Buying a condominium or any other property is one of the biggest investments that you can ever make. Prices of luxury condominiums like Singapore’s Martin Modern project will be higher than your average condominium. Such an investment must only be made when you’ve done enough research in order to avoid paying unnecessary expenses. There are methods and tactics you can employ in order to minimise the expenses you can incur during the buying process.
Tips to minimize expenses
- Look around – the first and easiest method of minimising your expenses is to settle for a condominium that is priced at or below the market value. If you have the time, look for condominiums from different places using different resources. Do not be shy to look around. With luck, you may strike a bargain and buy a condominium at a fraction of its normal selling price.
- Plan your viewing trips accordingly – some of the expenses you incur involve going to view condominiums on offer. In order to minimise travel expenses, plan your viewings accordingly. Do not visit a single condominium in one day. Visit several condominiums in the same vicinity in one trip. This will help you to cut down on transport and time costs.
- Hire affordable professionals – you will need lawyers and real estate agents on your side. You need to make sure that you hire people who are experienced and at the same time, charge reasonable rates. You need a mix of value and experience and you will reap the rewards.
- Moving into your new home – you may buy a new condominium when you have already bought some furniture for yourself. If you have got a lot of friends, you can ask them to help when you are moving into your new residence. However, if this is not possible, you will have to hire professional moving services. Make sure you hire affordable people who will handle your goods with care. If your furniture breaks, you will have to buy it again and that is an unnecessary cost.
- Pay a booking fee when you are sure of what you want – you should only pay a booking fee when you are sure that you have the required financing or have made the right condominium choice. If you end up having cold feet, you will only be refunded a portion of the booking fee meaning that some of your money will have gone for nothing.
- Have savings of your own – you need to have savings of your own before you buy a condominium. Having your own savings means that you will not fully rely on loans, and therefore avoid paying excessive interest.
- Do not cut corners – do everything by the book and make sure that everything is above board. In the long run, you will not need to redo the things you may have done earlier. Redoing things will cost time and money.
Be financially wise
There is no need for you to spend your hard-earned money on small and hidden expenses when buying a condominium. All you need is to be clever and attentive. Ask questions when things are not clear and always consult a third party to help you make informed and objective decisions. Remember that a condominium is a lifetime commitment, you do not need to hurry.