Budget
There're a number of extra expenses when you elect to buy a condo over an HDB flat, hence your budget should take these into account. The following are four key numbers you have to calculate to figure out the kind of condo you are able to afford:
Housing Loan
If you remove a bank loan, you can borrow up to 75 % of the property's valuation - supposing you have not exceeded the TDSR limit.
A term of warning though: many people overextend themselves financially to buy the dream homes of theirs and forget to find out the risks involved.
Loan interest rates are extremely volatile and also sensitive to the macro environment. Any negative effect on the market could easily cause an unexpected surge in interest rates, which results to you paying out much more than what you'd initially planned every month.
Blossoms by the park condo
Blossoms by the park condo is located in a highly sought-after location in District 5. Located in the heart of One-North, Blossoms by the Park is a eagerly desired mixed-use development that is near MRT, malls and business park. It is only a mere 5 mins walk to two MRT station, namely, One-North MRT station on the Circle Line and Buona Vista MRT, a dual-line interchange on both the Circle Line and East-West Line. This condo is also an attractive development for parents with school-going children. Nestled in the heart of reputable school network, regardless of the age of the school-going children, there is always a school for a child at all ages. From primary level to secondary level and to tertiary level, there are plenty of nearby school options available.
That is Better? Freehold vs Leasehold
The choice is dependent upon the estimated period of yours of budget and stay. You pay much more for freehold properties because of the long ownership, which in addition enables simple financing. It's best for homebuyers or perhaps HDB upgraders who intend to stay for a long time.
If finances are a constraint, leasehold could be a viable alternative offered the home is less than 21 years old - after this point, they begin showing greater depreciation. If you want to market your HDB flat after the MOP, we would suggest purchasing a leasehold that is completely new or relatively new.
Property Investors: Buying Condos for Investment As long as you are not expecting similar ROI as what you would get a decade or even two before, you can still find great purchase properties in Singapore.
The many cooling measures have quietened the market considerably, but additionally, it is resulted in a more sustainable market with buyers and sellers with ample monetary backing.
With the influx of immigrants, there is also more potential for development. Currently, you'll find 2.16 million immigrants in Singapore out of a total population of about 5.7 million. This amount is set to increase, with the nation on track to attain 6.9 million in population by 2030.
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