Many people mix the concept of a condominium with a residential complex. It is not a typical apartment inside the building but a particular unit within the community. Its tenants enjoy the benefits of common facilities within the condominium, such as parking lots, parks, spa, shops, playgrounds, etc. These are not public goods, but the ownership of condominium tenants.
Ang Mo Kio has become a popular area for building condominiums and a frequent choice of real estate buyers in Singapore. There you can find freehold units, which is not often the case in this city-state. More information about the concept of freehold condominium on this page.
More Affordable than the House
One of the best reasons to buy a condo is that they are generally less pricey than a house anywhere in Singapore. That is especially true when you are buying real estate located in a prime real estate location. Another benefit is the price of this real estate, which is relatively stable over the years. So, if you think of selling or renting your condo sometime in the future, you could get a good deal.
Living in a condo in Singapore is not cheap, as you have more expenses than just a price of the lot and a residential unit. You must pay for association dues, which can go up to a few hundred dollars per month. But these go with many conveniences, such as safety locks, video surveillance, security systems of the highest quality, outside maintenance, etc. With all that, condos are still more payable than a house.
Affordable Financing Options
The nice thing about condominiums is that you do not have to worry about how you are going to pay for the unit you buy. It is a good idea to look at the different financing options available. You can go with cash and get discounts, or you can ask for a condo loan.
Getting a condo loan is quite accessible, even when you are a first-time buyer. Down payments are usually not high, which is good if you do not have enough savings. You can look for lenders offering the best possible interest rate and loan terms.
Safe Environment
The popularity of living in condominiums is contributed by the fact that it is a modern construction concept. It offers the comfort and privacy of your own home, but again, you are within a small community. For people enjoying the company and friendly neighbors, condo living is the real thing.
Check the link below to see whether this type of living is right for you:
https://www.everythingzoomer.com/money/personal-finance/2014/06/25/is-condo-living-right-for-you/
Condominium corporations are doing their best to provide unit owners with a sense of security. Not only do you have a great community to live in, but you can enjoy using shared facilities and feel safe and secure. These are only available to tenants, who can enter inside condominiums only with cards or codes.
Condos come with their security system that works in conjunction with the security network of the entire complex. You will find that most condominiums in Ang Mo Kio have high-tech video surveillance and alarm systems.
Some condos have the latest security mechanisms, especially those in big cities like Singapore. That gives tenants a sense of protection against theft or break-ins. If you are worried about someone breaking in, you can rest easy knowing that you have a great security system in place.
Ease of Modification
When you pay for a condominium unit, a lot, and a condo on it are your personal property. If you buy a freehold condo in Belgravia-Green-Villas, you have certain freedom regarding your living space arrangement. You pay for everything inside you plan to do. That would not be possible for condos with shared walls. In that case, all the tenants would be in charge of building renovation, and they would share costs.
Keep in mind that all condominium units are made to specific standards. It means that you cannot redesign your home to stand out from the rest of the complex. If you need to renovate a condo, you will probably need additional documentation and permits from the condominium owners.
Apartment buyers are getting more particular in their search for the ideal home, which will provide a modern family with a peaceful environment and proximity to city events. They need a space that combines security and ease of living as in an apartment, but also the comfort that the house provides. Condominiums offer all that, and that is why they became popular in Singapore.
