Buying a new launch condo is an exciting milestone in life, but let’s face it, condos in Singapore cost a pretty penny, especially those in prime locations like Zyon Grand.
With their brand spankin’ new facilities, modern layouts, and ‘fresh-out-of-the-box’ feel, new condos are much sought-after by locals and expatriates alike. However, you’ll need look past the glossy brochures and snazzy snowflats before you sign on the dotted line and make a sizeable purchase.
From hidden costs, management fees, and future developments in the vicinity, it pays to do your research and stay up to date so that you can maximize your return on investment.
In this guide, we’ll walk you through several things to look out for when buying a new launch condo so you can spend your hard-earned dollars with confidence and avoid some scary mistakes.
Developer Reputation
When buying new launch condos, the developer’s reputation is of utmost importance. Delays in construction and completion, inferior fixtures, and poorly maintained facilities are not something you want to deal with when you’re talking about your new home.
A strong, established developer is more likely to deliver on their promises and maintain good construction quality. On the flip side, a developer with a spotty track record might cut corners or run into financial trouble.
Location & Future Developments
Location and future developments around the area are a huge part of a successful real estate investment.
For example, Zyon Grand is situated in the River Valley neighbourhood which will greatly benefit from the much-anticipated Circle Line opening, facilitating smoother connection between Marina Bay and Harbourfront. In addition, the Thomson-East Coast Line and upcoming Cross Island Line will also improve accessibility to the central region.
Check the URA’s master plan for the central area and think about what the neighbourhood will look like in 5 to 10 years. Also be careful that any development around your area doesn’t devalue your property. For example, if you have a unit with a nice view, that could easily be wrecked by another larger, taller property being build in front of it.
Unit Layout & Efficiency
The showflat and floor plans should give you an idea of the layout and efficiency of your desired unit. A nice condo in a great location with a poorly-planned, clumsy layout might be a bad investment. Look for excessive wasted space, tiny balconies, or odd-shaped rooms. Efficient layouts feel spacious even in smaller units and are easier to furnish and live in.
Also check the orientation of the unit and how much ventilation and natural light you’ll want. Getting full blast of Singapore’s afternoon sun might be taxing on your electric bills.
Management Fees
Fancy facilities and top-quality fixtures might look great, but they can come at a cost. Be sure to check on the monthly or annual maintenance fees and factor that into your ongoing costs. High-end facilities like state-of-the-art gyms, infinity pools, and concierge services can push costs up significantly, and you’ll only want to pay for what you’d use.
In addition, check with the developer how they intend to upkeep the facility. Some properties have low maintenance fees, but you might frequently get hit with one-time payments for specific purposes like resurfacing roads or changing out fences.
Incentives
New launch condos often have a range of incentives to attract buyers. From early bird discounts, waiving of legal fees, or shopping vouchers, these are meant to defray your costs of purchasing the property.
Also look at the payment schemes to see how much you are expected to cough up at every stage. Many new launch condos require a payment upon confirmation, then payments every six months or so until completion or TOP, when the final payment should be made.
Buying a property is a huge decision and new launch condos in Singapore don’t come cheap. Be sure to watch out for all the common pitfalls to avoid costly mistakes.
If you are looking for a property in a hard-to-beat location built by reputable developers with excellent track records, check out Zyon Grand showflat. Good luck!