Sage-Tips

Is it worth to buy an old condo in Singapore?

It is not advisable to purchase an old development from an investment point of view unless the unit involved is selling at a steal price. This also applies to freehold condo where the lack of up to date amenities might affect the selling price in the future.

Is it worth to buy old apartment?

No definitely not. Apartment reduce in its value as it ages. Unlike land that appreciates with time, apartment starts depreciating and losing its value typically after 7 years of completion. This is because the building has a definitive age unlike land.

Why you should never buy condo?

Less Space and Flexibility. Another one of the reasons not to buy a condo is that you have less space and flexibility in how you use your place. Some condos offer owners extra storage space or possibly a basement, but you’ll still likely have a smaller, more compact living environment than you would in a house.

Should we buy old apartment?

If the building is located in a good locality one can get an old apartment at a lesser price than a new one. Besides banks allow maximum repayment period for 30 years in a home loan. So if quality of construction is good one may purchase an old flat at a lower cost than a brand new house.

Is it OK to buy second hand flat?

Nothing can be more profitable than purchasing a flat at a price much lesser than the market rate. Moreover, the resale flats are fully constructed and come with a ready-to-move-in tag. Hence, if all the other factors work in your favour, it might be a good idea to invest in a resale flat.

Is it better to buy a private condo in Singapore?

There are far better choices to buy a private condo in Singapore for investment. Please take note some of the lease of the condos in Singapore are only 50 years while some are 99 years. , Bought a property using seller’s agent, while competing with 13 other offers.

Is it easy to buy property in Singapore?

That said, buying property in Singapore is not as simple as purchasing a car or getting a credit card. The market is favored towards Singaporean buyers and as a foreign buyer there are legalities to navigate and additional taxes to pay.

Should I buy a HDB or a condo?

There are 2 main reasons why people have such an idea when buying a condo. First of all, the impression that condo prices increase by a higher margin as compared to HDB prices. Here’s a breakdown of the profit potential of each type of property: Indeed, in the past 10 years, private property prices have risen by a good 53.6\%.

Should you buy a condo before or after selling your property?

Additionally, if you purchase your condo before selling your current property, note that you’ll be required to pay the Additional Buyers Stamp Duty (ABSD) as the condo will be seen as your second property. That’s going to amount to a whopping 12\% of your condo price, so be sure to plan your finances properly before actually making a purchase.