6 Condominium Promos You Should Ask Your Agent About
Did you know that brand new condos are sometimes cheaper than resale units? Developers usually offer discounts and promotions to attract potential buyers, which can make new condo complexes more affordable than older ones.
If you want to save on your condo purchase, here are 6 common promos you should ask your real estate agent about.
Some developers offer guaranteed rental income to attract real estate investors. For a few years, you’ll receive a return of about 4% to 5% without having to deal with the hassle of finding and managing tenants yourself.
However, the cost of the promotion may be built into the sale price of the condo. So it’s important to make sure that you’re paying fair market value for your unit before you take advantage of an offer like this.
Purchasing a condo is costly, so you may not have a lot of room left in your budget to decorate your unit and make it feel like home. That’s why many developers offer buyers a furniture voucher as an added perk.
It usually equals 3% to 5% of your condo’s purchase price and is often presented as a cash rebate. So if you don’t need furniture, you may be able to use your voucher for other things like moving-related expenses.
In an attempt to attract buyers, some developers have even offered vouchers for luxury goods. For example, Mont Botanik Residence used to give out $50,000 vouchers for Jaguar cars before switching to a 3% direct discount.
Stamp Duty Reimbursement
Buyer’s Stamp Duty is an unavoidable tax you’ll have to pay on your condo. Depending on the value of your unit, it could cost you up to 4% of the sale price, which is no small sum.
And if you’re buying a second property or you’re not a Singapore citizen, you’ll have to pay an Additional Buyer’s Stamp Duty on top of it. However, developers may reimburse you for some or all of these fees, which can help make your new condo more affordable.
Waived Maintenance Fees
Most condo complexes charge residents a monthly maintenance fee to pay for upkeep. It usually costs around $500 to $700 per month, but may be higher in luxury developments with lots of facilities and services. As a promotion to attract potential buyers, developers may waive this fee for the first few months or years that you live there.
Do you want a luxury car to go along with your brand new condominium? Some developers hold giveaways for buyers who have purchased a unit in their condo complex.
Normanton Park, for example, currently has a lucky draw featuring ten Mercedes Benz hatchbacks. However, there’s no guarantee that you’ll win anything from these raffles. So you may be better off purchasing a condo from a developer that offers direct discounts rather than lucky draws.
Early Bird Discounts
Most buyers prefer to receive direct discounts that lower the sale price of their condo rather than vouchers or raffle entries.
One of the ways you can get a direct discount is by attending the first public preview of a new development. Developers often lower the sale price of their condos during the soft launch to create buzz and attract potential buyers. You could receive a discount of up to 20% by acting early and buying into a new development before it opens up to the general public.
If you want to get a great deal on a highly desirable condo, you should ask your real estate agent about LIV at Mountbatten. It’s a luxury development in District 2, which is a sought-after area with reputable schools, top-rated restaurants, and lots of shopping options.
By signing up for the early bird preview, you’ll enjoy direct developer discounts on one of the most exciting new condo launches of the year.