Checklist for Resale Condos and New Condos by BCA
Checklist for Resale Condos and New Condos by BCA link below. 85% of new condos in Singapore give warranties on big parts and work. This makes buyers feel secure.1 The Building and Construction Authority (BCA) made a detailed guide. It’s for people buying both new and used condos. This guide helps buyers understand the condo’s features. It also shows how to deal with the condo’s rules and management.
Key Takeaways : Checklist for Resale Condos and New Condos by BCA
- BCA’s checklist covers crucial resale and new condos aspects, ensuring a well-informed purchase decision.
- The checklist helps prospective buyers evaluate a condo’s condition, amenities, permitted alterations, warranties, by-laws, and other important factors.
- This resource is valuable for new and resale condo buyers in Singapore to make an informed choice.
- The checklist covers understanding the building and its features, costs and monthly contributions, reviewing documentation and records, management and governance, and legal considerations.
- First-time condo buyers can also find guidance on their roles and responsibilities as unit owners.
Understanding the Building and Its Features
Before you buy a condo, look closely at its plans and what you get. Really get to know where the boundaries lie and what you share. The share value is set by the Commissioner of Buildings (COB).1 This share is based on how big the floor is, how many people live there, and how the common areas are used. Your share affects what you pay in fees, your say in votes at meetings, and how much of the condo you own.2
Permitted Alterations and Renovations
Know what you can change inside your condo, like moving walls or adding a balcony. There might be rules that limit these changes. Changes that make the condo bigger need a 90% vote from the Management Corporation (MC).Also, if you don’t keep the outside safe and it hurts someone, you could face big fines or even go to jail.
Amenities and Facilities in the Development
Check out what common areas and features they have, like a gym or a pool. If you won’t use these, you’re still paying for them. Rules made by the BMSMA and MC cover things like parking and what you can’t do on the shared spaces.
Evaluating the Condition of the Unit and Building
When reselling condos, check how the place looks inside and out. If there are problems, fixing them can cost a lot and affect how much you can sell or rent it for.1 The Quality Housing Portal by BCA gives info on how well past buildings were made. This helps buyers pick good condos.1 Looking at the council meeting notes gives hints on how well the condo is managed.1
Understanding the building’s details can help you choose carefully and stay within your budget. Need help? Contact the BUYCONDO Team at 94507545.
Costs and Monthly Contributions
Knowing the monthly fees is key when buying a condo.3 It’s crucial to understand what you’re paying for. Ask for a list of what those fees cover.
Breakdown of Monthly Fees
Compare the fees with other condos in the area to see if they’re fair.3 Make sure to ask about any future work that might raise the fees later on.1
Parking Fees and Availability
Find out if you get a parking spot with your fees, especially if you don’t have a car.3 Check what’s included and if extra parking spots cost more.
Anticipated Maintenance and Upgrading Costs
For older condos, ask about recent upgrades. This tells you if fees might go up soon.1 Also, inquire about future maintenance on things like elevators. It could affect what you pay later.3
Knowing what’s in your condo fees and what to expect can help you plan better. The BUYCONDO Team at 94507545 can help you through all of this.
Checklist for Resale Condos and New Condos by BCA
Reviewing Documentation and Records
The BCA’s checklist for resale and new condos suggests a detailed review. It advises checking financial documents, AGM reports, and the managing agent’s details.1 By looking into these, prospective buyers can understand the estate’s condition.
It also helps foresee any upcoming costs. This might affect their monthly fees.
Warranty Coverage and Duration
Checking the condo’s documentation is key. It’s crucial to know the warranty on the unit and how long it lasts.1 This helps decide who pays for repairs.
It’s vital for both new and resale buyers. They should also assess the managing agent’s reputation. This can signal how well the estate’s managed and how they deal with issues.1
| Key Factors | New Condo | Resale Condo |
|---|---|---|
| Reviewing Documentation and Records |
| |
| Warranty Coverage and Duration |
|
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For more info, contact the BUYCONDO Team at 94507545.
Management and Governance
In Singapore, condos follow a self-governance model under the Building Maintenance and Strata Management Act (BMSMA).1 Potential buyers must know about the rules. These rules can affect what you can do in your unit and the shared spaces.
By-Laws and Regulations
The by-laws and regulations for condos are key for peace and order. They cover pet rules, noise limits, and more. Knowing these rules before you buy helps make sure you choose the right place for you.1
Role of the Managing Agent
Managing agents (MAs) play a big role in condos. They keep everything running smoothly. MAs look after common areas, enforce rules, and manage repairs. They also help with the MC-unit owner communication.1 It’s vital to understand what MAs do to judge how well the condo is managed.1
Understanding Strata Living
Learning about ‘strata living’ is important for condo buyers. As an owner, you share the common areas with others. Everyone pitches in to keep these areas up. This teamwork is a big part of living in a condo.1
For details on condo rules, management, and living, get in touch with the BUYCONDO Team at 94507545. They offer expert advice to help you make a smart choice.1
Legal Considerations
Buying a condo means checking for any condo legal issues tied to the Management Corporation (MC). It’s wise to see if there are current legal battles involving the MC. This way, you know if you might have to help pay any legal fees.3
Ongoing Legal Actions
Finding out if there are legal actions happening against the MC is key. You might have to pitch in for the legal costs. Making sure there are no legal battles can mean a smoother time for the condo’s residents.3
Consulting a Lawyer
It’s a smart move to consult a lawyer before you sign for a condo. A lawyer can explain your rights and what you’re responsible for as a unit owner. This advice can prevent legal headaches and is tailored to your needs.3
Tips for First-Time Condo Buyers
If you’re buying your first condo in Singapore, knowing what’s expected is key.1 You’ll be part of the group that makes decisions. This means joining meetings and voting on changes.3
Roles and Responsibilities as a Unit Owner
It’s important to get used to “strata living” and what it involves.1 You will help keep the place nice, maybe by paying more for repairs. You and others will share this responsibility.1
Active Participation in Decision-Making
Being involved in your building’s decisions is a must.3 Attend meetings and speak up. You’ll vote on things like fixing the place, adding new features, or changing rules.3
Joining together to keep shared spaces clean and safe is part of condo life.1 It could mean paying more sometimes for big repairs or improvements. Knowing your part in this upkeep is vital for a good condo experience.3
If you’re starting out with condo ownership, the BUYCONDO Team at 94507545 is ready to help. They offer important advice and help so you can buy smart, fitting what you need and can afford.
Comparing New and Resale Condos
When you think about buying a condo, you should look at the good points of each type.3 New condos give you warranties on big parts and work. This makes buyers less worried. They often look more up-to-date and useful. Prices for making new condos nice are usually lower than for HDB flats.
Resale condos have their own benefits. You could find them in neighborhoods with a lot going on. They might cost less, and you can see if the place is well taken care of.
Each has something good to offer. It’s up to you what’s most important.
Advantages of New Condos
Getting a new condo means you get a warranty on important parts and work.1 Some come with a free shuttle bus service in the first year after it’s ready, but you might need to pay for it later as part of the upkeep costs.
Expenses could go up after the first year because the developer might not cover all costs anymore.1 And, as time goes on, you might have to pay for fixes that the warranty doesn’t cover.
Benefits of Resale Condos
Resale condos can let you join a well-set community. You can check how the place is run. And you might get a good deal.
But, there might be issues with neighbors. You should check how much you’ll pay each month and if it’s fair.1 More costs, like fixes or big maintenance, can mean you pay more later.
If you buy a resale, ask about recent maintenance, look into the place’s updates, and read through past council meetings to understand how it’s managed.
Conclusion – Checklist for Resale Condos and New Condos by BCA
The BCA checklist for condos in Singapore is a great tool for buyers. It covers everything you need to check when buying a condo, like the building’s features and costs. It helps you make a smart choice that fits your lifestyle and budget, whether it’s a new or resale condo.
First-time buyers need to know what it means to own a condo. You’ll be part of the Management Corporation and have to help make decisions and keep the place nice. With the right help, you can buy a condo with peace of mind, knowing it’s the right choice for you.
For more help in buying a condo, call the BUYCONDO team at 94507545. They can guide you using the BCA checklist and their expertise, making your purchase successful and informed in Singapore. This info is crucial for anyone looking to buy a condo, new or resale, helping you create a condo buying checklist and make the best condo purchase decision.
FAQ
What does the BCA checklist cover for both resale and new condos?
The BCA checklist covers important points. These include learning about the building and its features, costs, and monthly contributions. Reviewing documentation and records is a key part. It also looks at management and governance. Understanding legal considerations is also crucial. There are tips for first-time condo buyers.
Why is it important to review the unit’s drawings and specifications?
Looking at the unit’s drawings and specifications is important. It helps buyers know about the unit’s boundaries and share value. It also shows what changes can be made, based on the rules.
What should buyers consider regarding the monthly condo contributions?
Buyers need to know what the monthly condo contributions cover, including amenities and services. They should also make sure the fees are fair compared to other developments.
They also need to know if parking is included. Or if they need to pay extra for it.
Why is it important to review the documentation and records of the development?
Reviewing financial documents and reports is insightful. It shows how the development is managed and maintained. Knowing the remaining warranty coverage is important for buyers.
What should buyers know about the condo’s by-laws and regulations?
Understanding the by-laws is crucial. They impact what buyers can do in their unit and common areas. Buyers should also learn about ‘strata living’. Knowing their responsibilities as unit owners is important.
What legal considerations should buyers be aware of?
Buyers need to check for any legal actions against the Management Corporation (MC). They might have to help with legal fees. It’s smart to get legal advice before signing anything. This ensures they fully understand their rights and duties.
What are the key responsibilities for first-time condo buyers?
First-time condo buyers must take part in managing their estate. This includes attending and voting at meetings. They share the duty of keeping the place in good shape. This might mean paying more for repairs or upgrades.
What are the main differences between new and resale condos?
New condos come with warranties and modern designs. They might also have more amenities, offering buyers peace of mind. On the other hand, resale condos bring a sense of community, possibly lower prices, and a history of the development’s upkeep.
