Do you have plans to buy a condominium in near future? Are you just waiting for the right time to buy a one? Well, according to market experts, honestly, there is no fixed time for buying a condominium. For long houses have dominated condos when it came to investment properties. But, interestingly, in recent times, the condo market is experiencing a solid rise. One of the main reasons behind it is certainly the amazing developments happening in the condo scene, especially with Executive Condominiums. A good example would be Sumang Walk EC which has already attracted 17 bidders. In fact, the project assures CPF grants which is another plus for condo buyers.
Other factors to consider
You can’t just plunge into the condo market only because it’s on rise of late. You have to consider some individual factors as well to ensure whether or not it will be conducive for you to buy a condo.
First of all, you must consider your mortgage payments, realty taxes & maintenance fees charged by condo association. You can only proceed if you can cover all these with 1/3rd of annual income. If you have not arrived at that position yet, save wisely and wait till you reach the desired state.
Your mortgage affordability will also determine your chances of buying a condo. You can’t proceed to buy a condo unless and until you can come up with a comfortable interest rate. Do not rely on real estate agents for suggestions of mortgage interests. On the contrary, you should count on government data regarding interest rates and market conditions for accurate information on mortgage interests.
Besides, it will be ideal to buy a condo if you are planning for long-term investment. If your current plans are for short-term investment, then it’s not the right time to invest in a condo.