Buying a resale condo can be a great choice in Singapore, prices are lower than if you were to buy new, less teething problems to deal with and you can move in according to your own timeline. With housing prices set to go up in 2018, doing your research to buying a resale condo now is more important than it’s ever been. Here are 5 things that you absolutely have to consider before buying your resale condo.
Reader questions like the one above rarely have a clear-cut answer. The "right" move depends on your finances, timeline, long-term goals, and how much downside you're prepared to accept if things don't go to plan.
That's the hardest part of any property decision, not finding information, but understanding what it means for your situation before committing.
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Resale Condo History
As there is only so much you can see after viewing the condo, you will need to do your due diligence on the resale condo history. Thankfully with the internet, this can be fairly straightforward. Google the condo name and if there were any news on the resale condo these will surface immediately.
For example, if you google Kingsford View
This is one of the first things you would see. Although this was not due to complaints by owners that move in, it can be a warning sign of shoddy behaviour elsewhere. So if you see incidents like this happening at the condo, it is not unwarranted to be more careful when it comes to inspecting the condo unit. Or worst case scenario would be having to rule out the condo because you would not want to face issues further down the road due to poor workmanship.
Other examples can include infighting amongst neighbours, particularly after or even during an en bloc attempt. Living in a tense situation like this can be unpleasant and this might be something that you would want to watch out for.
URA Master Plan
This would be an impossible task if the Urban Redevelopment Authority (URA) did not put this online. But the URA master plan is ULTRA useful when it comes to finding out future plans for the area. Examples include would there be a shopping mall being built up in the area soon? Any school or universities that would be relocated for potential rental in the future? Are surrounding plot ratios high such that the area might be increased in the future? Are there going to be newer developments in those empty plots of land that might block the nice view?
They have a new beta version of URA space which provides even more utility than before, so if you want to find out the master plans, property prices or rental contracts they are all now in one easy to use space.
So just enter the address of the condo that you are looking at. In this case “Leedon Residence” and it will show you all the information you need to know.
If you want to look for property prices just click the menu bar and select “Private Residential Properties”.
Type in the condo that you are interested in.
Shows you everything you need to know at once glance.
Check the descriptions on the listing for yourself
With the prevalence of technology, sometimes it is very tempting to fully reply on it and take things for granted. So for example, in the description for a resale condo listing it says short 10 minutes walk to nearby MRT station. As these statements can be really subjective you, you check Google to find out and it does report back 10 minutes walk. However, you have to realise that everyone’s walking speed can be different, and this is something you have to try out for yourselves.
There have been cases of people buying a condo only to realise that the walk includes a steep slope that results in more effort to walk, or that the very close walk to MRT is not sheltered the whole way. So it is always important to try out these claims for yourself and not take it at face value.
Thoroughly examine the condition of the place
There are certain resale condos in Singapore that look newer than its age. These developments usually have a timeless design and if the condo management is up to scratch, everything is maintained well. There are also certain developments that we will not speak of that can easily look twice its age due to poor maintenance and planning.
So there are a few things that you can look out for easily. When you make a trip down, see how thorough security guards are at their job. Do they just wave you in without any checks? Or do they religiously stop everyone that comes in. Check to see if areas like the gym has properly maintained equipment, tennis courts with well preserved flooring and swimming pools that look clean. If you are eyeing a development that has lots of units, just take note that these places really require a good management looking after it as the scale of people using the facilities can run it down a lot faster.
Location
Besides price, location is a huge factor when it comes to choosing which resale condo you want to live in. There are many considerations here, so let us go through a few of them.
Schools
According to Kiasuparents, their data on primary school registration shows that more parents are moving closer to their target schools just to have a chance to ballot for it. So whether you are planning to have a family or have kids already, the proximity of good primary schools should be one of your key considerations.
Of course, staying near a good school means more congestion in the mornings and late afternoons when parents drop and pick up their kids. If the resale condo you are looking at is right next to the school, you will have to be prepared for more noise during early morning assembly or even during recess periods.
Amenities
If the resale condo is located near shopping malls, parks, sports complex and has easy access to food it is great for convenience sake as well as if you are thinking of renting the unit out in the future. Again, usually the more convenient the location you can expect it to be more crowded and noisy especially during peak hours. So if you value some peace and quiet, looking for a unit on the outskirts of the city centre will probably suit you better.
Transport Links
Staying near to accessible transport links will be the top of your priority list especially if you do not drive. So looking for a unit close to the MRT station will be very beneficial for your lifestyle as well as if you rent it out in the future. Again, if you are sensitive to noise this will be something you have to weigh the considerations, especially for resale condos that are close to MRT stations that are above ground.
As always, feel free to comment below or if you have any questions you can reach us at stories@stackedhomes.com. If you are looking for a new condo instead you can check out our tips on buying a new condo development here.
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