Ep1 Let’s Talk Property! New Launch or Resale Condo? | Singapore

Ep1 Let’s Talk Property! New Launch or Resale Condo? | Singapore


Hi I am Clarence and I am Joyce So day in day out, our families, friends and clients have been asking us many real estate topics and today, we are going to share with you our personal views as industry experts So what’s the topic for today? Should you buy a resale flat or a brand new unit from the developer? Well, it all depends on your lifestyle and personal preference right? it all plays a huge part in determining your choices and let’s dive deeper into the advantages and disadvantages of buying a resale or a new launch Many people, especially a group of people who prefers brand new units They prefer to stay in a brand new house rather than a place that someone has stayed before. some clients just prefer brand-new cars Brand new clothes, brand new shoes…everything brand new So for this group of buyers getting a new launch project is just the perfect choice for them there are clients and people whom we have met. They bought a condo and the project has just launched And once the project TOP or built finish after three or four years they managed to flip the property and gained a profit over it Also in terms of tenants Most tenants preferred newer units compared to a resale because Like we said earlier the tenants before brand-new units compare to a resale Do you know that if you buy new launch project, you are actually paying in progressive payment scheme. What does that mean? It means that at the point of purchase, you are not paying a full sum of money for that unit itself But it’s on a gradually increasing payment which means to say you have at least three to four years of savings up to the point of paying the full amount which is hundred percent for your apartment People who stays in a old development will know that where the development gets old, maintenance and sinking fund starts to kick in and it starts to increase gradually and buildings also need to get fresh coat of paint lifts needs to be maintained. Pool maintenance and all kicks in And then your sinking funds get more BUT don’t just discount old development just yet Why? because a lot of clients they buy resale condo Resale condo actually gives you bigger floor area Bigger unit size compared to a new launch You know, like families who are bigger size with the elderly and children They just need more space for the families And in terms of price, of cos per square feet (psf) the older developments generally have lower psf compare to the newer developments And in terms of immediate move-in, if your needs is to move in immediately If you don’t have a place to stay at this point of time You are getting married and you need a place to stay getting a resale condo, will probably be preferred choice for you As there’s immediately move in, into the unit You don’t have to wait too long to move in the final point will probably be enbloc potential which we had seen in the last two years where we have heard of people project has been enbloc and then they get a windfall and they get to move on and maybe purchase two more properties or they purchase a landed house and bigger space for the family Most of the time enbloc potential Makes people happy We have discussed about the advantages of a brand new as well as the resale Can you share with us of the disadvantages of the brand new and resale as well? although you will be able to move in immediately but I think Buyers should not forget that most of the resale Sometimes you got to spend some money on renovations Especially, if you want to personalize your own style, so some people loves the industrial look I prefer minimalist I love the industrial stye I will probably save on a renovation cost. Yeah, and then let’s say you want something more luxurious then of course, you have to spend a little more there’s a saying that says old is gold but that in mind when your building is old you have pay more maintenance cost Compared to a brand-new flat you have lift maintenance as we mentioned earlier fresh coat of painting, every 8-10 years Yeah, and then speaking of this in terms of wear and tear resale values will definitely be affected older 99 years condo may face a faster depreciation in value and also in terms of the physical facade and you know, after 30 to 40 years, of course there may be water leakage and ther are many other reasons such as bank loans that are also being affected All right, for a start , new launches as we mentioned earlier takes three to four years to build the development So there is a longer waiting time for you to move in So if you are someone who doesn’t have as big a place to stay at the moment this would probably not be your first choice Yeah You can also probably rent during a period of time or find another place to stay or stays at parents’ place And then also in terms of pricing definitely generally new launches would have a high price tag compare is compare to the resale neighbouring units Because the units are generally also small in size As developers are building smaller units to cater to the changing real estate landscape so units for new launch but they are smaller but they are also considered to be more expensive So in summary, a new launch project will have lower maintenance fee and progressive payment in terms of capital appreciation There are some people who have managed to get some capital appreciation after selling upon TOP however, the cost is probably you buy a more expensive prices as compared to resale units surrounding it Developers are building small spaces and longer TOP date You have to wait three to four years depending on the project size in order to get your flat and what about resale, Joyce? For resale the is lower quatum and lower psf and it’s more spacious we talk about the floor area You can move in immediately as well as the enbloc potential where you strike a pot of gold Then for the disadvantages of a resale you probably have a higher maintenance fee compare to the brand new And then there will be depreciation of prices once it hits 60 years And of course, you have to bear in mind and include the renovation cost when you are buying a resale unit So we have come to the end of video. I’m Joyce and I’m Clarence do let us know in the comments whether you prefer new launch or a resale and also, do let us know what kind of topics you’d like us to discuss and We will see you the next time

One Comments

  • jimny ang

    October 25, 2019

    Unnatural speakers with their pre-plan speech ..yet self proclaimed “Industry Experts “.

    Reply

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