Buying your first condo is an exciting yet potentially overwhelming experience, especially if you’re a first-time buyer. In Singapore, there are several ways to find a suitable condo, but if you’re interested in new launches, visiting a condo show flat is one of the best places to start. Showflats offer a curated glimpse into what could be your future home, showcasing the best features to impress prospective buyers.
However, before committing to a unit, it’s essential to ask the right questions to ensure you make an informed decision. Here are some key questions to consider before making your purchase:
1. Will There Be Changes to the Surrounding Areas in the Upcoming Years?
A show flat provides a snapshot of the new condo for sale, but it’s essential to consider how the surrounding area may evolve over the coming years. Upcoming infrastructure projects or real estate developments can significantly impact your quality of life. For example, will new transportation links like expressways or MRT stations be built nearby, potentially increasing convenience but also affecting noise levels or traffic patterns? What about commercial or residential projects nearby? These could either enhance local amenities or obstruct your views, disrupt privacy, or increase the overall density of the neighbourhood.
Some developments may also boost the property’s future value, making it a smart long-term investment. By asking about local planning and construction forecasts, you’ll gain insight into how the area around the condo might change and whether it aligns with your long-term living goals.
2. What Are the Closest Facilities to the Unit?
While the show flat may give a glamorous overview of the condominium’s lifestyle offerings, it’s vital to assess the actual proximity of key facilities to your unit. For families or those planning to start one, proximity to schools, daycare centres, and family-friendly amenities like parks and playgrounds can make all the difference.
It’s also worth exploring the availability of essential services like supermarkets, clinics, hospitals, and pharmacies. This ensures that daily necessities are conveniently located and that you won’t have to travel long distances for basic needs. By clarifying these details ahead of time, you can plan for a potentially comfortable and hassle-free living experience.
3. What Are the Maintenance Costs?
In addition to the upfront costs of buying a condo, ongoing maintenance expenses are an integral part of ownership that can affect your financial planning. Monthly maintenance fees are often based on the Share Value (SV) of your unit. The Share Value represents your proportional ownership of the condo’s common areas, such as lobbies, swimming pools, fitness centres, and landscaped gardens. Essentially, the larger your unit or the more premium its location within the development, the higher your Share Value—and consequently, the higher your monthly maintenance contributions to the Management Corporation (MC).
The Management Corporation (MC) uses these funds to manage the day-to-day operations and upkeep of the condo’s shared amenities and infrastructure. These fees are crucial for maintaining a high standard of living and ensuring the property retains its value over time. It’s important to be aware of your monthly maintenance costs so you can have a condo unit that aligns with your budget and lifestyle.
4. Is What I’m Seeing in the Showflat What I’m Actually Getting?
Show flats for new condo launches are often designed to make an enticing first impression, featuring high-end finishes and stylish furnishings that might not come standard with your unit. Developers frequently upgrade show units to showcase the property in the best possible light, so it’s crucial to ask what’s included in the base price.
Additionally, the layout and size of your actual condo unit may differ slightly from the show flat, so be sure to ask for a detailed floor plan and a list of specifications. Having this information in hand will help you avoid disappointment and ensure that you’re fully aware of any additional costs you might incur if you want to replicate the look and feel of the show flat in your own home.
Make an Informed Decision When Buying Your First Condo
When buying a new condo, whether it’s an Orchard condo or a new condo in Pasir Ris, you should have all the information you need. A condo is a significant long-term investment, so understanding all aspects of the property is essential. This includes not just the price but also factors like the developer’s reputation, the amenities offered, the surrounding infrastructure, and any potential future developments in the area.
With the right insights and thorough research, you can make an informed choice and begin your condo ownership journey confidently. For more information on the property market, check out our guide on the key factors affecting private housing affordability and how to identify a lucrative private property for investment.