Stamp duty which is a compulsory fee for first, second and third time home buyers. Final fees includes the buyers legal and agent fees. Once all payments are settled, you can collect the keys to your new condo. After you’ve collected your keys to move into the condo, the options to remodel are solely up to you before you move in or just bring in your luggage.
Condos are a highly sought after type of real estate properties in Singapore. Despite the older and newer model buildings, condos are a great investment for people in Singapore. No matter the size and even the prices of condos are not enough to sway people when it comes to making the purchase. People are looking to buy condos for their starter homes, downsize, and more. The convenience of a condo is unbeatable when you look at all the options of different real estate types.