Every private property buyer would prefer to purchase a Freehold tenure property. However, many choose not to because of the premium price over similar properties of 99 years tenure.
When considering buying a freehold condo, it is important to factor in the following:
- Location: The location of the condo is important as it will affect the ease of access to amenities and transport.
- Size: The size of the condo is important as it will affect the amount of space you have.
- Price: The price of the condo is important as it will affect your budget.
- Developer: The developer of the condo is important as it will affect the quality of construction and the after-sales service.
- Leasehold vs. Freehold: A freehold property is a property that you own for life. A leasehold property is a property that you own for a certain period of time, typically 99 years. If you plan to stay in your property for a long time, a freehold property is a better option.
- Maintenance fees: Maintenance fees are fees that you pay to the condominium management corporation to cover the costs of maintaining the common areas of the condominium. Maintenance fees can vary depending on the size and location of the condominium.
- Stamp duty: Stamp duty is a tax that you pay when you buy a property. The amount of stamp duty you pay depends on the price of the property.
- Property taxes: Property taxes are taxes that you pay on the value of your property. The amount of property tax you pay depends on the value of your property and the location of your property.
It is also important to conduct your own research before making a decision. You can read reviews of the condo, visit the development, and talk to other residents.
It is important to factor in all of these costs when considering buying a freehold condo. By doing your research and understanding all of the costs involved, you can make an informed decision about whether or not a freehold condo is right for you.
Here are some tips for buying a freehold condo:
- Do your research: Before you start looking at properties, it is important to do your research and understand the market. This includes understanding the different types of properties available, the different locations, and the different prices.
- Get pre-approved for a loan: Getting pre-approved for a loan will give you an idea of how much you can afford to spend. This will help you narrow down your search and avoid wasting time looking at properties that are out of your price range.
- Visit the properties in person: Once you have found a few properties that you are interested in, it is important to visit them in person. This will give you a chance to see the property for yourself and to ask the developer any questions that you have.
- Get a home inspection: It is important to get a home inspection before you buy a property. This will help you identify any potential problems with the property.
- Negotiate the price: Once you have found a property that you want to buy, it is important to negotiate the price. This is where your research will come in handy. You will be able to use your knowledge of the market to negotiate a fair price.
- Get a lawyer: It is important to get a lawyer to help you with the purchase of a property. The lawyer will review the contract and make sure that you are protected.
By following these tips, you can increase your chances of buying a freehold condo that is right for you.