How to Know Which Singapore Condominium Project You’d be Able to Affor

You’ve decided you’re purchasing a condominium for your own. However, you can’t make up your mind which specific unit type to choose.

Real estate can be costly in Singapore. Once you’ve already signed up for a property, there’s no turning back. The thought of owning your dream place can easily be overtaken by the stress involved in keeping up with your monthly payments.

You don’t want to endure sleepless nights. Be smart when deciding which condominium you can only afford with your income and earning power. Let’s talk about tips how you can do so.

• Be honest with yourself how much you earn in a year.

Include any part time or freelance jobs you’re taking, along with any small business you may have. Don’t exaggerate. You won’t be able to get away with stating an income higher than you actually earn.

Also, always keep in mind that you will most likely be asked for a proof of income for the amount you have stated. There’s no use impressing the real estate agent with your income. They won’t be the ones that would get in big trouble once you begin missing your payments.

• Look into your monthly debts.

It’s not enough that you have considered how much youearn in a month or a year. You need to take into account as well everything that you regularly take out of your income.

These can be debts that you’re currently paying for. Say you’re still paying for gadgets you have purchased, or owe someone money and promised to make monthly payments.

• Consider your monthly expenses too.

Of course you cannot overlook your monthly expenses. This includes money you spend for your food and transportation needs along with payments you make for monthly utilities.

• See how much you have left.

After taking out your monthly savings and expenses from your income, see how much you have left to spend to shoulder another financial responsibility.

Look into the average price of the condominium project, say the Treasure Crest condominium Singapore. If you are purchasing the condominium unit with a partner, then you need not take care of everything.

Still, you can’t miss out on analysing your income and expenses.

• Ask yourself if the property itself could help you save money.

Real estate is a major investment. Don’t let ‘love at first sight’ be your only deciding factor.

Remember that you’d need to factor your growing needs as well. And don’t just look at the price of the condominium. Take a look at the amenities available too as this can help you save money in the long run. More important, it will help you avoid everyday stress.

TheTreasure Crest Condo, for example, is only a 5-minute walk from the nearest train station and is also located near recreational facilities. You won’t have to spend as much time and money to get to your routine destinations.

Once you have taken into account everything mentioned on this list, you’ll be able to decide better which condominium project and unit type you’d be able to afford. This is a huge investment so be realistic and don’t let peer pressure dictate your actions.