What are the major perks of getting a new launch property in Singapore, like the Bartley Vue new launch condo instead of a resale condominium? In learning the target properties and areas in Singapore, there’s a ton of factors to think about.
Because the newly launched condominium is technically not yet completed, purchasers aren’t obliged to pay full right at the beginning – it’s spaced out into what is named ‘progressive payments,’ instead.
With this, new launch condos become a great choice for homebuyers who don’t have sufficient funds upfront, as it lets them pay the lower loan and make the payment longer; thus, it makes it less hassle for the investor to finance his mortgage.
People can pay through a bank or via CPF once the developer hits pre-determined requirements. This applies to a payment of approximately 5% – 10% of the property price every six months or more until the Temporary Occupation Permit is given (almost three years after launching), of which the other 40 percent then becomes due.
Smaller payments equate to smaller mortgage installment responsibilities, which is beneficial to homebuyers.
As the first owner of a condo, you will be able to gain the highest appreciation from your property if you choose to resell it.
Two major components play into this.
First, if you’re a secondary purchaser, you’d probably have paid a dividend on the estate (since the dealer would want to earn a profit on his investment). It implies that if you resell the property, you might be playing against neighbors who can offer a far lesser price without losing profit since they’d purchased at developer rates, which is the cheapest rate possible. This indicates lowering your offered price, breaking your baseline effectively.
Secondly, a newly launched condo would not have a decreased value on an asset. Depreciation only starts after completing the development, so the closer you sell to the fulfillment period, the lesser depreciation and the bigger the revenue opportunity. But, be certain to wait at a minimum of 3 years from your acquisition to prevent paying any Seller’s Stamp Duty on your property.
Better Unit Options
Getting a unit in a newly launched condominium, like the Bartley Vue new launch, indicates that you have many units to pick from and aren’t limited to choosing between the couple of units that other investors decide to place on the market.
You would have a higher chance of reserving prime condos on higher floors that are more likely to have spectacular sceneries. This means a greater living for you and makes the property more profitable on the market if you plan to resell.
Another perk of buying a newly launched condominium is that the facilities, fitting, and fixtures will be new.
Not only does it remove the ‘ick’ element of pre-used furniture, but it likewise means less maintenance practice for you because you’re acquiring them in their best condition. You can save on the expenses of repair and renovation.
Freebies and Discounts
Developers will grant freebies, discounts, and vouchers in the hopes of attracting you to buy a new launch condo unit.
Although it doesn’t mean that you’d be walking away with the property for only half the actual cost, it makes the deal a lot sweeter. Getting a new launch condo may mean waiting before you can move in, but there are countless reasons that make the wait worth it.
No Miscellaneous Fees Yet
The greatest of all, you are not required to pay any maintenance nor property tax until the condo unit is finished!