Freehold condo in Singapore
The Singaporean real estate market has in the past developed to phenomenal heights. Today, condominiums are arguably the best selling housing units. Discover the reasons why condos are so popular and why you should invest in one. Similarly, differentiate between various types of condominiums, and then take advantage of the benefits involved.
What a condominium is
Unlike buying a piece of land and putting up a house, you can buy a finished unit and make it your home. Condominiums are usually apartment houses constructed by condominium companies and sold to individuals.
When you buy one, you will receive a title for it and have the right to sell or rent it to a third party. In addition, you assume joint ownership of common facilities such as passageways and walkways.
Most preferred housing units
Condominiums are one of the most preferred housing styles in Singapore because they are affordable. Since most owners are middle-level income earners, they do not have a lot of money to spend on housing. Even with not-so-affluent earnings, they need a decent place where they can call home. This makes condominiums a perfect alternative.
In Singapore, condominiums are built in a relatively comfortable size for the conventional family. You can choose the number of bedrooms you want in your unit. Similarly, you have the freedom in deciding how your unit looks like. This includes the installations, interior designs, and your preferred storey.
Reasons for popularity
Whether it is a freehold condo or a regular condo, you will achieve unrivalled number of benefits as compared to other types of housing. In fact, some people buy condos because of the sense of community that they bring.
The fact that you have your own privacy and can still hear or see your neighbors is itself an advantage. Some large-scale companies are known to construct hundreds of similar condos. The only drawback is the fact that your condo looks like a hundred others built by the same company! But that is not a real issue! After all, most of these houses are built near social amenities such as malls, schools, hospitals, and shopping centres.
Difference between freehold and regular condominiums
As an owner of a freehold condo, you have title to the unit, plus the land on which the apartment is built. This means you can develop the lawns, walkways, and backyards. On the other hand, you only own a regular condominium, but not the land on which it stands. Similarly, you do not have much say on what the lawns, and compounds look like.
As you seek to own the land and the freehold condo, the overall cost may be higher than the cost involved in buying a regular condominium. Similarly, the process of purchasing a freehold condo may be longer than the duration of buying a regular condominium.
However, it is better to incur a one-off cost and enjoy unrivalled benefits to your freehold condo. As time goes by, the value of your land will increase, and so does the value of your condo. Additionally, you have freedom to put up other structures on the land surrounding the apartment building.
Both types of condos have their own advantages as well as disadvantages. While the regular condo is cheap and fast to purchase, you have limited freedom to the use and alterations of common installations. In fact, the condo company retains conditional control over what you can or cannot do with the property.
One disadvantage of the freehold condo is that you bear the cost of improving it alone. Unlike ordinary condos where owners share the cost of refurbishing common facilities, you will solely be responsible for repainting, repair of broken fences, installation of security lights, and other furnishings.
Similarly, condo corporations in Singapore require that owners of individual units share the responsibility of maintaining the playgrounds, parking and security. On the other hand, you have the responsibility of proper upkeep to the above facilities of a freehold condo.
As both types of condominiums have benefits and drawbacks, it is upon you to decide which one to invest in. Whatever you do, do your homework properly, and outline your priorities. Next, do a thorough search for the type of condo that you and your family genuinely require.
Compare the features of various units, their location, and amenities near them. When you go to buy, do not rush. In fact, be prepared to go back home without a deal. Think it over and make an informed decision. More importantly, ensure you get proper title for your condo.