Simple Guide to your first New Launch Condo
The reason for buying properties is mainly for 2 purposes, for your own stay or investment. Being clear of the objective will help you focus to select the best development for yourselves.
Do discuss with your loved ones to be sure of the purpose of the purchase.
1. Finance Check
Do you think it makes perfect sense to know your affordability and how much fund outlay you need before you start hunting for your perfect home? Start an affordability analysis with an experienced Real Estate wealth planning agent. He will be able to provide a few paths for you to own your dream home with good risk management.
Another important step that is often overlooked is to get an Approval-In-Principle (AIP) for your Home Loan from your favorite banker. This will let you have an idea of what is your maximum Home Loan and thus narrow down the correct home choices for you.
You can do an estimate check on your maximum Home Loan using our Mortgage Calculators.
There are a few factors that you can consider for location. Your lifestyle, preferred amenities and budget are a few important factors when considering the location.
Lifestyle – You consider short walking distance to a transportation hub like MRT Station is of utmost importance or you prefer a unit with an awesome sea view as a priority.
Amenities – The development must be near to Shopping Mall for ease of grocery shopping.
Budget – Are you able to take the finance strain if you purchase it. (Our experienced consultants will make sure you will be able to afford the purchase comfortably.)
All the above are very real considerations and only you have the answer on the best location for yourselves.
3. House Hunting
After you are clear of your objective and finish your financial affordability analysis, it is time for house hunting aka visiting show flats. Engage an experienced and ethical Real Estate agent to arrange show flats visiting for you since you do not need to pay them any commission. You can use our Singapore New Condo Launch website which features more than 100 new launches to find out more details on your preferred developments. Select an ethical Real Estate agent is so important so that you will not become a victim to an irresponsible Real Estate agent.
4. Book the unit
For pre-launch development, you need to submit your interest to be eligible for the balloting on actual launch day. A cheque with the developer as the payee and Letter of Interest have to submit to the developer to indicate your interest to book a unit. The cheque will be used to pay the 5% booking fee after you manage to book a unit on the actual launch day. The developer will return you the cheque without any penalty if you did not book any unit on the launch day.
If you are booking a unit after the launch, you just need to submit the 5% cheque or cashier order to confirm your booking of the unit.
Take note that there is a 25% penalty on the 5% booking fee if you cancel after the booking.
5. Engage Conveyancing Solicitors
After booking the unit, you need to engage a conveyancing solicitor and finalize your Home Loan with your favorite banker asap. The developer will send the Sale and Purchase Agreement (S&P) to your conveyancing solicitor and the lawyer will assist you in getting the down payment, CPF withdrawal, and relevant taxes ready for payment.
Tip: Make sure your conveyancing solicitors are in the panel of the bank that you are taking the Home Loan.
6. Monthly Instalment
The monthly installment will start when the foundation of the development is completed. The amount of the monthly installment is according to the disburse loan amount base on the Normal Payment Scheme. To have a rough idea of how much is the monthly installment, you can use our mortgage calculator to determine what is your monthly installment for various stages of the development.
7. Temporary Occupancy Permit (TOP)
Congratulation, the wait is over. The developer will notify you to collect the keys to your dream house.