In real estate, buyers are lucky if they’re able to find and purchase a property for less than their market value, because they can resell it in the future for a bigger profit. There are several ways to obtain such a deal, and investing in a pre-selling condominium is one of them.
While pre-selling condos are indeed a lucrative investment, buying one will only pay off if you know how to choose the right piece of real estate.
Choose Your Developer Wisely
It’s normal to feel apprehensive towards buying a pre-selling unit because the finished product might not turn out as grand and sophisticated as expected. Established developers are more financially secure and have more quality projects, however, so it makes more sense for you to buy a pre-selling condo from a trusted developer.
Inspect the Show Flat
Before you buy a pre-selling condo, make sure you take the time to inspect the show flat which has been modelled after the actual unit. While they might be a fancy version of the actual property, make sure it still calls forth a vibe that you find enjoyable. Just make it a point to ask the real estate agent which fittings and furnishings are included in the unit you plan to purchase.
Location is Key
Buying property in township areas and business districts come with a hefty price tag. It’ll be a much wiser decision if you find a place in a soon-to-be thriving community. The ideal spot would be an area that combines good transport links and accessibility to commercial establishments. The more lifestyle attractions are around the area, the bigger the chance of higher returns in the future.
Look into Market Conditions
The whole point of buying a pre-selling unit is the promise that the property will eventually increase its market value by the time the project is completed. So, keep track of prevailing market conditions: examine annual data on capital appreciation and rental yields so you can plan your next move and rake in more profit.
There are several advantages to buying a pre-selling condo, such as enjoying the first-hand buyer’s purchase price and getting the first pick of the best units. Market experts suggest Paya Lebar Quarter‘s Park Place Residences, one of the latest Paya Lebar condominiums regenerating the urban district–offering the perfect combination of a prime location with access to plentiful retail and other amenities.