Singapore is a bustling metropolis that offers a plethora of housing options for its residents. One such option is an Executive Condominium (EC). ECs are a type of public housing developed for middle-income earners. To qualify for an EC, buyers must meet certain criteria set by the government.
If you’re thinking about buying an executive condominium in Singapore, there are a few things you need to know before making your purchase.
Here are the things you should keep in mind when buying an EC in Singapore:
- Location: One of the most important things to consider when buying a condo is its location. You’ll want to choose a location that’s convenient for you and your family.
- Unit Size: Another thing to consider is the size of the unit. Make sure to choose a comfortable size for you that meets your needs.
- Amenities: Another important factor to consider is the amenities that are available at the condo. Some condos have better amenities than others, so be sure to choose one that has everything you’re looking for.
- Price: Of course, price is always an important consideration when making any purchase. Be sure to compare prices and get the best value for your money.
- Developer: When buying an EC, you’ll also need to choose a developer. Be sure to do your research and choose a reputable developer with a good track record.
- Sales Agent: You’ll also need to choose a sales agent when buying an EC. Again, be sure to do your research and choose someone you can trust.
- Lawyer: It’s also important to have a lawyer on your side when buying an EC. A lawyer can help you understand the contract and ensure everything is in order.
- Home Loan: If you’re taking out a home loan to finance your purchase, be sure to compare interest rates and terms before choosing a lender.
- Downpayment: The downpayment for an executive condominium in Singapore is usually 20%. This means that you’ll need to have at least 20% of the purchase price in cash.
Popular Types Of Condos In Singapore
When it comes to choosing a condo in Singapore, there are several different types of condos that you can choose from. Here are some of the most popular types of condos in Singapore:
Private Condos: Private condos are usually owned by individuals or families. They offer more privacy and often have better amenities than other types of condos.
HDB Condos: HDB stands for Housing Development Board. These condos are developed and managed by the government. They are usually more affordable than private condos but may not have as many amenities.
Executive Condominiums: Executive condominiums (ECs) are a type of public housing in Singapore that is developed and sold by private developers. ECs were introduced in 1994 to meet the housing needs of Singaporeans who are not able to buy private condos.
So, if you’re looking to buy a condo in Singapore, be sure to consider all your options and choose the type of condo that best suits your needs. Thanks for reading!