This is a common practice for many Singaporeans, they choose to take advantage of the rental program and wait for the value of the unit to rise. More buyers have decided in recent years to buy apartments instead of houses because of a resurgence in urban living. Condos are usually located in urban areas and within walking distance of shops, restaurants and other attractions.
Condominium units can vary in size, and the design of the building determines how many walls a given unit shares with neighbors. Condos offer residents the opportunity to take on homeownership without the hassle of yard work, snow shovel or home repairs. Building corridors, entrances and common areas are also staffed by cleaning or maintenance staff, so you just have to worry about your living space. You don’t have to live in a luxury apartment to enjoy pleasant amenities.
Buyers can choose between a traditional home or an apartment when buying a home. Aside from the location, the type of property is one of the most important decisions you need to make. Homeowners buy the home and the land it sits on, while condo ownership includes only perfect ten the living space within the condo unit and part of the common areas of the condo building. There are pros and cons to both types of housing, and lifestyle and cost can help determine if a single-family home or apartment is one that is more suited to your needs.
As a condo owner, you are co-owner of every common area the condo building has to offer. Many buildings offer tennis courts, swimming pools, a fitness center, a theater hall, and other amenities that you may not be able to afford on your own. It seems foolish to think about selling an apartment or house that you haven’t even bought yet, but you should consider long-term marketability before making a purchase. Houses are more likely to offer good investment opportunities, as apartments are just as valuable as the units around them.
Another advantage of the house is that it allows for additional indoor and outdoor space, which is more conducive to housing families, children and pets. Homes also have more storage space in closets, attics or basements. Houses offer more privacy because neighbors don’t live as close as they do in apartment buildings. They also describe common areas, such as parking lots and service areas, and what only a few residents share, such as communal gates, mailboxes and patios. Understanding this information will give you an idea of what you are responsible for when you become an owner and the HOA regulations you must follow. And while apartments are individually owned as single-family homes, they differ in that condo residents share walls, common areas, and amenities with their neighbors.
Some also have resort-like amenities, such as swimming pools and gyms, that would be prohibitively expensive in a home. With people living busier lives, apartments are an attractive option due to their convenience and low-maintenance lifestyle. Partnership costs cover the exterior and many of the expensive components of the structure, so maintenance is limited to the interior of the property. The terms cooperative and condominium keep popping up and although they seem to define the same thing, in reality they are very different. An apartment grants buyers individual ownership of their personal apartment or village house and offers shared ownership of all public areas. In cooperatives, or a cooperative, owners buy a portion of a business that owns all the real estate.
Both types of homes reduce the risk of expensive repairs and maintenance, as all major expenses are shared by all homeowners, reducing the burden on individual investors. Continuing the benefits of living in condominiums in Singapore, condos are clearly more affordable than land-based properties. Remember that in apartments you only buy the living space or what they call “airspace”, therefore they are more reasonably priced than any other property.