The purchase of a condominium when it’s in the pre-construction period could be a bit hasty. In this scenario it’s possible that the property is purchased according to the architectural renderings on the sales website of the developer. The reality is that buying a unit that is not finished construction isn’t exactly simple.
Developers are known to alter the plans of a building’s layout as work progresses. This is necessary due to the numerous changes that occur throughout the construction process. Purchase contracts are drafted to be advantageous. In the case of a late complex completion will force delays on the buyer. It is possible that they will be put in the position of having to live in their home while permits are still being negotiated inwww.livatmb-condo.com.sg addition to certain aspects of the building itself.
Buyers can also be hurt by developers who attempt to sell units in the beginning stages of development and having more than fifty percent (51%) of condominium units. As time passes, developers may find themselves unable to sell off those remaining units.
LIV@MB located in the prime Meyer/Mountbatten neighbourhood in the East Coast.
It has 1 to 4 bedrooms types & only 298 units built on a relatively large land plot due to its low plot ratio in the area. It’s only 3 mins walk to the upcoming Katong Park MRT and short walk to East Coast Park. It’s also within a short drive to Marina Bay, Shenton Way, Jewel at Changi/International Airport, etc.
A condominium that’s not able to draw anyone new will probably experience a major reduction in the value of the units. Once they realize that there’s not a large demand, developers might opt to rent out units that have gone unsold. The total value of the unit sinks further.
It is advised to consult an experienced lawyer to insert conditions of their own into any purchasing contract. When determining a predetermined time for completion, buyers can ensure they will receive their money back in the event that a developer provides an incorrect estimate of time. This type of arrangement could also help safeguard the value of units that have been sold previously.
The timing of the completion needs to be at the discretion of the buyer. It is highly suggested that the proceeds of the sale of a unit, and also the deed, remain in escrow and under the supervision of the lawyer representing the developer. After it is sold by the developer as many at 51 percent their unit must this cease. Anyone who purchases the unit will have to pay occupancy fees to the developer, equal to the sum of a mix of monthly maintenance costs and the anticipated mortgage for as in the event that the contract is going as planned. Some developers may be attempting to convince you to pay these, but without respecting the terms you’ve outlined and be aware of how you deal with them go.
It is also important to keep condo maintenance charges in the back of your mind. The only time they are guaranteed is the first year of operation after the unit owners take charge of the complex are they guaranteed. Developers generally determine an initial budget based on the lower-end in order to increase the condo’s appeal to more buyers overall.
As time passes it is expected that a majority of unit owners will take control of the complex. It’s almost like the norm. Then, they’re affected by a significant increase in monthly maintenance fee that’s meant to cover the developer’s overrun costs. Beginning in the first year, buyers will take on and be prepared for higher maintenance costs. Naturally, this happens following the sale of the condominium.