28 Feb Top 3 Questions to Ask Before Investing in Park Colonial
Singapore – If you think it’s the right time to invest in a condo asset now, due to the positive sentiments after a bottoming out property market in Singapore, there are many questions to ask that will solidify your thoughts on why it’s the perfect timing to buy a private asset now. Large projects such as PARK COLONIAL at Woodleigh MRT Station will be one such great options for many potential home buyers and they offer residents so many amenities as compared to other condo properties.
With that being said, you should know the type of questions to ask before you make the ultimate leap towards investing in your own private condo. Below are some of the more critical questions to ask before you commit in a residential property purchase.
Will there be a rental capped?
What is rental capped? In certain developments, there will be a limitation on the number of people allowed to rent in the entire development. There are such condo projects that have this “rental caps” which restricts a limited number of homes to be rented out versus the owner-occupied units. If you are looking to rent a condo before you purchase it for the experience, checking out with the condo committee members or URA will give you a better understanding of whether or not you can rent the condo versus purchasing it. Many people chose to rent and be a tenant first before becoming a potential home buyer at a later stage.
What are the bank loan requirements?
So, you’re planning on financing a private condo, but you should know that the restrictions of buying it are a bit more constricted than buying a detached home. Although condos are probably the more affordable option versus a landed property, it is still a comparable residential property and lenders generally look at 20% down payment to begin with.
Quite often, lenders will also require the home owner to live in the unit for up to a year before they are allowed to rent it out to tenants. If a lender doesn’t require that owner live in the condo unit, it is possible that you’ll have to pay a larger down payment upfront. Lenders will not finance a condo that’s in litigation process as well. However, you should contact your preferred bank lender to get a better understanding of their terms and conditions first.
Were there any recent exceptional assessments?
Many times, the URA or committee board will have scheduled inspections and/or reserve studies done on the entire building structures. These periodic site inspections are to basically determine the state of the entire development. It also provides the essential information with regards to any future repairs that are recommended during the inspection. For you to know how to budget for special assessments, just simply ask your agent for reserve studies so it will help you to figure out what are the necessary assessments are upcoming for you to budget correctly for.
Before investing in a residential property, there are questions that you will need answered. While many people have lots of questions before making the final decision to invest in a condo property, understanding the way a condo MCST is being operated will be essential for making the right choice to invest too.
Park Colonial Investment
Now that you have acquired the knowledge and necessary information pertaining to home investment, it is high time for you to look at Park Colonial by Chip Eng Seng. It will be one of the biggest new launch in 2018, one of the must-buy property within a growing new town by the name of Bidadari. There will be more than 800 units comprising different bed options on offer to the general public during the launch and we’re confident that it will generate a high interest from both home seekers as well as investors alike in this first mover situation.
It will be the new residential landmark within the bidadari area due to the strategic location it is sitting on, which is adjacent to the transport network Woodleigh MRT. If you’re really keen to place your stake in this new condo development by CEL and Unique Real Estate, please contact the relevant agents for the necessary arrangement now before it is too late!