Buying is a new launch EC is an exciting yet heart pounding moment. The thought of buying a new home get me all thrilled and excited but when we started calculating the finances, we become constantly worried if we taking the leap is even the right choice.
Below is our analysis and what we think might be helpful to you.
With so many new launches in the market, it can be difficult to find the "next right" property. With all that is going on in the market where constantly you're seeing prices hitting record high, we are somehow pressured mentally to quickly jump into the bandwagon of property buying spree.
Before you make that impulsive move, it is important that you understand all your options, weight your choices and finally, make the best option available.
1) Compare Project Launches
We often think that it comes as a no brainer when comparing EC to Private condo right? To some extend, it is often true but with new launch development at $1600-$1800sqf, will buying a resale condo be a smarter choice?
The key difference is in the waiting times. For a new EC, the wait is 2.5-3 year built + 5 years MOP whereas for a Private Condo, Seller Stamp Duty wait out period is 4 years.
2) Location
As we often say, not all location in the property market is priced equally. An example would be using Tampines & Tengah.
Tampines property highly sort after making them highly easy to dispose after their MOP period as compared to Tengah, where residents are taking a more caution approached when buying tengah properties, the demand after MOP may not be as strong.
3) Price Per Square Feet
When we compare new launch property, the current prices for EC range around $1600-$1800 whereas for new private condos, the average prices ranges from $2200 - $2500. We might say private condos are more appealing but if you quality for EC, paying a lower entry price means taking less risk when compared to your private condo peers
The EC new launch prices are around 30% lesser when compared to Private condo making it a smarter choice when you're paying in Today's market
To sum it up, it you're considering buying a private condo but qualify for a EC, why not consider EC as your next property?
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