Decide what you need from the home
Write down where you would live and how much space you need. Include the monthly payment you are comfortable with and when you need to move. Keep those requirements beside you when looking at each project.
Check the total price and room sizes
The psf figure is useful, but you still need to know the total price. Check bedroom dimensions on a scaled plan and see where your furniture would fit. Look at how much of the unit is taken up by corridors and balconies.
Check the stack and surroundings
Check the facing and floor of the unit you are considering. Visit the roads and buildings around the site at different times of day. Ask whether a view is protected and what future development could change it.
Compare nearby resale homes too
I would include nearby resale homes of a similar size in the comparison. Check their age and condition, then allow for renovation and maintenance. That gives you a better idea of how much extra the new launch costs.
Budget for the time before completion
Add stamp duty and legal fees to your budget. Work out the financing costs and what you will spend on housing before completion, then allow for maintenance and renovation. Check the dated completion information against the contract. Your lender should confirm the loan position before you commit.
Check whether you can hold the home longer
Ask what happens if you need to hold the home longer than planned or your income changes. Decide how much cash you would need in those situations. I would use the maximum loan as a limit to check, then choose a monthly payment you are comfortable sustaining.
If you’re working through this for your own move, let’s chat about the details.