When deciding between purchasing a new launch condo or a resale condo in Singapore, there are several factors to consider. Here are some of the top considerations to help you narrow down your buying choices:
Pros of buying a new condo:
New Launch Condo: Pros
Brand New
Everything about the property, from the fixtures, appliances, plumbing, and facilities, is brand new. 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.
More flexible payment schemes
When buying a condo, you can borrow up to 75% home loan. The remaining 25% downpayment (option and booking fee, stamp duties) must be paid from the buyer’s own pocket. The difference between a new and a resale condo is that for resale condos, you need to pay the 25% downpayment and service the monthly installments immediately.
Cheaper (with early bird discounts)
New condos are generally cheaper than resale condos because developers will typically give early bird discounts to entice potential buyers. This could be in the form of price discounts, vouchers, or even the absorption of stamp duties.
Resale condo: Pros
In a move-in/rent-out condition
Resale condos are already built and ready for move-in or rent out.
Can inspect the unit before buying
You can visit the actual units and see the actual physical thing before making your purchase decision.
More room for price negotiation
Some sellers will price their property higher since they expect buyers to negotiate the price down.
Conclusion
Ultimately, deciding between a resale condo and a new launch condo will depend on what matters to you more; if you prefer buying a new home with new facilities, and want more flexibility in your downpayment and monthly mortgage, then a new launch condo is for you. However, if you prefer being able to inspect the unit before buying and having more room for price negotiation, then a resale condo may be a better choice for you. As usual, if you need any professional advice or recommendation on the purchase of a new launch or resale private properties in Singapore, please do not hesitate to contact me at +6597719040.
