Why Resale Properties Are Always In Demand?

With so many new launches in the market each year, one will be spoiled for choice when deciding which to purchase. Moreover buying a new launch means you get to enjoy perks like deferred payment schemes, developer discounts and brand new, modern amenities.

But surprisingly, resale condominiums are in high demand too! As mentioned in our previous articles, resale condominium volume has in fact reached a 2 year high in August 2020. Do you know why is that so?

Let us examine the reason behind why resale condominiums are attractive to buyers!

1. Lower Per Square Foot (PSF) Over the past 2 decades, the psf for private properties have seen a growth of 157%! Prices for private properties are consistently rising, especially for new launches. However, when it comes to resale condominiums, prices tend to see lower appreciation, making it much more competitive as compared to new launches.

Interested buyers can expect a lower PSF and this effectively mean that one will be able to get a bigger size unit should he/she choose to purchase a resale condominium instead of a new launch.

2. Bigger Unit Size With the increasing population size yet decreasing household size, the demand for property has been on a rise. Coupled with ​the rising land and building costs, ​newer launches are focused on ​maximising space and ensuring they are used as efficiently as possible​. Hence the size of individual new launch units are getting smaller and smaller.

But for resale condominiums, you will not have this problem. Older condominiums offer a more generous size, making it attractive to homebuyers that prioritises the available living space in their home.

3. Affordable Quantum Thanks to the lower PSF, resale condominiums will usually come with a lower and more affordable quantum. This means the absolute price will be lower or priced very competitively when compared to nearby developments. This is particularly advantageous for investor buyers who are looking to rent the unit out for monthly rental passive income. You will be able to demand a similar rental as other nearby developments, which means a better rental yield potential.

4. Ready to Move In Unlike new launches which require buyers to wait a good 4 to 5 years for the development to be built up, resale condominiums are usually available for move-in within a short period of roughly 3 - 4 months. Furthermore, the previous owner will have already renovated and fully furnished the unit, so you are less likely to go through a round of full renovation. Not only does this save you time, you save money too!

5. No Surprises, Buyers Get What They Buy One thing that new launches cannot beat resale condominiums is the fact that buyers get to view the actual unit and know the actual condition of the property & facilities. Surely after spending $1Million on a property, you do not want to realise on the day you get the keys that the smart technology it boasts does not work as smartly as you thought it would? Or find out the unit, whole development design and/or condo facilities are not as great as you assumed?

You see, new launches’ models are ​dressed to the nines with design elements to excite you. But ​resale condominiums allow the buyer to be there physically to view the property. From the surrounding environment to the interior of the unit itself, the buyer can get a good grasp of what it will be like living there. There are no surprises, buyers can really get what they see.

All in all, resale properties might not have the latest features or newest facilities. But buyers will have access to necessary information like the historical price trends and rental yield potential. One might even spot a truly undervalued property!

Are you looking for a resale condominium that fits your bill? ​We are Pamela & Shirley from Wonderhomes.sg! Click comment below or drop us a PM & we will get back to you soonest!