3 Useful Tips for Singles buying First Condo

If you are single and searching around for your very first private condo, take note of these 3 buying tips.


     Table of Content

  • Tip 1:: Know your objective
  • Tip 2: 99yrs may be better than freehold
  • Tip 3: Avoid buying with friends


Singles Buying First Condo

📌Tip 1: Know Your Objective

  • What is your objective for buying a property?
  • Are you buying to stay, as an investment or both?
  • For singles buying to stay, you should buy the property that you like.
  • It should be at least a 2-bedroom unit.
  • This extra space will give you more options
  • It could be used for your parents or future spouse and children.
  • You will need to wait 30 months before you can apply for BTO flats after selling your condo.
  • If you are buying as investment, new condos tend to give you more capital appreciation.
  • If you are staying with your parents or have somewhere to stay, you will be able to purchase a newly launched condo that is uncompleted
  • For investment properties, what your prospective tenants will like is more important than what your preferences are.
  • Remember that you are buying the property to lease out and not for your own stay.
  • Tenants will prefer new condos over older ones.
  • They can accept open concept kitchens and 2Bed-1Bath layouts
  • You will likely save at least $100,000 with one-less-toilet (2 bed-1 bath vs 2 beds-2 baths)
Singles Buying First Condo

📌Tip 2: 99yrs May Be Better than Freehold

  • Many first-time buyers think they need to buy a freehold property.
  • However, I feel that It is ok to settle for a 99-years condo when buying your first property.
  • Your lifestyle may also change as you grow older or when you start a family.
  • It is most probable that you will buy a second condo after you make a profit from your first real estate investment.
  • Freehold properties near MRT are rare and cost 15-20% more than a 99 years condo.
  • You can sell your 99-years condo before it reaches the 10 years mark.
  • Lease decay is not a big concern when the condo is below 10 years old.
Singles Buying First Condo

📌Tip 3: Avoid Buying with Friends

  • The thought of roping another single friend to co-invest in a private property is tempting and is an avenue some people might explore.
  • The combined funds will allow you to buy a bigger property with less pressure servicing the mortgage.  
  • However, there are many instances of disputes that comes with this kind of arrangement as people tend to evolve in their thoughts with time.
  • A condo unit is not divisible when conflict arises.
  • You can only cash out by selling the property.
  • When to sell, how much to sell or rent are all sensitive questions.
  • If you must co-invest with a friend, you must have an exit plan that is feasible and allow all parties to cash out amicably.
  • This plan should contain answers to the above questions.
Singles Buying First Condo

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Dennis Lim

Dennis has more than a decade of experience investing in real estate. Like many fellow Singaporeans, he grew up in a HDB flat with dreams to live in a condominium. Through careful financial planning & hardwork, this became a reality when he was 30. He now owns 3 private properties in Singapore and has helped hundreds of Singaporeans to achieve their goal of upgrading their homes in land-scarce Singapore.

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"Dennis was very helpful and has guided us throughout on the process. He managed to get good number of clients for viewing of our unit. He is very responsive and always readily available when needed. He has excellent negotiation skills as well when required for the deal"