You are successful in your career and it is time to own your dream home. You decided to purchase Sengkang Grand Residences, a new launch condominium. In this article, we layout the things to take note in securing that new launch.
Set your Objective
You need to have a clear mind and set your objective in the beginning before browsing the internet or engaging a real estate agent for your dream home. Example you need to decide whether you are purchasing the property for own stay or investment as both will have very different set of requirements.
A simple example if the objective is for own stay, the view can be an important factor. However, for an investment property, the view will not be your top priority.
Therefore, setting a clear objective will enable you to stay focus on looking for that dream home.
Set your budget
For most of us, getting a property will be one of our biggest purchase in our life. It made perfect sense for you to set a budget before going for property hunt. With a clear budget in mind, you will not over-stretch your finance by making an emotional purchase from all the fanciful sales brochure, easy payment scheme and beautiful show flat model.
An important step to straighten your budget is to get an In-Principle Approval (IPA) for your housing loan from the bank. With an IPA, you can roughly know what is your maximum price you can afford to get your dream home.
Another element to take note is the Stamp Duty on Residential Property.
Residential Property transactions attract 1% to 4% Buyer Stamp Duty (BSD) which is payable to IRAS. If you are upgrading from HDB or purchasing second property for investment, you might have to factor in Additional Buyer Stamp Duty (ABSD) into your budget.
Decide on Location
Location is an important factor to consider when purchasing your dream home. However individual specific requirement will decide our preferred location. Let your real estate agent know your requirements so that he/she can effectively shortlist the most suitable new development for you.
Example, if your primary concern is to stay within 1km of Nan Chiau Primary School, your real estate agent will recommend Sengkang Grand Residences.
With all the basic requirements in place, it is time to visit the show flat. However, choosing an unit is very much depend on your requirements.
Is the highest unit with pool facing and without west sun your best choice? Answer is yes and no depending on your objective and budget. For an example, if you are buying as an investment property, high floor and pool facing units are not as important as the entry price because entry price will determine your investment return.
Make sure your real estate agent fully understand your requirements so that he/she can assist you in selecting the perfect unit for you.
Progressive Payment Scheme will kick in after the initial 20% down payment. Click on the link to understand more about Progressive Payment Scheme.
To have a more in-depth understanding on how to get the most suitable new launch for you, contact our professional consultants to assist you.