New launch vs Resale condo – Things to consider before buying

River Place. Picture: iProperty

Buying a condo? That’s got to be one of the biggest decisions of your life.

How do you make up your mind? Here are the 6 things you need to consider while purchasing one:

1. Price Negotiation

Markets are dynamic, the economic environment challenging, so the prices you are being quoted are up for negotiations.

Here’s how they are likely to play out though:

New Launch Condo

Artist’s impression of Qingjian Realty’s JadeScape, Singapore’s first fully-smart residential development. Picture: Qingjian Realty

Most developers work here on a fixed price with absolutely no room for negotiation.

You may manage to get something exclusive here and there, but it is unlikely that you will be buying something at significantly lower costs than your new neighbour.

Resale Condo

Here you have a greater chance of haggling for some great deals, especially in cases where the owner is in a hurry to sell. It could be a relocation or just a new investment.

On the other hand, you may also wish to consider that in today’s market, developers are also very keen to sell their units – so look forward to discounts ranging from early bird to discount-for-no-reason discounts!

2. The end-product

Is what you see, always what you buy?

New Launch Condo

This is a little like online shopping! There is always that element of surprise in terms of the finished product. After all, you will be relying on the developer’s site plans when visualizing your new home.

Resale Condo

The end-product is standing in front of you – to see and to touch!

Swimming Pool, Silversea, Condo. Picture: iProperty

3. Size matters

Starting a family? Have in-laws/parents staying with you? Then the size of your rooms matters.

New Launch Condo

These buildings tend to be more spacious, which is great news if you intend to be an owner-occupier.

Balcony, Park Place Residences. Picture: Lendlease

Resale Condo

Contrast that to the new condos, which have glitzy finishing and high-end barbecue pits, landscaping, etc., but smaller rooms.

See morePark Place Residences to be launched in April

4. Choice of units

Superstitious? Or love the thought of staying at a lucky unit. Patience and prudence are crucial here.

New Launch Condo

If you are particular about where your home should be, you may want to get in line for the early bird offers at a new sale condo. You will be able to choose the facing, level and stack according to your preference.

Resale Condo

You may end up compromising here and there or be ready to wait for a long time for the ‘perfect’ unit.

5. Fittings and furnishing

A home has its trappings. And you need to have a neat budget for that.

New Launch Condo

All fittings and furnishings in a new sale condo will be brand new, plus they are covered by a one-year defect liability period.

Living area of the five-bedroom smart demo unit located in the JadeScape Sales Gallery. Picture: Qingjian Realty

Buying the condo also allows you to do up your new home as per your specifications since you will not be tied down by the previous owner’s choices.

There will also be the added benefit of getting to own a property with the latest furnishing and modern facilities.

Resale Condo

You need to take in consideration renovation costs. It is quite likely you may end up spending a small fortune in repairs and upgrades. And not to mention, styling it the way you want.

See more10 Condos with Amazing Gyms & Exercise Zones Built-in or Nearby

6. Rent

Your sale decision should depend on what you plan to do with your purchase.

New Launch Condo

While many tenants prefer newer developments, that may emerge as a plus point, if you plan to rent. However, a new sale condo makes perfect sense if you are planning to make it your first home.

Style it the way you want, give it your personal touch and make the house your home!

Resale Condo

If you intend to rent your condo out, buying a resale condo makes more sense because you will be able to rent the finished property out as soon as you buy it, and pay for the mortgage with your rental.

There is also the added benefit of specialized leasing agents who help in renting out units.

Ripple Bay. Picture: iProperty

Still making up your mind? Then here’s some more reasons in favour of new launch condos. 

  • Budget wise: New sale condos can be bought at the developer’s price, cutting out the agent’s commission in the process. This saves you a lot of money since the developer foots the agent’s bill.
  • Facilities: New condos have better and more facilities to offer as compared to resale properties. Also, the common areas tend to be a little worn out and dated when it comes to resale ones.

Lastly, if you are not willing to play the waiting game and want to have a home right away, then pick a resale condo as a new property brings with it the uncertainties of timelines and project delays.