Welcome, visitor! [ Register | LoginRSS Feed

How do you buy or rent a condominium

| Property Sales and Rental Articles | March 1, 2015

FindRoommate1
0 Flares Twitter 0 Facebook 0 Google+ 0 StumbleUpon 0 Pin It Share 0 LinkedIn 0 Buffer 0 Email -- 0 Flares ×
Vote Below
[Total: 0    Average: 0/5]

Download your room/property leaflet - How do you buy or rent a condominium as PDF(Please reload or refresh if not able to download)


When you are planning to buy and then rent out your condominium unit. Following are some points to assist you.

1) Do your research on the areas which you want to purchase your condominium
2) Collect your property district location future plan (E.g. from URA)
3) Do site survey by visiting the actual condominium site (Location is the king for property buy, sale, rent)
4) Check where will be your next tenant be coming from
5) Number of industry, commercial work places
6) Are there any future development plans for the location
7) Basic amenities for your tenants and property? (E.g. Shopping malls, schools, MRT line, LRT stations, bus stops, near to interchange stations, near to food courts, near to markets, near to public facilities like swimming complexes, etc)
8) Total number of HDB flats owners (This information is needed so that you can predict how many possible HDB upgraders will there be to purchase your condominium)
9) Your property budget, how much is your spending power after considering your monthly income, your daily expenses, your amount which you will park as saving, your investment funds to other areas, and other expenses.
10) Are you able to hold the property if there are no tenants/renters?
11) Sufficient funds to hold the condominium for a year without any tenants?
12) Do not over spend on your budget
13) Create your rental agreement (E.g. Includes utility bills, with internet, with or without fridge, washing machine time schedule if you have more than one tenant, any dryer will be provided, etc)
14) Take note of how much maintenance fee you need to pay monthly
15) If you have 2 persons (E.g. Husband and wife) sharing the monthly payment, it will off load some monetary stress
16) Dont just stick to one area or just one condo unit which plan to buy. Have a list of alternate condo, apartment units which matches your budget and location with the property agents’ names, contact numbers. Be flexible and be prepare to discuss with them
17) If you are unsure of the condo procedures and buying or renting requirements. You might want to consider getting a property agent to assist you. This will shorten the gap with the agent’s knowledge.
18) Also check out the condominium’s developer track records/historical condo development successes and issues, check with the condo property agent. You can check with multiple similar condo project agent. From there make an educated assessment of the condo project developer which you intend to buy. Check on the developer’s past quality, project delivery, credentials, value for your money, etc.
19) Get your property agent to advise you to check on your bank loans (with a banker), maximum loan amount, Loan to value (LTV) ratio, Total Debt Servicing Ratio (TDSR) meaning you can only use a maximum of 60% of your gross monthly income to pay for all loans. Loans include all of your other loans including car loans, credit card debts, students loans and personal loans etc.

Online TDSR property loan calculator

http://moneyiq.sg/blog/index.php/singapore-tdsr-calculator/

20) The condo’s tenure E.g. 99, 999, freehold. Consider what you are looking for.
21) New condominiums normally allow owners to spot and demand rectification for them within 12 months of the date of notice of vacant possession. Developers must rectify these within one month, failing which the owner can claim for the cost of rectifications at his own expense from the developer or ask the developer to carry them out 14 days later.
22) Create an excel spreadsheet for all your costs required initial, monthly and annual financial needs are like. Ensure that you’re clear on how much money need to be paid in cash versus CPF as well. And most importantly is to have backup money/plan in-case of any worst case scenario.

Why EC in Singapore

2015 Singapore Property outlook for Private Property
a) Private property outlook 2015 is good for those long term investors/buyers
b) Good private properties buy in 2015
c) Developers profit margin had dropped to 10% as compare to approx 25% before the cooling measures
d) More private properties been put into auction by banks
e) Many resale properties been sold well below valuation
f) Good time for serious investors and property up-graders to buy private properties in 2015 as the private property sale is lukewarm and transaction volume is low
g) Many landed properties in 2015 been sold $1million and more below valuation in the market
h) Sentosa properties selling psf $1600 to $1700 (For core central property regions) dropped from previous $2500 psf
i) Sooner or later the government’s property cooling measures will be tweak/changed or relaxed and will sooner or later be a sellers’ market again

Share on Facebook
0 Flares Twitter 0 Facebook 0 Google+ 0 StumbleUpon 0 Pin It Share 0 LinkedIn 0 Buffer 0 Email -- 0 Flares ×

Sponsored Links

Sell your technical knowledge, skills, experiences, freelancing jobs at Click here to Start Selling at Singapore8.com

Post free ads

Post your room/property for rent/sale/buy, Leave a Property Advice or Ask the Experts

You must be logged in to post a comment.

Feature your room or property ads

FeaturedPropertyAds3

Rent a Room or Property Buy, Sale video


Click here to post or find

Rent or Sell your property, room. Totally FREE. Cost Saving for You

post-free-job-ads-below1

Rent your Room. Click below to start Free

Roommate-RoomforRent-PropertyforSale2

Rent your Rooms or Sell your house. Click below to start totally FREE. Cost Saving for You

RentyourRoom-SellyourProperty-Sale2

Find a Roommate, Looking for a room? Click below to start Free

FindRoommate1

See your room & property ads in our map

PostFreeRoomPropertyRentSaleBuyAdsListing1

Click here to Post your Ad onto our Map

Featured Property Ads

Blog Categories

Property & Room, Sales & Rent, Agents, Tenants, Owners Social Network

Login to connect with Others on RoomwithAircon.com - Property Buy Sale Rental Free Posting for Condo Apartment Landed Property HDB Flats:


Directory

Administer your ads in your Dashboard below

Button_Blue1_Dashboard1

Start posting your free ads click below

Button_Blue1_PostAds1

Facebook Over 1000++ Friends – Like Us Below. Thanks.