When you think of a condo, images of luxury come to mind. With sprawling grounds, beautiful gardens, and an abundance of lush tropical foliage, Tanah Merah is one of the most desirable developments in Singapore. There are few condominiums with a similar ambiance and price tag as Tanah Merah. But for those that go through the upgrade process from rental property to condominium, there are some differences that may come into play before buying a unit in Tanah Merah.
Read on to know how you can buy a condo in Tanah Merah before it’s changed hands. However, you can also take professional help from Seneca Residence!
What to look out for when buying a Condo in Tanah Merah
Before checking anything else, you must check out the lentor modern psf. Because Lentor and Tanah Merah both are relevant areas in Singapore. However, let’s have a look at another important thing below.
Investment property: This is a type of investment property that includes land, equity, and liabilities. Investment properties generally cost more than rental properties.
Critical infrastructure: The primary asset of a condominium is the building itself. If the critical infrastructure is not in place to run the complex, the condo will be unable to operate as intended.
Building conditions: The condition of the building is a significant factor when deciding whether or not to buy a condo. If the building is in good order and habitable, the condominium will probably sell for more than the asking price. But if the building is in poor order or not properly maintained, then the price may skyrocket.
Costs of ownership: The expenses related to owning a home or rental property can often outweigh the benefits of owning a condo. This is true even in Retirement communities. When you own a house or a rental property, you are generally responsible for the maintenance and repair costs. When you own a condo, however, the costs are generally more than the benefits, making the difference in price much less.
Buying a resale condo in Tanah Merah
If you plan to buy a condo in Tanah Merah, you first need to decide whether you want to buy a resale or new property. If you decide to buy a new property, you will pay more for the same house, but at least you’ll be able to keep your mortgage interest rate the same as if you were buying a new home. Here are some of the key differences between buying a new and a resale property:
Townhouse: Townhouse condominiums are typically two and three-bedroom units.
One-and-done: Once you buy a one-and-done, you will not be able to refinance or even get a mortgage modification. You must wait at least 15 years before even looking at a new home again.
No down payment: If you buy a one and done, you will not have the ability to refinance or even get a mortgage modification. There is no down payment requirement if you want to refinance or refinance quickly.
When you cannot buy a Condo in Tanah Merah
You can’t buy a condominium in Tanah Merah before the complex has been sold. Because the Core Development Authority (CDA) controls the entire process from start to finish, it’s impossible to buy a condo in Tanah Merah before it’s listed for sale.
You can, however, try to get a buyer for the property, but this is often very difficult. Then, you must find a suitable vendor and negotiate a purchase price. Once the property is sold, you will have to pay off the buyer’s loan.
How to spot defects in condos before buying?
When you first look at a unit in question, you may see lights or a sound system that doesn’t appear to be working. It’s likely that those little things will fall into place as you start looking at the units in person. If you see a lettered unit with no lights or a sagging roof that doesn’t appear to be able to support the roofline, don’t be afraid to ask the owner if you have questions.
You may be able to get a better price than if you just look at the photos. If you see a building that appears to have a major structural problem, such as a dangerous building condition or a faulty foundation, don’t be afraid to ask the building official to check it out. If the officer tells you the problem is very small, but you can see why it could be significant, you may be able to lower the price.
Buying a condo in Tanah Merah is not cheap, but if you are careful, you will be able to save a small fortune on your mortgage. As soon as you start looking at the best deals on the market, you will see that this is a very attractive option. The only downside is that it is a very long process to buy a condo in Tanah Merah and if you are not careful, you could end up paying more for the same house than if you were buying a new house.