Buying a luxury condominium in Singapore is a dream for many people and for good reason too. Living in a luxury condo will introduce you to a whole new lifestyle that few will ever experience. From the deluxe interior, services available on your doorstep and breathtaking views, living in a luxury condo is truly an amazing lifestyle. But what factors should you actually consider when looking for luxury condos for sale? After all, purchasing or even renting a luxury condo is no cheap feat. It can be extremely expensive, especially when you decide you want to live in the premium condos throughout Singapore. Here are some of the main factors you should consider.
Your income will be the number one factor that you should consider when thinking about renting or buying a luxury condominium in Singapore. Will your income cover your payments? Will you still be able to live a high quality of life? Or will all of your money be spent on making repayments? Many individuals who purchase a luxury condo soon find that they’re spending 90% of their income just making payments. As a result, they end up with little to no money to actually do the things they want. They soon find themselves stuck in a situation where they need more money, or they will no longer be able to afford their payments. Make sure that your income covers not only your condo payments, but also the lifestyle you want to live. There really is no point in owning a flashy home if you can’t afford to put food on the table.
As well as having an income that covers your payments, you also need enough money in your backup funds should something go wrong. In a somewhat turbulent job market, it’s possible that you could lose your job at any time. Should this happen, do you have enough money to cover your expenses? It is suggested that your backup fund should have enough money to carry you through a year should anything go wrong. If your backup fund only has $3000 and your monthly payments are $3500 then you’re setting yourself up for failure. You need to have enough money to cover yourself should something go horribly wrong.
Another important factor you need to consider is your short term goals. If you have a job in Singapore, how long do you plan on staying in that position? Do you have plans to get a promotion? Or will you be moving companies in the next few years? Considering such goals will determine whether or not making the investment is worth your money. After all, there’s no point in making the investment only to move out of Singapore two years later. You will also want to consider factors such as your family goals, the size and suitability of the condo and the proximity of the condo to your workplace. Make sure that your purchase fully aligns with your short term goals, otherwise you could soon find yourself regretting your investment.
When buying a luxury condominium in Singapore, you also want to consider your return on investment. Is the price of your luxury condo predicted to rise in the next decade? Do you plan to rent out your condo to build a new income source? There’s nothing worse than spending six figures on a condo, only to find that you receive little to no return from it. Before making any investment, you need to consider the return you will receive. If you have no plans on renting or selling the condo, you want to assess the quality of life your investment will allow you to live. If you and your family will be happy living in the property, then will the investment be worth the hassle.
As well as your short term goals, you also need to look at your long term goals. Will you stay in Singapore for the next decade? If so, will you choose to rent out your luxury condo? Will you allow your parents to stay in the condo? Will you raise a family there? You need to consider these goals as they will help to determine your actions. Although it can be difficult to predict where you will be in ten years, no damage can be done thinking about them.
By considering each of these factors, you will ensure that you’ve made the right decision when it comes to buying a luxury condo. Whilst owning a condo will certainly allow you to live the high life, you need to make sure it aligns with your goals both currently and in the future, as well as make sure you have the financial circumstances to meet your payments.