Executive Condominium: Tips for First Time Buyers
If you are a first-time buyer looking to acquire any kind of property, you need to be very cautious and pay close attention to every detail and ensure that you reflect deeply on your decisions and that it doesn’t cause you any harm in the long run. However, you may overlook some things when you are looking to acquire an Executive Condominium and you should have basic information about the Rivercove residences price to enable you to do an early planning. If you are acquiring one for the very first time, you need to follow some steps and facts to assist you in making an informed decision.
Cost is one of the factors that you need to take into consideration. The reason why you need to consider cost is that it determines the affordability of the condo that you are looking to purchase. When you have cash on hand, you would be able to determine if you have the capacity to acquire the preferred property. This is to ensure that you get the best value for your money and to avoid ending up with unwanted features. No one likes to be on the losing side.
Another thing that needs to be considered is Funding. Are your savings enough to acquire for your Executive Condominium? If not, are you willing to go the extra mile to acquire such a property? As a first time buyer, you are advised to follow the tips highlighted above to assist you in the task.
One quick notes for first-time executive condo buyers in Singapore is that private housing developers like Rivercore Residence follow some rule in selling condo units. Check them out below:
Are you qualified to get an executive condo unit?
- You are eligible to buy an executive condo unit if you are a Singaporean or a permanent resident of the state for five years.
- You must be 21 years old and you must be applying together with one Singaporean citizen or PR.
- Your monthly salary should not more than 14 thousand Singaporean dollars.
- You are not qualified to get an executive condo if you own a private land that is not governed by HBD; or if you had just resold or disposed a land in the past 30 months or if you own flat or unit but did not fulfill the minimum time required for subsidized unit or flats in HBD or developer.
- If you just came from divorce relationship or marriage, you cannot also get an executive condo unit for the past three years from the date of divorce paper.
- You will not also be granted if you had canceled HBD housing programs and alike.
Can you afford an executive condo unit?
So, you are eligible to get an executive condo unit then let us move to your financial side. Purchasing an executive condo unit is not merely examining if you can afford the cost of the unit and there are other expenses like tax and other administrative fees. You may also need to check how much you can get a bank loan. Generally, you are required to cover five percent of the property choice fee, fifteen percent for the exercise fee and about cost of the buyer’s stamp which can amount to 12 thousand, six hundred dollars.
Now, let us move to your application. In this stage, you can apply for an executive unit regardless if the developer had already or not yet launched it. This will enable them to prioritize your reservation for the unit, in case you are interested. You can check out the Rivercore Residence on E-application for the executive condo unit. When the launch is scheduled, you will be one of those invited to attend for public viewing and to be prepared make sure you bring the following list of documents needed for reservation:
-proof of your residency
-the document that tells about your status in relationship
– the documents that tell your income
You may also need to pay a reservation fee for this but all is worth it. They will reserve your unit until you can secure all the needed for submission and after you already get finance and make payment for the unit the rest of all the necessary sales agreement should be signed and acknowledge by concern parties then you can already get your key for it. So, you see, it is a simple and not complicated process though you need to pass the qualification assessment just like others, you can live a luxurious living style at Rivercore Residence.