{"id":48411,"date":"2022-02-15T16:27:15","date_gmt":"2022-02-15T08:27:15","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=48411"},"modified":"2024-11-14T15:52:55","modified_gmt":"2024-11-14T07:52:55","slug":"unexpected-mistakes-buying-condo","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/unexpected-mistakes-buying-condo\/","title":{"rendered":"5 unexpected mistakes homebuyers make when buying a condo"},"content":{"rendered":"
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Buying a condo is no doubt an exciting time in any Singaporean\u2019s life, especially if it\u2019s the very first property purchased.\u00a0<\/span><\/p>\n

Developers do their best to sweeten the deal and drum up fanfare by throwing in crazy incentives to entice buyers, such as winning luxury cars and lucky draws.<\/span><\/p>\n

Mont Botanik Residence<\/span><\/a>\u00a0gave away S$50,000 in vouchers for Jaguar cars for every unit purchased.\u00a0<\/span>Kingsford Waterbay<\/span><\/a>\u00a0ran a lucky draw featuring a brand new BMW up for grabs.\u00a0<\/span><\/p>\n

However, if you\u2019re a potential condo buyer, keep calm and put your blinders on so you don\u2019t get distracted by these attractive incentives.\u00a0<\/span><\/p>\n

Here are 5 things you need to note<\/strong> before pulling the trigger on what might be the biggest property purchase of your lifetime.\u00a0<\/span><\/p>\n

1. Picking based on amenities<\/span><\/strong><\/h2>\n

Sure, it would be cool to brag to all your friends you live a stone\u2019s throw away from a\u00a0<\/span>bowling alley<\/span><\/a>\u00a0or a\u00a0<\/span>karaoke room<\/span><\/a>. Or you want to casually mention the <\/span>golf driving range<\/span><\/a>\u00a0or\u00a0<\/span>communal kitchen<\/span><\/a> that\u2019s just a 5-minute walk away, every so often in your conversations.\u00a0<\/span><\/p>\n

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How many rounds of mini golf can you play to make that maintenance fee worth it?<\/figcaption><\/figure>\n

Although these fancy condo facilities may make your social circle green with envy, consider how often you\u2019ll use the four indoor tennis courts, three lap pools and two saunas.\u00a0<\/span><\/p>\n

The fancier the facilities, the higher the maintenance fees. These mandatory monthly fees depend on the type of unit you own \u2013 the larger it is, the more you pay.\u00a0<\/span>The fee covers areas such as the cleaning, repair, renewal. It also factors in constant maintenance of the facilities, including the lifts and all that state-of-the-art gym you said you\u2019d use but will never step foot into.\u00a0<\/span><\/p>\n

Most condos levy a fee of S$200 to S$300 a month. For luxury condos, that may set you back up to S$1000 a month, paid quarterly.\u00a0<\/span><\/p>\n

Will you maximise your maintenance fees, or are these just some pretty amenities you\u2019ll admire from a distance when walking home to your unit? <\/span>Consider the needs and schedule of you and your family before deciding. <\/span><\/p>\n

These facilities may sound good on paper, but make sure you\u2019re not paying for what you won\u2019t use.<\/span><\/p>\n

2. Not checking carpark availability\u00a0<\/span><\/strong><\/h2>\n

This is a factor that mustn\u2019t be overlooked when purchasing a condo. When you head down to the apartment for viewings, you and your spouse will usually take one car together.\u00a0<\/span>However, you may cannot realise that the condo (especially newer launches) only allows one parking space per unit.<\/span><\/p>\n

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Okay dear, let’s play scissors paper stone to see who gets to park at home tonight.<\/figcaption><\/figure>\n

Singapore is positioning itself as a car-lite society, thus the LTA Range Based Parking Provision Standards (<\/span>RBPPS<\/span><\/a>) was introduced on 1 February 2019. Under these rules, developers are required to pay S$16,000 per car parking lot and S$5,500 per motorcycle lot, depending on zoning regulations.\u00a0<\/span><\/p>\n