Before you go straight to point of buying a ec condo, there are some few things to consider and we are going to help you get through it before you get into any funny trouble. The tips are as follows
First, you need to know if you are eligible to buy a new executive condo at Choa Chu Kang. Different countries have different rules and regulations.
Here are some eligibility criteria considered in Singapore,
- Age should be above 21 years
- If you are planning on buying a singles scheme, you need to have citizenship pf Singapore
- To qualify for a EC household, you income should not exceed $14,000
And there are many more under family and property ownership as well. Make sure you check if you are eligible before you move forward.
Once you know you are eligible, consider your budget, type of property you are looking forward to buy and the additional facilities.
Did you know that after 10 years of living in these condominiums, they are automatically turned into private property? And you will no longer be restricted by the HBD rules and regulations.
Once the property is made private you can have it invested or sold to a foreigner. If you are planning on heading that way, you need to check the market as well, what sort of location foreigners tend to buy from and so on. Check out the Inz Residence EC site plan and get an idea on where you plan on buying.
You need to also learn about the payment schemes regarding the condo. There are 2 schemes as Deferred Payment Scheme (DPS) and Normal Payment Scheme (NPS). Make sure you learn or have an idea on how the payment works and whether you are able to work it out.
Also, make sure you ask them about the maintenance fee. Now this differs from one condo to another so make sure you get it sorted out as well.
Another advantage is that you pay lesser to an ec condo than a private condominium but gets almost the same facilities. Nowadays you can hardly tell the difference between them.
And before you start upgrading do make sure that you have researched on what you have to do. For example, there are levees that are to be paid if you purchase a HBD flat after selling one and the price differs from the size.
Hope you have an idea on how to purchase a new ec for you or your family. It does look a bit tricky, but if you go through all the rules and regulations that you are to follow carefully, it wouldn’t be a big deal. Do your homework, have it all researched and ask from you friends who live in condos. You’ll get clearer idea.