Buying during the pre-construction phase is trending especially when it comes to condominiums. Basically, the unit is not yet built and therefore, you are making a purchase based on an abstract understanding of what the final building will look like.
Luckily, with a pre-constructed condo like the Parc Esta Condo and Belgravia Green, the developer offers more affordable pricing to collect the finances needed to fast-track the work on the ground. You are afforded the opportunity to spread out your down payment and additional time to save. Moreover, buyers get to choose their preferred lot, flooring plus customising their home according to their individual tastes.
It sounds like a substantial investment. This then begs the question: why are there still quite a lot of misconceptions about pre-construction condo purchases? Well, all aspects of our lives are shrouded in myths and pre-construction is no exception. Nevertheless, it’s important to look at these common myths surrounding the process of buying a pre-constructed condo and set things straight. Read on for more insight.
Pre-construction condo purchases are not affordable to the ordinary person
The misconception that the average individual cannot afford to buy a pre-constructed condo is fundamentally untrue. On the contrary, buying a condo is an increasingly affordable and attractive option instead of a freehold house, especially in Singapore’s private neighbourhoods. The single-family housing market is too expensive, and that’s the reality for the Singaporean property market. As a result, home buyers are turning their attention to the condo market, which is more affordable due to the abundance in supply.
A lot of property developments such as the Treasure at Tampines Condo are investor-driven, and that’s a no-brainer especially in the Singapore market. Nevertheless, many end-users who are no different from you are buying pre-constructed condos to live in as well, from first-time buyers intending to enter the market to expats that want live and work close by, to newly wedded couples, to downsizing elderly citizens.
You’ll wait almost forever for your unit to be ready
Another common misconception is that if you buy a pre-constructed condo, it will take years and years before you can step into your condo suite. While this may happen, it’s not commonly witnessed, especially if you make your purchase from a reputable developer with a glowing track record.
Sure, delays might be caused by issues that are beyond the control of the developer such as poor climatic conditions and labour strikes. However, reputable condo developers always strive to meet the development timeline. Be sure to verify the developer’s history before appending your signature on the dotted line for your pre-constructed condo.
Condo developers charge exorbitantly, and the units are small
Condo developers are often seen as charging too expensively. However, before you adopt this as the truth, consider this: the high costs of building materials and labour plus the rising land prices leave developers with only two options. First, they can either choose to maintain unit sizes which in effect would increase the condo prices, thus making them unaffordable for most home buyers. Secondly, they can maintain the unit prices, thus resulting in the reduction of unit sizes. The former is the choice traditionally adopted by luxury condo builders while most others go for the latter. This challenges the majority of condo developers to design more efficient spaces while maintaining steady prices for potential buyers.
You’re never sure about the final product
One of the common myths about pre-constructed condo units is that you’re never sure about the final product. The assumption is that the suite may fail to satisfy your expectations. However, this is not the norm especially when you buy your condo from a reputable developer.
Ideally, spare some time to survey the presentation suite. Analyze the floor plans, fittings, and furnishings and always ask questions. Also, pay a visit to other units by the same developer to get a sense of the style and ambience to see if it matches your taste.
Again, making your pre-construction purchase from a trusted developer backed by a vast wealth of experience and completed buildings ensures the condominium you’re buying, and facilities meet your expectations.
The best way to demystify common misconceptions about purchasing a pre-constructed condominium is to make a visit to the sales centre accompanied by a list of questions concerning the property developer, the plans as well as the purchase process.