Before purchasing a condominium in Bencoolen, Singapore, it is essential to keep certain key points in mind.
If you are upgrading for lifestyle reasons, make sure that the condo you purchase is near amenities such as MRT stations and transport lines, primary schools, as well as being accessible. Furthermore, obtain an official home loan IPA from banks to determine what loan amounts may be available to you.
Location
Many people assume condos are limited to studio or bedroom units; however, they come in all sorts of types and sizes and selecting one will depend on your lifestyle, needs, and budget. From modern loft units to lavish penthouses – there’s sure to be one out there that suits everyone!
Location is also an important consideration when purchasing a condo, as choosing an area close to your workplace will save you both time and stress in terms of commute times; additionally, this will also help preserve its value over time.
Consider your proximity to MRT stations when selecting your neighborhood. Living close to one will not only add more value, but provide access to amenities not commonly found elsewhere.
Amenities
Condos can be an excellent investment as their value appreciates over time, especially if located in an ideal area. This makes them an attractive option for rent-out investors looking for passive income sources; however, before making a decision it’s essential that you consider your lifestyle needs and the rules and regulations of the condo association first.
Newer condominiums often feature more amenities, including clubhouses and Function Rooms, playgrounds and barbeque pits; all designed to enhance quality-of-life while making socialization with neighbors simpler. These facilities can increase quality-of-life while encouraging them to come together more often.
Condos often come fully furnished, which can save both money and time in renovation costs and time spent furnishing it yourself. However, it’s important to remember that not all furniture fits every homeowner.
Size
Size matters when purchasing a condo; it will impact how much of a loan you can take out and therefore affects overall costs of purchase. As a rule of thumb, larger condos tend to cost more.
If you are new to property purchasing or looking for your first taste of ownership, considering purchasing a 1-bedroom condo might be beneficial in terms of both initial capital outlay and maintenance cost. These will both save money.
However, if you plan on starting a family in the long term or are considering investments purposes, a two-bedroom condo may be more appropriate given its wider market appeal and tendency for appreciation over time.
Financing
As purchasing a condo can be a substantial financial commitment, careful financial planning is vital to make the dream a reality. This involves assessing affordability and understanding all costs related to buying one – such as downpayments, interest rates and fees/charges associated with mortgage loans as well as considering government policies such as Total Debt Servicing Ratio (TDSR) and Loan-to-Value ratio.
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Calculations of affordability can be performed online using mortgage calculators or consulting with a broker. Comparing home financing packages offered by various banks may also help, as is seeking guidance from an advisor or mortgage expert to find what suits best your family’s unique circumstances.
Finally, it is also essential to consider maintenance fees charged by your condominium management corporation for upkeep of common areas and facilities, including parking lots, recreational rooms, roof decks, gyms and swimming pools or sports courts. Maintenance fees can range significantly depending on where your unit is located; when determining affordability they should be factored into consideration.