3 Things to Consider Before Upgrading to a Condominium

Property Posted on August 22, 2018

Most Singaporeans usually purchase a HDB flat as their first home. After several years or decades, the dream of staying in a condominium becomes closer to reality and the thought of upgrading to a condominium is bound to cross your mind. Here are some things to consider before upgrading.

  1. Maintenance Fees

One of the main draws of living in a condominium is the facilities available, whether is it the convenience of keeping yourself fit with a swimming pool, gym and tennis court, or having fun at the function rooms and barbecue pits. However, while these facilities are available to you, you do have to pay maintenance fees on a monthly or quarterly basis in order to enjoy these facilities. These fees range from $200 per month up to over $1,000 for luxury-end condominiums. Even if you do not use these facilities, you will be required to contribute to the maintenance of these facilities.

  1. New Launch, TOP or Resale?

As the name suggests, newly launched condominiums are condominiums that have just been launched by developers and are not ready to be moved into. Instead, it will usually take 2 to 4 years before the development is completed and ready for occupation. TOP stands for Temporary Occupation Permit and condominiums that have received this are ready to be occupied. Lastly, resale units are units that have previously been owned by someone else.

Depending on your choice, the different types of condominiums will affect your monthly loan payment, waiting time, choice of units as well as amount of money you have to fork out for renovation. Consider your priorities and select the type that best fits your needs.

  1. Expectations vs Reality

Should you decide to go for newly launched condominiums, there will definitely be showrooms available. These showrooms always look extremely glamorous and fancy, maybe it’s the mirrors, the interior design or simply the fact that some partition walls are not present to make the flat appear more spacious than it actually is. Whatever it is, it is important to expect that the sight you see when you open your house door for the first time, will not be exactly like what you remember to have seen at the showroom then. More importantly, when viewing a showroom, you should pay more attention to the actual layout of the flat and whether it suits your needs.