One of the most frequently asked questions among homebuyers (apart from whether a freehold or leasehold property is better) is deciding between buying a brand new condo / apt or buying a resale condo in Singapore.
Whether you’re buying to upgrade from your HDB flat or to rent it out, below are the top considerations to help you narrow down your buying choices.
You may have heard that you can only make money buying a brand new condo and that buying a resale condo will not see any price appreciation after 5 years, but is it really true? Below are some of the many examples where buying a resale condo can net you a good capital appreciation as well.
Whether you’re buying to upgrade from your HDB flat or to rent it out, below are the top considerations to help you narrow down your buying choices.
You may have heard that you can only make money buying a brand new condo and that buying a resale condo will not see any price appreciation after 5 years, but is it really true? Below are some of the many examples where buying a resale condo can net you a good capital appreciation as well.
Pros of buying a new condo:
1. The most alluring aspect of buying a new condo is of course, that everything about the property — from the fixtures, appliances, plumbing, facilities — is spanking new. So, unlike buying a resale property, you don’t have to worry about repairing something that’s broken by the previous owner. If you’re buying a leasehold condo, you’ll also be buying a property with a fresh 99-year lease.
Apart from the usual swimming pools, barbeque pits and gyms, most newer condos also come with swankier facilities such as on-demand concierge services and smart home features.
Some tenants also prefer to rent a new condo because the unit and the facilities are newer, so this is something to take note of if you’re buying as a landlord.
2. Another difference between a new and resale condo is that for resale condos, you need to pay the 25% downpayment and service the monthly instalments immediately, whereas the payment scheme is progressive according to the stage of building completion which allows for flexibility for buyers of new launch condos.
1. The most alluring aspect of buying a new condo is of course, that everything about the property — from the fixtures, appliances, plumbing, facilities — is spanking new. So, unlike buying a resale property, you don’t have to worry about repairing something that’s broken by the previous owner. If you’re buying a leasehold condo, you’ll also be buying a property with a fresh 99-year lease.
Apart from the usual swimming pools, barbeque pits and gyms, most newer condos also come with swankier facilities such as on-demand concierge services and smart home features.
Some tenants also prefer to rent a new condo because the unit and the facilities are newer, so this is something to take note of if you’re buying as a landlord.
2. Another difference between a new and resale condo is that for resale condos, you need to pay the 25% downpayment and service the monthly instalments immediately, whereas the payment scheme is progressive according to the stage of building completion which allows for flexibility for buyers of new launch condos.