Buying a under construction condo will be a better financial choice as compared to a resale unit. Unlike a resale condo where full payment is required after 12 weeks from option to purchase, the payment for new launch condo under construction will be by progressive based on construction stage of a development. Therefore, it allows you to save up financially before the condo is constructed as the full payment and mortgage loan only kicks in few years later. A typical development will take an average of 4 years to build and the seller stamp duty will not be applicable by then.
Wear & tear aspect
Due to wear and tear, you will need to fork out at least $50,000 to $100,000 to renovate with a resale condo. Sellers of resale units with better condition will definitely ask a premium above the average transacted price. And of course, his renovation may not suit your appetite and extra cost will again be spent on hacking and redo of renovation.
As for a new launch condo, the basic required for shift in will be lighting, curtain and furniture. Typically, all the fittings, flooring, electrical appliance come with the unit and are brand new. All these are also covered under a one year warranty from the date of key collection. Therefore you can lessen the hassle of shifting in to your new house.
Resale units which are near to completed MRT stations may have already reached their peak appreciation as their prices have already factored in the entire completed MRT infrastructure. With the expansion of MRT network such as Thomson East Coast Line, Downtown Line etc, you will have more choice of new launch condo near to uncompleted MRT stations. When your new condo is ready for shift in, that MRT station might have already been completed which will in turn boast up your property price. This is because in property purchasing, buyers are only willingly to pay more when a MRT station is completed and operating.
Modern facilities & landscaping
New launch condo will probably have more modern facilities such as infinity pool, sky lounge, sky gym with better equipment, Alfresco Dinning etc which transform into beautiful landscaping of an overall development.