Buying a condo is a good financial investment that has a myriad of benefits, like being near key locations and access to luxury amenities. The real estate market can be overwhelming and challenging to understand as a first-time buyer. Here are some tips for navigating and purchasing a premium condo such as Boulevard Coast in Singapore.
Consider your family’s needs and preferences
Take the time to talk with your family to make sure that everyone’s preferences and needs will be met. Consider multiple factors such as the view you are getting from your unit, the space, how many bedrooms there are as well as kid-friendly amenities. By looking for a condo that matches the needs of your family and your own personal needs, your living experience will be better and happier, and you’ll likely be satisfied.
Discover the amenities
Amenities such as gyms, conference rooms, and recreational facilities (basketball courts, yoga rooms, and swimming pools) are provided in condos, but you have to identify how often you will be using them. While they do make your living experience better, if you won’t actually use them then you will feel like you are paying extra fees that come with condo ownership. So find amenities that match your lifestyle to make sure you are getting your money’s worth.
Assess the maintenance and management
Property management is important to keep the condominium up to date with maintenance and to preserve your investment. Properties that are well taken care of have a higher value for reselling. Do your research about the reputation of the management, and if you can, ask around for feedback and experiences.
Identify the type of property – freehold vs leasehold
Identifying whether the condo is leasehold or freehold is something to consider as a first-time buyer. A freehold property lets you own the property for an indefinite period, while a leasehold has a tenure. Freehold is more expensive yet appealing because of perpetual ownership, but leasehold property is more practical because they may have better affordability and locations. Your choices should match your capacity financially and your plans for the future.