Why New Launch?
The main reasons for choosing a new launch include:
1. Newer facilities and features
The main appeal of a new launch is that it’s, well, new. You know it won’t be worn down by use, and everything will be bright and shiny. This does have an impact on rentability: many tenants prefer a condo where the pool is new and clean, the walls are still pearly white, the gym has all top-notch new equipment, and so forth.
Newer condos also have features that older ones don’t. For example, some condos today are smart homes, allowing the resident to control elements like lighting and air-conditioning with their smartphones, and to view the interior of the house by remote.
Other types of new facilities – such as rock-climbing walls and concierge services – are not common on older condos. These ideas just weren’t around at the time they were built.
2.Lower maintenance costs
The older a condo gets, the higher the maintenance costs tend to be. This is true inside your condo unit, as well as for the communal areas.
Within your own unit, older resale condos are more likely to have issues such as choked plumbing, yellowing walls, damp ceilings (usually from air-conditioner leaks) or failing water heaters. New launch condos have fewer such problems; and if you do spot them, most developers have a one-year defects-free period. That means they’d be obliged to fix it for free, so long as you spot it within a year of buying.
Outside your unit, there’s the issue of monthly maintenance costs. Older condos may see rising maintenance bills, with fewer visible returns. That is, the maintenance fees may cost just as much as a new condo, even though the facilities are clearly older and in poorer condition. That’s because some facilities, such as sauna rooms and pools, can cost more to maintain as the systems age.
3.Early bird discounts
Most developers offer discounts for buyers at new launches. This could be a direct price discount, or it may involve absorbing some stamp duties.
We mentioned earlier that, among resale units, you have greater potential to spot under-priced units. But the flip side is that it doesn’t always happen. Sometimes, there is no desperate seller, and the better, likelier deal is a developer’s early bird discount. If you just can’t find a good resale deal, maybe it’s time to look at new launches.
4.Wider range of unit choices
With resale condos, you must choose among the units that are on sale. With new launches, you typically have first pick of the unit you want (depending on the luck of your ballot and/or how early you buy).
Being able to choose allows you to pick units that you know are easier to rent out. For example, you can pick units with a better facing, or which have better access to the car park or pool than other units. Assuming you understand your tenant demographic, you can pick the units that you know will appeal to them.
The main reasons for choosing a new launch include:
1. Newer facilities and features
The main appeal of a new launch is that it’s, well, new. You know it won’t be worn down by use, and everything will be bright and shiny. This does have an impact on rentability: many tenants prefer a condo where the pool is new and clean, the walls are still pearly white, the gym has all top-notch new equipment, and so forth.
Newer condos also have features that older ones don’t. For example, some condos today are smart homes, allowing the resident to control elements like lighting and air-conditioning with their smartphones, and to view the interior of the house by remote.
Other types of new facilities – such as rock-climbing walls and concierge services – are not common on older condos. These ideas just weren’t around at the time they were built.
2.Lower maintenance costs
The older a condo gets, the higher the maintenance costs tend to be. This is true inside your condo unit, as well as for the communal areas.
Within your own unit, older resale condos are more likely to have issues such as choked plumbing, yellowing walls, damp ceilings (usually from air-conditioner leaks) or failing water heaters. New launch condos have fewer such problems; and if you do spot them, most developers have a one-year defects-free period. That means they’d be obliged to fix it for free, so long as you spot it within a year of buying.
Outside your unit, there’s the issue of monthly maintenance costs. Older condos may see rising maintenance bills, with fewer visible returns. That is, the maintenance fees may cost just as much as a new condo, even though the facilities are clearly older and in poorer condition. That’s because some facilities, such as sauna rooms and pools, can cost more to maintain as the systems age.
3.Early bird discounts
Most developers offer discounts for buyers at new launches. This could be a direct price discount, or it may involve absorbing some stamp duties.
We mentioned earlier that, among resale units, you have greater potential to spot under-priced units. But the flip side is that it doesn’t always happen. Sometimes, there is no desperate seller, and the better, likelier deal is a developer’s early bird discount. If you just can’t find a good resale deal, maybe it’s time to look at new launches.
4.Wider range of unit choices
With resale condos, you must choose among the units that are on sale. With new launches, you typically have first pick of the unit you want (depending on the luck of your ballot and/or how early you buy).
Being able to choose allows you to pick units that you know are easier to rent out. For example, you can pick units with a better facing, or which have better access to the car park or pool than other units. Assuming you understand your tenant demographic, you can pick the units that you know will appeal to them.