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Essential Price Consideration for Executive Condos

Essential Price Consideration for Executive Condos

It is without a doubt that you must have heard of the rise in Rivercore residences EC price, which is in some manner coinciding with the economic acceleration. So also you must have heard that owing to the modifications in housing rules, you can easily acquire a property in Singapore most especially if you are from a foreign country or you are making the purchase domestically.

Studies have been carried out and it has been revealed that condominiums are more the favorite for foreign buyers. The Authorities in Singapore initially put a rule in place that a foreign buyer can only purchase an apartment in a building that is much higher than six stories and the apartment must be classified as nothing but a condominium. It is important you are aware of the fact this rule does not apply anymore, however it has not intervened in any manner with the sales of condominiums within buildings.

So are you still yet to acquire a condo owing to what is term Executive Condo Projects (EC), you must either be a Singapore resident or a citizen as the transaction must take place anywhere from the tenth and the sixth year from the date that you were granted the Temporary Occupation Permit. Any corporate body or perhaps foreigners that are not in any way permanent residents in Singapore are not liable to purchase properties on Singapore soil. However, if you are a foreigner or you are one way having ties with a corporate body, you can purchase an Executive condominium if it in the Eleventh year from the date with which you were issued the Temporary Occupation Permit.

Currently, many people choose to acquire a condo in a tower as a solution to their housing needs.

However, some people buy it without taking into account important aspects such as who are the neighbours or what are the policies on pets and children.

Size of the building

A building can have 100 or 200 units but in an area of ​​5 thousand square meters, then the houses are accommodated upwards, otherwise they are the horizontal units,

According to the expert, condominiums have much more space, so another aspect to consider is a safety because in such large enclosures the perimeter walls can be damaged.

Wear or age of the building

For homes, mainly those used, there are two factors that can, the maintenance that is given and the development of new projects.

The state of conservation of the property and its age are very important. Usually, there is an appreciation for being a real estate, but there is depreciation for the issue of construction. The land where houses and condos are built is always appreciated; However, buildings tend to depreciate due to natural wear, although the latter can be compensated, in some way, by the need to buy in the area.

Different types of housing valuations

There are two types of housing valuations, one general and one more comprehensive. The more extensive housing valuation means that the broker you hired evaluates the condominiums’ location, housing association and the condition of the residence. The broker then provides an estimated price of the market value of the accommodation. After the valuation, you get a certificate that you can show up for your bank, which allows you to reschedule your mortgage and thus reduce your monthly cost.

The simpler type of valuation is only for those who want your condominium reassessed for a sale. At such valuation, you will not receive a certificate from the broker.

Thinking about a housing valuation

Prior to the housing evaluation and the meeting with your broker, it is good to be well prepared with information about your home. Here some points that may be useful to keep in mind before your condominium unit are valued.

  • Your purchase contract/agreement
  • Plans and size/accommodation
  • Your current monthly fee
  • Make a summary of the condo’s operating costs
  • Your current loan documents

Save receipts or for notes on improvements and renovations of your home. These are important tasks that you should explain to your broker.

Different factors that enter into an appraisal of a condominium’s pricing. This may range from supply and demand in your residential area to different market factors such as loan or interest rates. Placement of the residence and the view can also play an important role in valuing, for example, higher tenant property rights in the building are considered to be slightly higher in value. If the accommodation is in need of renovation, upgrading may increase the value. It may also be good to keep in mind that the housing is clean and fresh for the housing valuation, so that the broker gets a positive impression.

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