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Rent an Apartment or Buy a Condominium?

If the search for a new apartment is due to professional changes or the desire for more living space, the question arises for many apartment seekers: Am I looking for a rental apartment or do I perhaps buy a condominium in Tengah EC?

For many people, the condominium, as well as a single-family house on your own property, is a lifelong dream that you want to fulfil at some point. Residential property is considered a symbol of independence and material security.

A rental apartment is more flexible than a condominium

One of the biggest advantages of a rental apartment is the flexibility associated with it, which is particularly important for young people. If you are forced to move by love, family growth or career, you are relatively unbound with a rented apartment and can give up the previous living environment and leave the city within a few months.

With a condominium, you tie yourself much more firmly to your place of residence. If a move is necessary for owners of a condominium for family or professional reasons, a buyer must first be found.

Rental Apartment vs. Ownership: Financial Aspects

When choosing between rental apartment and condominium, financial aspects play a major role. For young people, the purchase of a condominium is often associated with the abandonment of savings and, if necessary, borrowing. Through a loan, on which you pay for a long time and for which usually high interest is due, you have determined yourself financially. A rental apartment is safer, as it leaves a greater financial leeway and the savings do not necessarily have to be touched.

When bad times are announced and a family member becomes unemployed or major purchases and costs such as a car repair, a new washing machine or a computer are pending, you are happy to be able to fall back on reserves and not to have put everything into a condominium. Even special requests such as holiday trips can be realized more easily for young people.

As an apartment owner, you also bear all risks if structural defects occur and repairs, renovation or maintenance work has to be carried out. These tasks and costs are usually attributable to the landlord in a rented apartment. If the owner does not have the necessary reserves for this work, financial problems can quickly arise.

Advantages of the condominium

It is undisputed that Tengah Garden residences are ideal for renting, as an investment and thus also for your own retirement provision. If the financial framework conditions are given, it is a good investment to buy a condominium and rent it out for years until you register your own claim to it in old age.

Those who have paid off their condominium only have to pay for the operating costs. Especially in old age, the exemption from a regular net rent for a rented apartment acts like a supplementary pension. Another advantage of the condominium is the fact that residential property is hereditary. For their own children or grandchildren, it is great if one day they inherit a debt-free condominium and may be able to give up their rented apartment.

Rent or buy an apartment?

Both rental and condominium apartments have advantages and disadvantages. Which financial burden and what financial risk you can bear, you have to decide individually. If you are professionally firmly in the saddle, have completed family planning and have built up enough reserves to buy a condominium without borrowing, you can consider this step.

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The most common misconception about condo prices 

A condominium, or condo, is a marketable estate that is related to an apartment. Homebuyers may opt for a condominium over a single-family home for numerous reasons. A condominium can give a less-expensive direction to arrive at the housing market. Or, a condo can be a low-maintenance abbreviating alternative for elders. Still, misunderstandings about condominium possession often maintain likely buyers from deeming them as a choice. Here, we disperse some of the greater widespread misunderstandings about as a more expenditure, correlated to owning a house. Nonetheless, before inferring these payments are a pit, it’s crucial to look at what they wrap. Normal condo fees normally comprise a contribution toward the skyscraper’s upkeep and supervision, but they may similarly encompass warmth, moisture, sewer, trash collection fees, and even electricity and cable TV in some cases. Deem how much these line items would cost if you lived in a home. Furthermore, deem that, in a condo, you don’t have to clip the garden or shovel snow yourself, which eventually tells you that you will have to chip in to pay someone. Extremely elevated condo fees can be a sign of bad management on the fraction of the condo board, but you will have to examine the condo papers before being eligible to say for sure. 

Furthermore, know those condo fees are inferred by the board of directors of the condo, which is made of landlords just like you. In other terms, no one is benefiting from these fees—they are agreed by owners who have to reimburse them just like you perform.

Fees Mustn’t Keep Going Up

Unfortunately, like most expenditures, condo fees tend to surge on a normal basis. This depends on the inflation concept and the prices of operating the building. Condo fees are evaluated based on launched expenses for the coming year and should encompass more amounts to put toward huger repairs. Know that no one is giving rise to any cash on these payments, and if they are not applicable for the building necessities (whether they are extremely elevated or too low), holders will consume this cost when they strive to sell their units. In other terms, maximum condo holders will have a difficult time fleeing from a vital cost, whether this arises because the board strives to prevent rehabilitation to keep expenses down, or landlords try to sell to get out of spending their share. Astute customers will like a discount for a badly conserved building or one with climbing condo fees. As is always the case in real estate, this deduction is inclined to amount to more than just reimbursing for the difficulty in the first place.

Key Takeaway –

  • A condo is identical to an apartment, except that it is a marketable property.
  • Condo holders reimburse a fee, which coats some supervision and other expenses correlated with the estate, such as warmth, water, sewer, and junk collection fees.
  • Condo buyers should deem the condo fees before purchasing a condo and any personal examinations that might occur that would need additional allotment. To know the Thiam Siew Condo prices, visit us at http://thiamsiewcondo.com/
  • Fees are commonly expended monthly and are agreed on by a board of directors formed of condo proprietors.

If you are looking forward to acquiring a condo in some of the greatest places in Singapore, then Thiam Siew freehold condo will never disappoint its residents. The overall price per unit and the fees are kept as minimal as possible so that they do not affect adversely your pocket.

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House Hunting in Singapore? 

In a country like Singapore, which is rich in culture, economically strong, and developing at a faster pace, finding a perfect home should not be a big deal. But yes, which one suits you may confuse you. Developers come up with something new every time and that twist shifts the crowd from one to another. With various layouts to divide on, with tons of designs, selecting the best flat type is somewhat confusing. To turn this highly stressing task fuss-free, have a look at these tips below:

commodore condo price

Select the right condo unit type

Depending upon the prestige of the property and the project developer, he may offer several condo units. From 1-5 bedroom suits, studio flats, and luxurious penthouses, there is a condo unit type that will turn your desire fancier.

  • Studio units

These types of flats are small and generally recommended for students or singles. There are no rooms in the unit but mini partitions are fitted.

  • Bedroom units

These units may range from 1 to 5. So a small family and even a multi-generation family can accommodate in these units. The Commodore, a recent development by Oasis Development Pte Ltd offers 1 to 5 units of bedroom according to the needs of different families. Book The Commodore showflat appointment.

 

  • Loft

They are the modern version of the condo unit. They are highly popular due to their high ceiling façade and contemporary design.

  • Penthouse

They are stand-alone units located on the top floors of the building. They have more dedicated space and service areas as compared to landed properties.

  • Dual key

This type is unique to Singapore. It is a two self-contained living space with separate entrances. The usual configuration of dual key flats is 2 BR plus 1 studio up to 4 BR plus 1 studio.

Consider the view

The overall beauty of the region can be easily seen from the window of your flat. Most condominiums provide a breath-taking view in front of a water park, river, green reserve, or even city skyline. Choosing a flat with fantastic views will allow you to have peaceful surroundings while you sip your tea in the morning or evening. Hence, selecting a flat with fantastic views is extremely incomparable.

The higher floors of The Avenir overlook the Marina Bay Sands and the Southern Sea. It has been erected by the Carmel Development Pte Ltd. It is a freehold development with a total of 376 units. Read Finest review of new launch the Avenir condo.

Check the unit and building security

In a condo, where anyone can easily get in and out, security is really important. How you can choose a condo unit in Singapore that is completely safe and secure? All you need to go through is, the security facilities given by the developer. Make sure that there is an individual unit locking system, 24*7 lobby guard, surveillance cameras, gated facilities, alarms, etc.

The overall location of your condo must match your interest, culture, career, and family needs. What would be better than having all these things in a secure location? Also, it’s better to check the rules regarding the non-tenants residents and guests in the condo.

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Understand What Condo Fees are in 5 Points

Condo fees are the charges called by the condominium association from the co-owners in order to pay the common expenses of the co-ownership. These mainly concern the maintenance of the land and the common parts of the building and for at least 5% the contingency fund.

Condo fees are not spread only over the living area

Even if they enter into the calculation of the keys for distributing the charges, the number of dwellings or the living area are not the criteria which serve as a basis for distributing the condo fees. Indeed, in accordance with the law, the common expenses are distributed according to the relative value of the fraction of a co-owner, which is the only possible distribution method. The relative value of a determined fraction is expressed in the declaration of co-ownership in the form of a percentage or a fraction and corresponds to the value of a lot in relation to the entire building. It is calculated on the basis of its dimensions, but also of its nature, destination and location.

The contingency fund

This is a reserve of money that meets a legal requirement. In Singapore, it represents at least 5% of condo fees and is intended to cover any major work on the building. The contingency fund is formed by the syndicate of co-ownership, which also owns it, which means that a co-owner who sells his condo cannot claim to recover the sums he paid into it and which would not have been spent. . In reality, the 5% rate is insufficient, as the co-owners have to pay a substantial supplement when it is time to carry out repairs.

Low condo fees hide nasty surprises

When condos boast surprisingly low condo fees, beware. This is the case with too many condos, especially those presented by developers who minimize condo fees in order to sell lots more easily. However, the reduced costs very often hide a deficiency in the contingency fund, a lack of preventive maintenance and the failure to carry out necessary work. In other words, only the bills for fluids, cleaning and insurance are paid. Such negligence increases the number of claims, and in particular water damage by infiltration through the roof or exterior walls, which results in higher insurance premiums.

Condo fee overruns

When the estimated budget for Amber Sea new launch condo 2021 fees is not sufficient to meet expenses, the syndicate calls for special contributions from the co-owners. These are sums of money needed to complete the budget and meet all expenses. Such situations can be explained either by the fact that the budget was minimized, which is often the case with new buildings, or that the building is poorly managed, or that an unforeseen expense had to be paid.

Condo fees compared to house charges

Condo fees often seem high to homeowners because they tend not to weigh comparable expenses. Indeed, the building charges include part of the fluids consumed by the inhabitants, but also include services that do not always benefit the owners of houses, such as cleaning of the common areas, or the costs related to the elevator or the fitness room.

The condo fees that each owner pays correspond to the building’s share of the charges. They include the maintenance costs of the building and the land, as well as the Contingency Fund, which is a reserve of money intended to cover any major work on the building.