In the case of buying a condo that is still in pre-construction may seem a bit quick. In this case, it would seem the condo is being bought from the architectural plans on the developer’s website for sales. The reality is that purchasing a unit after construction has been completed isn’t as simple.
Designers will often revise the plans of a building’s design as the work gets more complex. This is required due to the many changes that happen during construction. Purchase contracts are designed to make sense. For example, a late complex completion can force delays on the buyer. They may even be put in the situation of occupying their apartment while permits are being worked out along with some aspects related to the construction process itself.
Buyers can also be hurt by developers who attempt to sell off units that are in the beginning stages of development and with more than 51 % of the condo project.www.livatmb-condo.com.sg As time passes the developers may be not able to sell those remaining units.
LIV@MB located in the prime Meyer/Mountbatten neighbourhood in the East Coast.
It has 1 to 4 bedrooms types & only 298 units built on a relatively large land plot due to its low plot ratio in the area. It’s only 3 mins walk to the upcoming Katong Park MRT and short walk to East Coast Park. It’s also within a short drive to Marina Bay, Shenton Way, Jewel at Changi/International Airport, etc.
A property that doesn’t have the potential to attract any new buyers is likely to suffer a significant drop in the total value of the units. After realizing there isn’t any big demand, builders will choose to lease units that have been unsold. The overall unit value then drops even lower.
It is suggested that buyers consult with an experienced lawyer to insert specific conditions to any contract for purchase. When determining a predetermined time for completion, buyers can ensure they will receive their deposit back if a developer makes an inaccurate estimate of time. These sort of arrangements can even protect the current value of units that have been sold previously.
The exact date for the finalization of the transaction must be in the buyer’s hands. It is highly suggested that the profits from the sale of a unit, as well as the deed, be kept in escrow with the help of the lawyer representing the developer. Only once you have sold as much at 51 percent their unit will this stop. Whoever purchases the unit must pay the occupancy charges to the developer in a amount equal to that of a combination of the monthly maintenance charges and the anticipated mortgage for as long as their agreement is running as per plan. Many developers will try to force these fees without adhering to the terms you’ve set out Be aware of how you deal with them go.
Also, keep the condominium maintenance costs in your mind. Only in the initial year of operation following the unit owners take charge of the community are they covered. Developers typically calculate an initial budget based on the lower end in order to ensure that the condos appeal to more buyers overall.
As the years go on most owners of units will take over the management of the complex. It’s almost like the norm. Afterward, they are faced with a substantially higher monthly maintenance charge that’s designed to take care of the developers overrun expenses. From the first year on buyers will have to pay and anticipate higher charges for maintenance. Naturally, this is with the closing of the condominium.