Buying a resale condo

Inspect the unit and the development

Look for visible water marks, cracks, wear and renovation issues, and ask what needs independent checking. View the common areas and facilities you would actually use. Visit at another time if noise, access, sunlight or traffic could affect your daily routine.

Ask about recurring costs and upcoming works

Obtain the maintenance charges, ask about the management and sinking funds, and check whether special levies or major works are planned. Ask your lawyer or agent what documents can be obtained and who is responsible for outstanding charges. A low monthly fee alone does not show whether the development is well funded.

Compare transactions and confirm financing

Compare recent sales for homes with relevant sizes, layouts, floors and conditions. Before an offer, ask the bank about valuation and borrowing. A difference between price and valuation can increase the upfront cash required; fees and stamp duties are separate from the purchase price.

• Keep a renovation and maintenance reserve.
• Review BSD and any ABSD for the actual buyers.
• Confirm whether loan lock-in or redemption timing affects an existing property.

Clarify possession and the contract

Find out whether the sale is with vacant possession or an existing tenancy. Check what fixtures and furnishings remain, and agree the completion and handover arrangements in the contract. Have your lawyer review title, caveats, restrictions and the option terms before a binding commitment.

Make the offer part of a wider plan

A suitable home should also fit your financing and move date. Use the home viewing checklist for a consistent comparison and the mortgage repayment calculator to explore the ongoing commitment.