The Ultimate 2023 Guide to Buying New Launch Condos in Singapore 🚀
Hey there, homebuyers! 🏡
Lately, there's a surge of people investing in new launches, either as their dream abode or as a clever money-making move. In fact, this year, we're expecting over 30 projects to be launched! 🚀
If you're a newbie with cash to spare and you're eager to hop on this new-launch bandwagon, you might be scratching your head about the entire process. Fret not, we've got you covered with a handy-dandy guide to turn your private property dreams into reality. 💫
Here's what we'll cover:
Kickstart your financial planning
Shortlist new launch condos and visit show flats
Pay the booking fee for your swanky condo unit
Sign the Sales & Purchase Agreement
Make payments until completion
Grab the keys to your new kingdom 🏰
Now, let's dive right in! 🏊♂️
Step 1: Money Talks 💰
Before you jump in, take a good look at your finances. How much can you afford for a home loan? What's the maximum property price within your budget? Consider the Total Debt Servicing Ratio (TDSR) and Loan-to-Value (LTV) Ratio to avoid any hiccups.
Pro tip: Get an approval-in-principle (AIP) from a bank. Our trusted mortgage experts can help you compare loan packages across banks and find the best rate for you - all for free!
Step 2: The Great Condo Hunt 🔍
Before the developer's flashy marketing tactics sway you, keep these factors in mind:
Location, location, location
Unit size
Facilities
Condo's interior
Capital appreciation potential
Current market situation
Rentability
Noise levels
Developer's track record
Once you've narrowed down your choices, it's time to visit some show flats! Just make sure you book an appointment in advance.
Step 3: Lock It Down 🔒
Ready to commit? Pay a 5% booking fee (in cash) for your new launch condo unit and sign the Option to Purchase (OTP). Just remember, backing out means you'll lose a part of your booking fee. Finalize your loan and appoint a solicitor to handle the conveyancing.
Step 4: Let's Make It Official 📝
After receiving the OTP, you'll get the Sales & Purchase Agreement (S&P). Sign it, exercise the OTP, and pay the remaining 15% down payment. Don't forget the Buyer's Stamp Duty (BSD) and Additional Buyer's Stamp Duty (ABSD)!
Step 5: The Payment Marathon 🏃♂️
From here on, you'll make payments in stages. It's like a fun game, but with money! Check out the detailed payment schedule in the original text.
Step 6: Welcome Home! 🎉
Once your condo is complete, you'll be informed by the developer to collect the keys to your new pad. Congratulations, you've successfully bought a new launch condo! 🥳
Now go and pop some bubbly to celebrate! 🍾
