5 Considerations Before You Buy 3 Bedroom Condo In Singapore

Most of us aspire to own a 3 bedroom condo Singapore at some point in our lives. Buying a condo in Singapore is an expensive financial decision, but it is a good investment if you have the right money to put down. Singapore has been recognized as one of the most expensive real estate markets in the world and is considered to be a great place for foreign investors. Depending on the location, the average price in Singapore is between US $14,000 and US $18,000 per square meter for a Condo. Over the past 5 years, the population of the island has increased by 25%. Increased demand for housing and price increases for properties on the island will inevitably occur as a result of this. When you’re about to make big spending on something, you should consider many factors to make sure that it’s the right decision. First, decide when buying a condo in Singapore which is best for you, and then you will get more information about the condo you want to buy. 

Do you have a financial plan?

In addition to your financial position, make sure that you also look into the future and ensure that you have sufficient funds to cover any emergency expenses that could crop up during the long-term ownership of the property. There’s a rule of thumb that you should start with an official loan IPA to check on the amount of the loan that you are eligible for. You can do this with any bank in Singapore.

You should be able to pay 25% of the down payment

Every expensive purchase comes with a down payment. 25% of the total price is for 3 bedroom condos price. You only need to fork out 5% of your cash reserves if you offset up to 20% of it. Feel free to spend more from your savings if you keep the minimum 5% cash rule in mind. You can cut down on the amount of money you spend on your OA. You can focus on getting a condo loan when you have covered your down payment. Get an “Approval in Principle” from the bank first. It is important to know how much the bank will lend you before you buy a condo.

What’s the reason for your purchase?

If you want to invest in a property with an intention of renting it out to pay for your retirement, be prepared that you will most likely not be living in the property after you sell it. And if you are looking for high capital gains, then it makes sense to look for 3 bedroom condos with high potential for growth. Rentability is the most important factor to consider when buying a condo if you want to make a monthly rental income. Rentability means the ease of renting out your condo unit, which depends on its location, condition, and maintenance. The type of tenants you will attract is influenced by the condo location. Before deciding to buy a condo, make sure that you’ve given some thought to the reasons why you are buying it. Otherwise, you might end up buying something you don’t need.

Set more budget for taxes and stamps

You don’t just buy a condo for the price of the unit alone. You also have to consider the cost of moving and paying other fees. Consider signing a lease carefully. You’ll have to set aside money for property taxes and maintenance fees, and for that, you’ll have to dig deep into your pockets. You might even have to put off buying that new car. The additional buyer’s stamp duty will be charged if you purchase a condo before selling your current property. It is important to know your finances and make sure you have enough money to cover the amount of money you put down.

Consider the size of the condo you want to buy

Condos are generally smaller than their older counterparts, so do ensure that the one you’ve got your eye on is suitable for you. You’ll need to determine whether you’re looking at an apartment or a 3 bedroom condo size. You can look into a condo, which will often include a parking garage and laundry facilities. This condo has everything you need for a comfortable stay, along with a big-screen TV. Most condo units come with built-in appliances such as refrigerators, kitchen hoods, and stoves, so to avoid paying extra for appliances you may not use, consider looking for a condo unit that comes with appliances you may need. You might just need to add a little lighting to get your own style. Sol Luminaire has the latest in lighting, and they can help you improve your indoor space. Check them out today!

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