The Do’s and Don’ts of Purchasing a New Property Launch in Singapore

You’ve decided that it’s time to enter the property market — congratulations! Whether a first-time buyer or an experienced investor, purchasing a new property launch in Singapore can be daunting.

There are many things to consider before making your purchase, such as the location, price, and property type. And once you’ve decided, there are still plenty of things to do before you can move in.

In this article, we will give you a rundown of the do’s and don’ts of purchasing a new property launch in Singapore. Read on to find out more.

Do Your Research on the Developer

When considering purchasing a new property launch in Singapore, one of the most important things to do is research the property developer. Find out about their past projects, their track record, and what kind of quality you can expect from them.

Don’t just take the developer’s word for it — look at online reviews and speak to people who have bought properties from them in the past. That way, you can be sure you’re making a wise investment.

Consider the Location of the Development

When considering a new launch property, one of the most important things to consider is the development’s location.

Think about your lifestyle and needs. If you commute to work, ensure the development is close to public transport. Suppose you have young children and research schools in the area. And if you’re looking for a quiet neighborhood to retire in, opt for a property that’s not in the city centre.

Ultimately, the location of the development should suit your needs and lifestyle. So take your time and do your research before making a purchase.

Take Note of the Unit Mix and Sizes Available

When looking at a new launch property, always take note of the unit mix and sizes available. It is important to consider how the available units fit your lifestyle and needs.

For example, if you are a small family or single person, you may not need a large 4-bedroom unit. Conversely, a smaller unit may not be as attractive if you are looking for an investment property.

It is also important to pay attention to the floor plans. Make sure the unit layout works for you, and that there is enough space for all your needs.

Find Out About the Specifications and Quality of the Development

When you’re looking to buy a new property launch in Singapore, it’s important to research and find out as much as possible about the development. Ask questions about the specifications and quality of the property, and find out what kind of warranty or guarantee the developer is offering. This will help give you peace of mind that you’re making a sound investment.

Understand the Payment Terms and Conditions

When you’re ready to make an offer on a new property launch, it’s important to understand the payment terms and conditions. Typically, you’ll need to pay a 10% deposit to secure the property, with the remaining 90% due upon completion.

However, be sure to read the full terms and conditions before making any payments, as there may be other fees and charges that apply. For example, you may need to pay stamp duty or legal fees. So make sure you’re aware of all the costs before deciding.

Be Aware of the Risks Involved in Purchasing a New Launch Property

When purchasing a new launch property, it’s important to be aware of the risks involved. Here are some things you should keep in mind:

- New launch properties are not always as they seem. Some developers may use deceptive marketing practices to make their properties seem more attractive than they are. Always do your research and read the fine print before making any decisions.

- There is always a risk that it may not complete the project on time or may not be completed at all. Make sure you understand the development schedule and what could cause delays before signing any contracts.

- There is also a risk that the prices of new launch properties will drop after purchase. If you can afford it, it’s always a good idea to buy a property that is slightly above your budget rather than just within your budget. This will give you some breathing room if the prices do drop in the future.

Conclusion

When you’re looking to purchase a new property launch in Singapore, it’s important to keep in mind the dos and don’ts.

Here are a few key things to remember:

DO:

-Research different properties and compare prices

-Check the developer’s track record

-Look into any special offers or discounts that may be available

DON’T:

-Rush into a decision

-Spend more than you can afford

-Sign any contract without reading it thoroughly