The demand for homes continues to rise while supply remains tight, and with the interest rate hikes, cooling measures, as well as other economic uncertainties, home prices have only gone up. As a result, home affordability has become an issue, and some home buyers may resort to getting an older resale condo instead of a new launch. With that in mind, here are some of the things that you should find out before buying a resale condo.
1. When Renovation Was Last Done
It is crucial to know when renovation was last completed for an older condo because the longer it has been since the last time, the more likely you will have to fork out extra funds to keep your unit in tip top shape. You may find a cheap unit, but keep in mind that you may have to spend more on renovations. When it comes to resale condos, units that have been renovated in the last five years are a good choice since minimal renovation will be required.
2. Which Facilities Are Still Usable
Some facilities in an older condo may have been shut down permanently. You wouldn’t want to stay in a place with faulty or unusable facilities, especially if you are paying maintenance fees. An example is Parc Oasis, where its golf driving range has been closed off. In the case of gyms, check that the equipment suits your needs and is in working order. Older condos run the risk of malfunctioning equipment or missing weights and so on. Make sure that the air conditioning unit is working well too, or else you’ll feel stuffy while working out.
3. If There Are En Bloc Attempts & Projects Around The Area
One of the worst nightmares when buying a resale condo is that it becomes an en bloc project right after you have bought and renovated it. You might not want to commit if the last en bloc attempt almost succeeds, unless you are purely buying it for investment purposes. The profit you get from the en bloc sale (may or may not be enough to cover your cost incurred for Seller Stamp Duties and renovation costs) would not be worth the time and pressure it takes to look for a new home. Should there be an en bloc project near the resale condo you are interested in, be prepared for air and noise pollution in the near future. Additionally, the redevelopment of a condo tends to bring about a taller and bigger building, and this could obstruct your view.
4. The Condition of the Lifts
It is important to know the working condition of the lifts as aging elevators tend to break down more often and this would cause great inconvenience to your daily routine. The management may not be bothered to fix old lifts especially if the condo is going en bloc. If it gets to the point where the elevators need to be replaced with new ones, this may cause an increase in maintenance fees.
5. If There Is An Underground Car Park
Some of you may not be particular about this, but for those of you who are, keep in mind that some older condos do not have underground car parks. This will be a hassle for you to reach your car especially when it is raining heavily. You may also not like to brave the sweltering sun to get to your car.
Conclusion
As resale condos are older than new launches, there are a number of things that you need to look out for before making a decision. These factors will influence your lifestyle, so it is best to not take them lightly. When it comes to the unit itself rather than the condo as a whole, we advise you to read through our article on the red flags you should look out for when buying a new home: https://www.propertyhunter.com.sg/post/red-flags-to-look-out-for-before-buying-a-home. Don’t hesitate to reach out to us should you have more questions!