We’ve covered the basics of new versus resale condos before, but now let’s get further into specifics. In practice, you’ll end up choosing between a mix of new and resale condos in a given neighbourhood; or you may have to consider a new launch versus specific surrounding resale condos. Here’s what you need to know, about making a fair comparison:
Step 1: List and compare prices of surrounding resale options
A typical approach is to compare developments within a one-kilometre radius of the new launch. This isn’t really a hard and fast rule though; you could also compare between a shorter distance (e.g., 500 metres) – you might do so if it means staying within walking distance of a school, MRT station, mall, etc.
Many people like to compare by psf only, but that usually doesn’t tell the full story especially if there is a mix of resale comparables with different ages. So you should also record down the overall...