Now that you’ve decided to buy new property launches, the next step is knowing what to look out for and where you can find reliable information on properties and their specifications. Here are five tips that will help you do just that:
1. Don’t automatically trust the marketing spiel.
When new property launch in Singapore began to gain prominence, many developers were quick to launch their advertising campaigns, which often included exaggerated claims. These campaigns led many buyers to believe that they could expect a higher rental return from their property in the future but there were no supporting facts or figures to back this up. At times, certain companies even made outrageous claims that their property’s selling price could increase more than 100% within a short period.
2. Compare comparable properties.
You can’t expect to purchase a property that’s as good as your local apartment anywhere else because there won’t be another one like it anywhere else. What you can do, however, is compare the new property launches to other similar nearby apartments and see which are better for your needs. This will give you an idea of what the best bet is for you and how much value the building will have in terms of the area it occupies.
3. Find out the specifications and features of the property.
Before buying any new property launches, you need to know what’s already being offered in the market and at what price. These details can be easily accessed via various online databases such as www. red tag. sg and www.propertyguru.sg, which allow users to compare prices and specifications of a given building or property anywhere in the world at their own convenience.
4. Go over the contract details carefully with your legal counsel before signing anything.
When buying any new property launches, you should make sure that you are well informed of the conditions of your contract and how you can terminate it if something goes wrong. You should also ensure that your legal counsel or financial advisor is present when signing documents so that they can point out any errors or inconsistencies before approving them.
5. Put your valid down payment upfront.
For new property launches, you should always put your full cash or mortgage down as a deposit before signing the contract. This is something that you want to go ahead with because then you will be obligated to buy the property exactly as it is presented to you. However, if you fail to do this and the developer decides to change certain features of the house after the completion of construction, then it will be up to them whether or not they include the additional costs into the price of your new property launch because they have no legal obligation to do so.
It is important to bear in mind that when purchasing new property launches, you need to always read through all the documents carefully before signing anything. You should also know what you are willing to accept and which terms you will not budge on with your legal counsel. In addition, it is also important that you stay away from any high-pressure sales tactics as this may just be a sign of a developer that is not very reliable or trustworthy.