{"id":142647,"date":"2024-02-16T06:58:31","date_gmt":"2024-02-15T23:58:31","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/4-condo-purchase-mistakes-to-avoid-tips-for-homebuyers\/"},"modified":"2024-02-16T15:00:22","modified_gmt":"2024-02-16T08:00:22","slug":"4-condo-purchase-mistakes-to-avoid-tips-for-homebuyers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/4-condo-purchase-mistakes-to-avoid-tips-for-homebuyers\/","title":{"rendered":"4 Condo Purchase Mistakes to Avoid: Tips for Homebuyers"},"content":{"rendered":"


\n4 Condo Purchase Mistakes to Avoid: Tips for HomebuyersPurchasing a condominium can be a rewarding venture. However, before you dive in, it\u2019s important to know common purchasing mistakes that can turn your dream home into a headache. We will equip you with expert tips and unveil award-winning properties from the PropertyGuru Asia Property Awards Singapore 2023 that exemplify smart condo choices.
\n\u00a0
\nMistake 1: Not doing enough research
\nDon\u2019t let your excitement over buying a condominium cloud your judgment. Thorough research is essential to avoid unpleasant surprises later. So, ditch the purely online approach and schedule physical visits to assess the building\u2019s overall structural integrity and common area upkeep.
\nCheck out the unit itself for any signs of wear and tear. Inspect the type of materials and brands used in constructing and furnishing the condominium.\u00a0Lentor Modern\u00a0by GuocoLand (Winner,\u00a0Best Private Condo Development, Best Integrated Condo Development, Best Private Condo Architectural Design and Best Developer)\u00a0for example, uses reputable brands such as Hansgrohe, Roca, Franke, and SMEG, ensuring durability and lasting appeal.<\/p>\n

Next, ask about potential hidden costs, such as condo fees, maintenance charges, and any special assessments that might arise.
\nMake sure to also review the homeowner association (HOA) rules. Understand their regulations on noise, pets, renovations, and common area usage. Ensure they align with your lifestyle to avoid future conflicts. Investigate the HOA\u2019s financial stability and track record in maintaining the building and managing reserves.
\n\u00a0
\nMistake 2: Purchasing a property without considering its resale value\u00a0
\nYour dream condo might tick all the boxes today, but will it retain its appeal years down the line? Resale value is paramount. Here are key factors that affect a condominium\u2019s resale value:
\n1. Location\u00a0
\nBeyond the condominium itself, its location heavily impacts its value and your daily life. So, before you purchase a condo, ask yourself:\u00a0<\/p>\n

How close is it to MRT stations and other public transportation options?\u00a0
\nIs it in a well-established area with strong infrastructure and amenities?\u00a0
\nDoes it offer easy access to necessities such as grocery stores and shopping malls?<\/p>\n

Condos like Lentor Modern (Winner,\u00a0Best Private Condo Development, Best Integrated Condo Development, Best Private Condo Architectural Design and Best Developer)\u00a0take convenience to the next level.\u00a0<\/p>\n

Situated directly above a mall, residents enjoy lift access to a plethora of shops, restaurants, and even a supermarket. Plus, it\u2019s directly connected to the Lentor MRT station, making Orchard Road, Botanic Gardens, or the central business district (CBD) a train ride away.<\/p>\n

Meanwhile, Grand Dunman by SingHaiyi Group Ltd (Winner, Best Mega Scale Condo Development, Best Mega Scale Condo Architectural Design, Best Mega Scale Condo Landscape Design), is near the CBD, Dakota and Mountbatten MRT stations, and the East Coast Parkway expressway.
\nThis gives homeowners effortless access to the bustling downtown core and beyond.\u202f\u00a0
\n2. Type of facilities available within the condo\u00a0
\nHigh-demand facilities can significantly boost a condominium\u2019s resale value by catering to specific buyer segments:<\/p>\n

Families and fitness enthusiasts: Gyms, swimming pools, and children\u2019s play areas are highly sought-after amenities that enhance lifestyle and can command higher prices.\u00a0
\nProfessionals and young couples: Concierge services, business centres, and entertainment rooms offer convenience and luxury, making them attractive to this demographic.\u00a0
\nUnique offerings: Rooftop gardens, movie theatres, or sports courts cater to specific interests and can stand out in the market, potentially attracting a premium price.<\/p>\n

Blossoms By The Park\u00a0(Winner,\u00a0Best Private Condo Landscape Design and Best\u202fPrivate\u202fCondo\u202fInterior Design) by EL Development Pte Ltd\u00a0\u00a0features a gym, function room, entertainment room, various pavilions, and a children\u2019s play area, catering to families and those seeking community spaces.<\/p>\n

The\u00a0Seaside Residences\u00a0(Winner,\u00a0Best Completed Private Condo Development) by East Vue Pte Ltd, on the other hand, boasts a beach pool, spa alcove, water court, and other specialised facilities, appealing to those seeking a unique seaside lifestyle.<\/p>\n

\u00a0
\n3. Liveable PSF space\u00a0
\nLiveable price per sq foot (PSF) encompasses the overall functional and comfortable living area within a property. Generally, a larger liveable PSF leads to higher resale value.\u202f\u00a0
\nWhile additional bedrooms and bathrooms can enhance livability, cramped layouts with too many rooms can deter buyers. Similarly, superfluous bathrooms might seem excessive. Instead, a well-designed condominium with efficient use of space is likely to hold its value better.
\n\u00a0
\nMistake 3: Choosing trendy over timelessness\u00a0
\nWhile contemporary design might be alluring, prioritise classic elements that stand the test of time.\u202f\u00a0
\nDitch the fleeting fads. Instead, opt for neutral palettes, natural materials, and classic architectural details. Trendy finishes might feel dated in a few years, impacting resale value.
\nAltura\u00a0(Winner,\u00a0Best Executive Condo Development) by TQS (2) Development Pte Ltd, for instance, blends modern style with timeless features such as full-height windows and natural light, ensuring long-term appeal.<\/p>\n

You should also prioritise functional layouts. Ensure the floor plan accommodates your lifestyle and potential future needs. Consider open-concept spaces for flexibility and ample storage for decluttering. For example, all of Altura\u2019s unit types are integrated with a study\/flexi space that can be transformed for added space and cater to the resident\u2019s evolving needs.\u00a0<\/p>\n

Finally, think long-term about amenities. While a rooftop pool might seem enticing, prioritise more enduring features such as a well-equipped gym, a community garden, or secure parking.
\n\u00a0
\nMistake 4: Failing to plan for your family\u2019s needs well into the future\u00a0
\nYour condo should cater to your evolving needs, not just your current situation. Consider these factors:<\/p>\n

Future family growth: If you plan on expanding your family, choose a condo with additional bedrooms or the potential for expansion.\u00a0
\nAccessibility and safety: Prioritise features such as elevators, well-lit common areas, and secure entry points if you have young children or elderly family members.\u00a0
\nLifestyle changes: Will your needs change significantly as you age? Opt for ground-floor units or those with easy access to amenities if mobility might become a concern.\u00a0<\/p>\n

By avoiding these common pitfalls, you can make a confident and informed condo purchase that paves the way for a comfortable and fulfilling future. Take your time, do your research, and make a choice that aligns with your aspirations for years to come.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…4 Condo Purchase Mistakes to Avoid: Tips for Homebuyers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

4 Condo Purchase Mistakes to Avoid: Tips for HomebuyersPurchasing a condominium can be a rewarding...<\/p>\n","protected":false},"author":1,"featured_media":142648,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-142647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2024\/02\/cover-lentor-modern-condo-singapore1.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-B6L","jetpack-related-posts":[{"id":103665,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singhaiyi-reports-robust-financial-results\/","url_meta":{"origin":142647,"position":0},"title":"SingHaiyi reports robust financial results","date":"February 4, 2019","format":false,"excerpt":"\r The Group acquired the Sun Rosier condominium off Bartley Road for $271 million in 2017. (Photo: Google Maps) The value of SingHaiyi Group\u2019s development properties nearly doubled from $268.5 million as of 31 March to $525.8 million as at 31 December last year, according to the developer\u2019s latest financial\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122225,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/condo-buyers-agents-jailed-for-backdating-option-to-purchase-to-evade-higher-absd\/","url_meta":{"origin":142647,"position":1},"title":"Condo buyers, agents jailed for backdating Option to Purchase to evade higher ABSD","date":"September 27, 2021","format":false,"excerpt":"\r The buyers, who are a married couple, were sentenced to six weeks\u2019 jail and fined $276,000. The property agent and seller\u2019s agent were handed an eight-week jail term each. A married couple and two property agents were jailed on 24 September for backdating an Option to Purchase (OTP) to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/09\/Man-jailed-crop.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":36756,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/man-ordered-to-split-condo-sales-proceeds-with-brother\/","url_meta":{"origin":142647,"position":2},"title":"Man ordered to split condo sales proceeds with brother","date":"December 2, 2016","format":false,"excerpt":"\r The brothers bought the Hillview condominium 16 years ago for $880,440. \u00a0 To assert his share in a property, a man filed a lawsuit against his younger brother, who had persuaded him to invest $200,000 in a Hillview condominium unit in exchange for equal share of the property. Cheong\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4264,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/its-been-a-long-road-for-myanmars-hotly-anticipated-condo-law\/","url_meta":{"origin":142647,"position":3},"title":"It\u2019s been a long road for Myanmar\u2019s hotly anticipated condo law","date":"February 9, 2016","format":false,"excerpt":"\r With the recent approval of Burma\u2019s\u00a0condo law, experts hope that the change of government\u00a0will get the market back into high gear Economically and politically, Myanmar has undergone vast changes in the past few years. In fact, the country as it is today is almost unrecognisable from the military ruled,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/02\/Playing-the-waiting-game.png?fit=740%2C493&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":71867,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-land-buying-gilstead-road-condo-for-72m\/","url_meta":{"origin":142647,"position":4},"title":"TEE Land buying Gilstead Road condo for $72m","date":"November 15, 2017","format":false,"excerpt":"\r TEE Land has acquired options to purchase all the 11 units at the freehold Casa Contendere condominium at 35 Gilstead Road in District 11 near Newton MRT station for a total of $72 million. \u201cThe sellers are independent and unrelated third parties,\u201d it stated in a recent SGX filing.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21675,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sc-global-launches-enhanced-purchase-plan-for-hilltops-condo\/","url_meta":{"origin":142647,"position":5},"title":"SC Global launches enhanced purchase plan for Hilltops condo","date":"July 29, 2016","format":false,"excerpt":"\r View of the upscale Hilltops condominium. Source: SC Global Developments Luxury property developer SC Global Developments has launched an enhanced purchase plan to help move unsold units at its Hilltops condominium in Cairnhill. For a 20 percent upfront payment, buyers will be given a two-year option to purchase the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/142647"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=142647"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/142647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/142648"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=142647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=142647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=142647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}