When you decide to make a transition from renting to full fledge ownership of a condo, then this is surely an exciting leap. Your browse over several condo listings and surely drool over the amenities that you can get in this process. However, before taking your first step towards condo shopping there are several important things that you need to do.
Things to do before you purchase a condo
- Review your credit report: Well you need to start by checking your credit. The reason is that whenever you borrow money to buy a Lequest Condo, then the lending companies make it a point to check your credit history and credit score. The reason is that this helps them ascertain the interest rate that they should charge from you. The good news is that you can easily get your annual credit report from every credit reporting company. These companies include Experian, Equifax and TransUnion. Once you have got your credit report you should review it and get mistakes corrected.
- Check what you can exactly afford: When you are purchasing a Le Quest Singapore condo, then you need to realistically review what you can afford. For that you will need to add up your commissions, bonuses and salary. This way you will get a clearer picture and you can make your choices accordingly.
- Save up the down payment: The down payment means the amount that you pay directly to the seller so you need to calculate this amount and arrange it in advance. For example, let us assume that you are buying a condo of about $100,000, then this means that you will pay $20,000 to the seller directly and you can pay $80,000 as the loan. However, the down payment does tend to vary depending upon the loan type for which you qualify. For example, if you are opting for conventional mortgage, then you have to make a down payment of about 20%. However, if you opt for FHA- guaranteed mortgage, then you can easily make a down payment of about 3.5%. Interestingly if you make a decent down payment, then you can easily get the loan on fair terms in the market.
- Realistically analyse your requirements and demographics: Now most of you get carried away by the appeal of the condo. Well, that should not be the case for sure. You should try to make realistic decisions. For example, you need to judge how much time it will take you to go to work or other vital places from your condo. Remember that condo living is about convenience and lifestyle so you have to remember these aspects before you make your purchase.
Moreover, it is also important for you to know the kind of people who are living in the building. For example, if you are in your late 50’s then you will truly not want to live in a condo full of 20-year old people who are eager to party.
- Judge the reputation of the specific building: When you are making an investment on a condo, then you need to be certain of the fact that it has resale value as well. This is why you should ask your realtor to check out how long it will take to sell the units of the condo in comparison to the other areas. There are times when a certain condo is placed below the market value. You need to know the reason behind the low market value so that you do not end up making a wrong decision.
- Realistically try to know the issues of condo residents: Now when you want to enjoy living in your new condo in Bukit Batok, then you will have to realistically judge the issues coming your way as well. The best way to know the reality is to talk to the current condo owners and they can help you know the truth. Moreover, it is also quite important that you interview the manager of the condo. Remember that a lousy manager can lead to gruelling experience. There are times when the condo does not have a proper management.
Now this has got both its set of pluses and cons as well. The positive part is that you have to pay less monthly fees in this situation. The negative part is that in this scenario you will have to manage the issues along with other residents. There is no 100% surety that you will be able to see eye to eye with other residents so think before you make your move. For example, if you are planning to buy a new condo in Bukit Batok, then you have to check the management of the place before making your decision.
- Focus on the layout: You need to be aware of the fact that every building has multiple layouts. For example, if your condo has an area of 950 sq. foot, then the layouts for every design can vary greatly. The 950 sq. foot area may be accommodating one large bedroom or may have two bedrooms. This is why you need to check out on this aspect as well.
- Get to know the rules of your condo board: You need to know that your building will have a condo board and there will be certain set of rules that you will have to follow in this regard. For example, if you are planning to make substantial renovations to your building, then you will have to consult the board first. There are times when the condos have strict rules like you can only have white drapery facing the street outside. This means that you will not be the ultimate décor decider in this situation so you need to check out if you are fine with this adjustment.
Do not be carried away by emotions when you are buying a new condo in Bukit Batok. You should think keeping into a consideration the long-term benefits. Compare the pros and cons of your purchase and this way you will be able to make the intelligent move.