New Launch or Resale Condo
To many of us, getting a new home is never an easy task and requires lots of planning and serious consideration. Other than the common questions such as getting a Leasehold or Freehold condo, another concern will be whether to get a brand New Condo or Resale Private Home. The table below is a brief summary on the pros and cons of getting a new or resale home.
New Homes (Under Construction)
|You are the first owner and everything is Brand New. The remaining lease is definitely longer than a resale unit of 99-year leasehold.||Buying over someone’s house. And unless it is a freehold condo, the unit you are buying has a shorter lease.|
|One-year Defects Liability Period. |
Upon handing over (TOP) of the unit to the purchaser, the purchaser has up to one year to check for defects within the unit and the developer is obliged to rectify them.
|If the house looks old, a large sum of money is needed to overhaul the entire place. |
Even if the house is newly renovated, but the building materials such as piping, wiring etc within the house might be old. Rewiring or refitting will simply mean additional cost for the new owner.
The facilities in the development are older.
|Being the first owner of the new condo by buying it directly from the developer, you will be able to enjoy the first or even most capital appreciation in comparison to your next buyer.||Being the second buyer, you are paying for the seller’s appreciation. When you resell it, you have to target at a higher selling price in order to make a profit. And when a property gets older, do take note that its value might be depreciating.|
|The Property Market is moving at a slower pace currently compared to when it is at its peak, predominantly due to the implementation of the cooling measures, developers are selling at realistic prices with lesser profit margins. They are also throwing in lots of value-added perks such as complimentary lifestyle classes and top quality white goods, fittings and finishing.||The Resale Market has mellowed down, resale prices are more stablised and the price per square foot could be quite similar or even lower than developments under construction.|
|In general, new launch condos are smaller in sizes. This applies to newer HDB as well.||Bigger in sizes, which also means higher quantum compared to a new launch of the same price per square foot. If you have a lower budget to work with, newer development might be a better alternative.|
|Progressive Payment Scheme |
Meaning to say that you do not need to start your full instalment immediately.
|Your full instalment starts shortly after you take over the house. For homebuyers who are renting a place to stay, a resale unit might be more feasible.|
|Have to wait 1-4 years as it is under construction.||Able to move in within months. And if you are an investor, you will get your instant rental yield real soon.|
|Since the unit is under construction, it also means that you can only rely on the showflat unit and/or floor plans to make your decision.||You get to see the actual unit that you are buying and is more confident that the layout and size of the unit fit the criteria of your desirable choice.|
Do you know that we do have residential developments that are reaching their TOP soon and the actual units are actually open for viewing (via appointments). Some of these developments include
Give us a call / Drop us a text @ +65 9137 4668 to make the arrangement today!
Below are a list of some of our upcoming new launch in 2016