Believe it or not, the best person to answer this question is you. That’s because choosing a new or resale property comes down to three important factors – what you’re willing to pay, how much you like the property, and how long you’re willing to wait to move in.
Once you figure that out, the choice will be clear. To make your decision easier, here are two tables showing the advantages and disadvantages of both:
|
Buying a New Property
|
| Advantages |
Disadvantages |
- Many developers offer progressive payment plans so you can pay installments according to the property’s completion rate
- You’re entitled to a 1-year Defects Liability Period (DLP), meaning the developer will correct any defects in construction/fittings/fixtures
- You have greater power to choose the unit that you want to buy
- New properties are eligible for housing grants
- New properties have the latest fixtures and fittings
- Developers may throw in freebies like shopping vouchers
- New properties have a more modern and creative appearance
|
- New properties are typically more expensive to buy than resale properties
- Prices for new properties are fixed, so there’s no room for negotiation
- You’ll have to wait up to several years before you can finally move in
- Seeing a floor plan or showroom isn’t the same as walking through a completed property
- Many new properties don’t have centralized dumping chutes for rubbish
- Many new properties are in non-matured estates
|
|
Buying a Resale Property
|
| Advantages |
Disadvantages |
- You can bargain with the seller to negotiate the selling price
- Resale properties are generally cheaper than new properties
- You can move into a resale property within weeks
- You can visit a resale property to see the actual condition of the property
- Resale properties typically have more living space than new properties
- Resale properties are typically in mature estates with amenities
- Resale property purchases are also eligible for housing grants
|
- There’s no progressive payment scheme so you’ll have to immediately make payments on the full loan amount
- You may have to pay for renovations if the property is in bad shape
- Older fixtures and fittings may need replacement
- Older properties may have an plain or dated look
|
Many Singaporeans prefer to buy resale flats because they’re in a rush to settle into their new home as quickly and affordably as possible.
But before you buy a resale flat, make sure you visit the property and familiarize yourself with the neighborhood. Because if you don’t, your dream home might be a nightmare – especially if the property has defects or the neighbors are noisy.
