Condominiums are an alternative to the traditional single family home. Condominiums are a type of living space for which the boundaries of the individual units are defined by walls, floor and ceiling rather than exterior walls. A limited common element in a condominium refers to any portion of the property that is shared among two or more owners. This includes hallways, stairwells, and other areas that are not designated as private spaces belonging to one owner or another.
Make Sure You Have Enough Space for Your Lifestyle
For those considering condominium living there are many factors to consider such as location, size and number of bedrooms/bathrooms desired. For example those looking for close proximity to work may want to find a smaller condo closer in town while someone with no need for immediate proximity could live in a larger condo further outside of the Singapore city.
Make Sure You Consider the Cost
Condo costs vary widely depending on location and amenities inside the unit such as whether or not they include appliances. It is important to keep in mind that there are more specific factors that contribute to purchase price such as common fees, utilities, taxes, and neighborhood demographics which can be determined by asking the appropriate questions.
Choose a Condominium in the Right Location
Purchasing a condominium is different than purchasing a house in that you are paying for your individual space and the limited common area shared among all owners in the building. This means you will need to be more involved with budgeting such as understanding how much utilities, property tax and insurance costs will be. Most buildings require a certain level of insurance to cover the costs for you and your neighbors in case of an emergency.
Consider Its Ownership, Maintenance, and Living Costs
It is important to think about how much time you will need to spend on upkeep and maintenance when considering which building is right for you. If you are looking for hands off living it could be beneficial to purchase a unit that has previously been fully renovated and that includes appliances.
The Security Service Is an Option to Consider
A major positive to condominium living is the sense of security you will feel knowing that your unit is not immediately accessible to all other owners in the building. Another benefit is that if you are looking for a short term or long term residence it can be beneficial to purchase a condo where the owner lives in the unit as opposed to a unit that is left empty. This practice tends to increase the resale value of non-owner occupied units and usually means that building will be well maintained.
Whether you know exactly what you’re looking for or not, it’s important to take the time and make sure that when you buy a condominium, it is right for your needs. We hope this article has been helpful in giving some insight into how to find the perfect condo for you! If there are any questions we can answer, please do not hesitate to reach out.