Pros of Buying Resale
- View and buy right now. Probably the most significant advantage of buying resale is the fact that you can see for yourself what the property looks like and assess its current condition. The waiting time is usually shorter as well; you can move in within weeks if the property is already vacant.
- Larger floor areas. In land-scarce Singapore, the size of houses will only get smaller. Some buyers prefer older properties for the bigger floor space and spacious living and dining areas as compared to newer properties.
- Better-developed amenities. Buying resale usually means the estate has been around for a while and therefore, would have better transport infrastructure and other facilities.
- Snag a deal. If you happen to meet an owner who is in a rush to sell, you may be able to negotiate for a lower-than-market-value price and save some money.
Cons of Buying Resale
- Higher renovation cost. If the property is old or the current decoration isn’t to your liking, you probably have to fork out a fair sum on repairing and remodelling the property.
- Older properties and surroundings. Even if you manage to spruce up your place to look brand new, the estate itself and common areas can be worn out and tired-looking.
- More expensive than new properties. The current owners are probably looking to profit from the sale, so you’ll be paying more than a BTO flat or new launch condominium bought from the developer.