Navigating the property market can be a challenging feat, especially for first-time home buyers. However, NewCondo takes care of the details so you can focus on the important decisions. If you are eligible to buy an executive condo (EC) in Singapore, why not take advantage of it?
Purchasing Your First Condo
If you are purchasing your very first executive condo, be sure to look out for these details to avoid buyer’s regret.
1. Huge Savings From Private Condo
The majority would consider getting a BTO as their first matrimonial property and regarding it as their first pot of gold when they sell it eventually. If you are in the sandwiched group (household income between $14,000 and $16,000), or if you prefer a higher standard of living that an executive condo offers that a BTO doesn’t, buying an EC makes a lot of sense. Basically, you enjoy the same living experience of a private condominium, at a significantly lower price. Well, the only setback will be the Minimum Occupation Period (MOP) which forbids you from buying or investing in any private property for probably the next 9 years (4 years of construction and 5 years of occupation).
2. Advantage of EC vs BTO
Besides the improved quality of living such as a secured residence and full condo facilities for all generations, should you and your spouse decide to buy a 2nd property as investment, an executive condo allows you to do a part sale to your spouse and freeing up the other party to buy another property as their 1st property, without paying Additional Buyer’s Stamp Duty (ABSD).
3. Some reasons why you should not buy an EC
With limited choices of Executive Condominium developments in Singapore, usually in areas like Sembawang and Sengkang, you may end up buying an EC just for the sake of buying an EC, disregarding the convenience of you and your family. It can be really painful with long daily travels to and fro the workplace, as well as the schools for the children. Next will be the 5-year MOP. If you are ambitious enough and do not wish to miss any good property investment opportunity, then perhaps it will be wiser to opt for a private condominium instead.
Find Your Dream Condo at NewCondo
With all these tips in mind, you can then decide which housing type is best for you. Keep an eye out for upcoming new launches for executive condos in Singapore by visiting our site regularly.