Aspiring homeowners and keen investors are always weighing the pros and cons between buying completed and uncompleted properties. But if you’re not the risk-taking type, the safest bet would be to go for completed ones. Here’s why.
1. You get to check out the actual property before writing a cheque
Taking a tour of the showroom is a great way to get a sense of the apartment – but it’s not quite the same as being in the actual unit you have your eye on.
Seeing the real-life unit will also allow you to see the exact layout, view, and its surrounding amenities, helping you make a more informed choice. This includes revisiting your budget if you need to renovate or put in new furnishings.
2. You can start renting it out – immediately
If you’re investing to rent out, buying a completed property makes practical sense because you can do so immediately. Instant income, no waiting involved.
Immediate rental returns are a great reason to consider completed properties – especially if the purchase already comes with a rental agreement in place.
At Corals at Keppel Bay, which received its Temporary Occupancy Permit (TOP), homeowners can immediately offer renters exclusive and luxurious apartments designed by master architect Daniel Libeskind.
The iconic property, developed by Keppel Land, is also a stone’s throw from Marina at Keppel Bay, which features prime waterfront living – where residents can enjoy an idyllic lifestyle with a stunning view of the sea.
3. You won’t have to worry about small-time developers
When buying a property still under development, you’re essentially paying for something that doesn’t exist yet. So unless you’re going with a reliable developer like Keppel Land, you could find yourself in a precarious situation. Unlike other small-time developers, Keppel Land has a steady track record in creating award-winning properties – both in Singapore and overseas.
Still, if you’re concerned about other developers going bust, going with a completed property should ease some of your worries.
4. You might score a home that’s already been renovated
Sometimes, you might be lucky to find a full-renovated property that needs to be let go by the original owner. This means you’ll get to save on renovation costs, especially if you share the same tastes for interior design.
If you’re buying for investment, you could hold on to it and resell at a later date with only minimal or no changes, boosting your profits.
Even if the property has not been renovated, some new condos that are fully built come with premium furnishings and kitchen appliances, such as those developed by Keppel Land.
5. You can get a more accurate sense of the property’s value – in real time.
Because you can’t see the finished product, it might be difficult for you to fully appreciate its value.
Buying a completed property lets you calculate the value of your purchase in real time. You can take a walk around the compound, try out the facilities, and explore the surrounding neighbourhood, instead of imagining what it’s like in your head.
Different homebuyers prioritise different needs, so having the advantage of experiencing the space in real time will give you a better and more personal estimation of the property’s value.