Are you planning to buy a new condo? Here is a knowhow of all that you need to know while buying a new condo.
Price inclusions: Normally a contract accounts for price increases in the course of construction. There is also a provisional sum that is added with the total. Prices tend to change from the time a contract is made till the time it is fully executed. Only when the contract reflects the price change, it can be a good contract to be relied upon. The provisional sums are for those whose cost cannot be known beforehand. Some builders keep the trap here. They mention the same very low in the contract but later they say that it has become higher due to inflation.
Timelines: The timelines for payment should also be mentioned in the contract. We all know that there may be several interruptions during new condo launches in singapore construction mostly due to climatic conditions or non-availability of materials. A reasonable time limit should be given by the builder and this should not be taken by him as an advantage to postpone endlessly.
Payment stages: The payment for construction is done at various stages of completion. This is also mentioned in the contract. If you can see for yourself, you can visit the site and make payment after ascertaining the completion. If not, you can take the assistance of a professional who can help you check the progress of work. You should not entirely rely on what the builder says and transfer the payment without looking into the real picture.