Many people are interested in buying a new condo but may not know where to start or what the process involves. This article will outline the steps involved in purchasing a new launch condo in Singapore. So, if you’re thinking of buying a property soon, read on!
The property market in Singapore is heating again, with many new condos being launched for sale. If you’re thinking of buying a new condo, now is an excellent time to research and start the purchasing process. There is a new condo launch for sale every month, so it isn’t easy to keep track of them all. So, what are the steps involved in a new condo launch for sale? Here’s an overview:
Check Your Eligibility
The first step is to check your eligibility. You need to ensure that you meet the minimum criteria set by the developer, such as Income Ceiling, Nationality, and Minimum Occupation Period (MOP). You can find out more about these criteria on the developer’s website or sales gallery.
Research and Shortlist the Condos That You Want
Once you have determined that you can buy a condo, you need to do your research. You can start by visiting the developer’s official website, where there are usually plenty of photos, building plans, and detailed information about the development. There are also forums online where you can discuss developments that are yet to be launched with other potential buyers.
However, make sure that you always visit the official website rather than third-party sites with reviews about their products or services – these websites may not be completely reliable!
Attend the Showflats and Make an Offer
You can then learn more about each development by attending viewing sessions. Please keep track of all the new condos coming out for sale on our new launch condo listings.
The next step is to make an offer for the condo that you are interested in. Buyers usually do this by placing a booking deposit, which secures your place in the queue and is refundable if you do not end up buying the property.
Go Through the Legal Process
After making an offer, the developer will send you a Sale and Purchase Agreement (SPA). This is a legally binding document, so please ensure that you read it thoroughly and understand all the terms and conditions before considering a new condo launch for sale. If there are any areas that you do not understand, ask your lawyer for advice. Once you have signed the SPA, the developer will start the legal process, taking up to 6 months.
Get Your Keys and Move In!
Once the legal process gets completed, you will receive your keys to your new home. Congratulations – you are now officially a homeowner! So, there you have it, an overview of how to go about buying a new condo launch for sale in Singapore. If you’re interested in selling or renting out your property, please visit various condo websites. Who Knows? You might have the best home experience. Happy house hunting!
