If you are looking forward to visiting a new launch condominium showflat there are a lot of things that you should consider. You should know some very significant information concerning the capability of your financial status. The ability to buy a new property is now not limited by how much you earn but by the number of property you already possess.To know more about the topic this article is going to take you through 5 things you should consider before visiting any showflat.
Check On The Usage Of Your CPF.
The first thing you should consider is to check on how much CPF you are allowed to use. This is more important especially if you want to buy property for the first time because you Ordinary Account Finds will be the maximum amount of CPF you are allowed to use. However if you a buying property for the second time then you will have to make sure that you have the minimum amount $75,000 in both your Ordinary and Special accounts.
Getting An AIP.
This is yet another important thing to consider which most buyers overlook. currently getting your approval-in-principle is among the most important things you are supposed to do before buying a house. You will not be able to set the budget of property purchase properly without it, you will also be able to know how much the bank is willing to lend you to buy your property.
Knowing Your AbSD Bracket.
The other thing is to know which additional buyer stamp duty bracket that you fall into. For some countries the first property you buy will not fall under the ABSD but the 2nd and 3rd will. they are taxed 7% and 10% on the property respectively. For other countries the first purchase is taxed 5%. It is important to know which ABSD bracket you fall into so that you can know if you will be taxed or not.
Understand The NPS.
The next thing is to understand the normal progressive scheme is also important, currently, the NPS is being used as the standard payment scheme in about every show gallery for new condonium projects. When you understand the NPS you will be able to plan the money you will use to buy a property. You are supposed to pay 5% in cash to the developer’s project and get the Option To Purchase(OTP) in exchange.
The Process Of Balloting.
The other thing is that you should be able to understand the balloting process. Before any showflat gallery launches new condominium there should be a preview period which is usually of about 1 or 2 weeks. This will help you see the property prior to buying it. The people who are interested in buying will register for a non-obligatory seat on the date of the launch. This registration will let them be eligible to ballot for specific units prior to public launch.
Buying a property might be hard for some people to do, you have to do a lot of research on the properties available. This article has made the search easy for you by guiding you through some of the things you should do before you visit any showflat gallery for a launch.