If you’re a patient person who is eager to buy a condo as your brand new home or replace your previous one – opting for a new launch condo may be an excellent idea.
There’s typically a 3-year wait ahead before the condominium is developed – but it’ll definitely be worthwhile once the condo’s development is completed. However, the wait isn’t the only thing you have to be prepared for – there are several actions you must take before you even want to secure a unit.
Read on to find out what you must do when you’re interested in buying a condo unit from a new launch.
Check out the showflat
Once you have a list of the properties you want to check out – you should put aside some time to visit the showflat in person – so, you’ll get a clear idea of your unit when it’s fully developed and furnished.
After you’ve taken a look around and found the perfect unit – send in your expression of interest form (given by the staff working during the showflat) and a blank unsigned cheque. However, it doesn’t mean you have a unit secured already – it only indicates that you’ve shown an interest to be invited on the launch day to choose a unit.
Show up on the launch day
You need to turn up at the launch of the condominium. At the set or appointed time, get a customs number as you wait for a call.
Have in mind that you will need to settle a five percent cash deposit on the same day you go to the launch. Therefore, it is imperative to get all of your finances in order beforehand. After you select your unit – you will proceed to pay the initial cash deposit.
Appoint your lawyer
Immediately after booking your unit, you need to look for a seasoned lawyer and appoint him or her. Some are already prepared, and do this before the launch – which is a great thing to do.
At this point, the lawyer’s role is to take charge of your timelines – ensuring you do not miss any deadlines, as this can cost you, ultimately. A lawyer will also remind you of any possible payments that you need to handle. After getting the lawyer, you need to notify the developer or share your lawyer’s contact with them.
Prepare your finances
Before we go into the different payments you have to make – you need to know what is your mode of payment, or have enough money with you at least.
There are several ways to pay off condo unit sum – from CPF funds up to an AIP (Approval-in-Principle). The former involves getting a bank loan – and it’s up to the bank to decide how much they’re willing to lend you. However, just be mindful that not all banks will have such a package – browse around and try to look for a deal which helps your financial situation best.
Make the payments
After two weeks elapse, which follows the 4% balance-booking fee, you will receive the option to purchase. Afterwards, you need to make the necessary payments, which include the following:
- Paying the balance cash deposit.
- Paying the 15% balance down payment.
- Exercising the option to purchase and pay stamp duty.
Wait for the condo to be built and move in
After you are through with all of the above, it is now time to wait for the developer to complete your condominium.
When the unit is complete, finally, you can visit to check for any possible defects, as you pick the keys and prepare to move in and fill the vacancy. Once everything has been checked carefully – get ready to settle into your new home!
Meanwhile, if you’re still searching for a condo to live in – Starlight Suites is one place you can consider. The condo is filled with lavish facilities and nearby amenities, which makes it an excellent home for many residents. Otherwise, the condos in River Valley are also a great choice. It’s bustling with people and places which makes for a fulfilling lifestyle.