Resale vs New Launch

Know the pros and cons before your property search

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Which is better? Resale or New Launch?

It is not uncommon to hear this when we first meet a buyer: should I go for a resale or a new launch?

Whether you are buying for your stay or for investment, there are factors you need to consider as both work. Here we listed down what you need to know when choosing your next property.

 

RESALE :

 

Early move-in / Instant passive income

You can move in or rent out the property within months after completing the sale of the unit. Investors can even buy a property with tenancy to start collecting rentals. Rental in the resale market is more predictable as past transactions within the development are instantly available to know the current rental yield and performance in the vicinity. House owners also find it less stressful to buy a resale as they have a ready unit to stay in rather than renting during the interim period for 3-4 years if they buy a new launch.

 

You see what you get

Completed property allows you to have the first physical feel of the real thing. Its condition, quality, and things that need to be done can be calculated and planned ahead before moving in. You can even save some renovation costs if the unit is well-renovated. Show units at the showflat are usually heavily ID treated to present the best feel of the house, however, it is quite a different thing in reality when you open into a bare unit after you collect your keys upon TOP.

 

You choose what is right

Buying a resale property gives you the freedom to choose the development you like, the details from the actual view from the balcony to who your neighbours are. You are also more confident in choosing the right unit when you walk the ground.

 

Bigger unit for lesser price

You can find big sizes of the same bedroom count in resales compared to new launches. Due to land scarcity, rising land prices, and construction costs, new launch units have been built much smaller in recent years. Not only do you have to pay more due to the higher psf, but you also might not get a good bedroom and kitchen size as an old resale condo. If you are lucky enough, you might also be able to find undervalued property from owners who are urgent to sell due to various reasons.

 

NEW LAUNCH :

 

Everything is new

Just imagine yourself owning the property first-hand as the first owner; everything is new for you to use. There is practically no need to spend on renovation, just fix the lighting and curtains, and you are ready to move in. Some developers are generous enough to throw in branded kitchen appliances and the finest fittings. New units upon TOP also come with a 1-year defect liability period, so you can have peace of mind that every defect will be rectified without any additional cost.

 

Better facilities

Developers are constantly improvising the trend, features, and design not only on the building itself but also by giving their residents the latest technology and a wide range of facilities in order to attract buyers. Some even come with services like telemedical, concierge, and even free cooking classes. So you can find yourself spoiled with choices when you pay a relatively reasonable maintenance fee for more than you can use.

 

Lower cost to start with

One good thing about buying a new launch is the flexibility of the Progressive Payment Scheme. This means that after paying the first 25% of the down payment, you do not need to pay the full monthly loan repayment until your home has TOP and received its CSC (Certificate of Statutory Completion). This gives first-time buyers and upgraders a good start to building their funds and saving up while owning a new condo.

 

Be the FIRST

You are the first few to be able to book a unit from a wide range during launch day. Most of the prices are likely to come with an early-bird discount, and star buys units are also available every now and then post-launch. With that, you can expect a high capital appreciation upon TOP, where many will be selling, and transactions will further push up the prices. Of course, the TOP effect is very much dependent on factors like the demand and location of the development.

With all the above in mind, sit down and look at what is best for you. Consider the crucial factors like your financial ability (whether you are ready to take a big loan now or later?), timeline (the urgency for own stay or wanting to get immediate passive income?), and future plan (how long are you going to hold the property?). There are many opportunities in the property market, be it buying a resale or a new launch, so it is important to analyse your needs carefully. Feel free to speak to us if you need to know how you can work out your options.

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