Purchasing a condominium can be a rewarding venture. However, before you dive in, it’s important to know common purchasing mistakes that can turn your dream home into a headache. We will equip you with expert tips and unveil award-winning properties from the PropertyGuru Asia Property Awards Singapore 2023 that exemplify smart condo choices.
Mistake 1: Not doing enough research
Don’t let your excitement over buying a condominium cloud your judgment. Thorough research is essential to avoid unpleasant surprises later. So, ditch the purely online approach and schedule physical visits to assess the building’s overall structural integrity and common area upkeep.
Check out the unit itself for any signs of wear and tear. Inspect the type of materials and brands used in constructing and furnishing the condominium. Lentor Modern by GuocoLand (Winner, Best Private Condo Development, Best Integrated Condo Development, Best Private Condo Architectural Design and Best Developer) for example, uses reputable brands such as Hansgrohe, Roca, Franke, and SMEG, ensuring durability and lasting appeal.
Next, ask about potential hidden costs, such as condo fees, maintenance charges, and any special assessments that might arise.
Make sure to also review the homeowner association (HOA) rules. Understand their regulations on noise, pets, renovations, and common area usage. Ensure they align with your lifestyle to avoid future conflicts. Investigate the HOA’s financial stability and track record in maintaining the building and managing reserves.
Mistake 2: Purchasing a property without considering its resale value
Your dream condo might tick all the boxes today, but will it retain its appeal years down the line? Resale value is paramount. Here are key factors that affect a condominium’s resale value:
1. Location
Beyond the condominium itself, its location heavily impacts its value and your daily life. So, before you purchase a condo, ask yourself:
- How close is it to MRT stations and other public transportation options?
- Is it in a well-established area with strong infrastructure and amenities?
- Does it offer easy access to necessities such as grocery stores and shopping malls?
Condos like Lentor Modern (Winner, Best Private Condo Development, Best Integrated Condo Development, Best Private Condo Architectural Design and Best Developer) take convenience to the next level.
Situated directly above a mall, residents enjoy lift access to a plethora of shops, restaurants, and even a supermarket. Plus, it’s directly connected to the Lentor MRT station, making Orchard Road, Botanic Gardens, or the central business district (CBD) a train ride away.
Meanwhile, Grand Dunman by SingHaiyi Group Ltd (Winner, Best Mega Scale Condo Development, Best Mega Scale Condo Architectural Design, Best Mega Scale Condo Landscape Design), is near the CBD, Dakota and Mountbatten MRT stations, and the East Coast Parkway expressway.
This gives homeowners effortless access to the bustling downtown core and beyond.
2. Type of facilities available within the condo
High-demand facilities can significantly boost a condominium’s resale value by catering to specific buyer segments:
- Families and fitness enthusiasts: Gyms, swimming pools, and children’s play areas are highly sought-after amenities that enhance lifestyle and can command higher prices.
- Professionals and young couples: Concierge services, business centres, and entertainment rooms offer convenience and luxury, making them attractive to this demographic.
- Unique offerings: Rooftop gardens, movie theatres, or sports courts cater to specific interests and can stand out in the market, potentially attracting a premium price.
Blossoms By The Park (Winner, Best Private Condo Landscape Design and Best Private Condo Interior Design) by EL Development Pte Ltd features a gym, function room, entertainment room, various pavilions, and a children’s play area, catering to families and those seeking community spaces.
The Seaside Residences (Winner, Best Completed Private Condo Development) by East Vue Pte Ltd, on the other hand, boasts a beach pool, spa alcove, water court, and other specialised facilities, appealing to those seeking a unique seaside lifestyle.
3. Liveable PSF space
Liveable price per sq foot (PSF) encompasses the overall functional and comfortable living area within a property. Generally, a larger liveable PSF leads to higher resale value.
While additional bedrooms and bathrooms can enhance livability, cramped layouts with too many rooms can deter buyers. Similarly, superfluous bathrooms might seem excessive. Instead, a well-designed condominium with efficient use of space is likely to hold its value better.
Mistake 3: Choosing trendy over timelessness
While contemporary design might be alluring, prioritise classic elements that stand the test of time.
Ditch the fleeting fads. Instead, opt for neutral palettes, natural materials, and classic architectural details. Trendy finishes might feel dated in a few years, impacting resale value.
Altura (Winner, Best Executive Condo Development) by TQS (2) Development Pte Ltd, for instance, blends modern style with timeless features such as full-height windows and natural light, ensuring long-term appeal.
You should also prioritise functional layouts. Ensure the floor plan accommodates your lifestyle and potential future needs. Consider open-concept spaces for flexibility and ample storage for decluttering. For example, all of Altura’s unit types are integrated with a study/flexi space that can be transformed for added space and cater to the resident’s evolving needs.
Finally, think long-term about amenities. While a rooftop pool might seem enticing, prioritise more enduring features such as a well-equipped gym, a community garden, or secure parking.
Mistake 4: Failing to plan for your family’s needs well into the future
Your condo should cater to your evolving needs, not just your current situation. Consider these factors:
- Future family growth: If you plan on expanding your family, choose a condo with additional bedrooms or the potential for expansion.
- Accessibility and safety: Prioritise features such as elevators, well-lit common areas, and secure entry points if you have young children or elderly family members.
- Lifestyle changes: Will your needs change significantly as you age? Opt for ground-floor units or those with easy access to amenities if mobility might become a concern.
By avoiding these common pitfalls, you can make a confident and informed condo purchase that paves the way for a comfortable and fulfilling future. Take your time, do your research, and make a choice that aligns with your aspirations for years to come.
