That’s it, you’re finally ready to buy your first home? Since the purchase of a property represents a very large investment, it is necessary not to be mistaken in choosing a property that meets your expectations and is in line with your needs. A real estate broker will certainly be very useful for you to find the rare pearl.
The Advantages of Buying a Condominium
1. Maintenance and repairs are the responsibility of the condominium developer
The biggest advantage of living in Canninghill Piers condominium lies in this peace of mind that is found a little less when investing in a detached house. Indeed, the owners of single-family homes must pay astronomical sums for the maintenance and repairs relating to their home, while in condominium it is the concierge of the building who will take care of solving your small residential problems.
You are assured that the lawn will be mowed, the flowers pruned and the common areas cleaned at all times. And if you have a plumbing problem, there is no need to call a professional urgently since your concierge is specially trained for this type of repair. Another advantage is that you will not have to pay anything, as the concierge is an employee of the condominium.
2. Security in co-ownership
It is certain that the chances of being burgled in condominium are reduced given the proximity of the apartments and the presence of many common areas. In addition, if an outsider enters the building, they will probably be spotted by your neighbours. Burglaries are unfortunately more frequent in individual houses, in particular because they offer more privacy, leaving the field open to burglars.
In addition, if you live in a detached house and want to strengthen your security, you will have to install a security system (armoured door, secure locks, surveillance camera, motion detector). This type of installation is very expensive and often requires taking a subscription from a monitoring company. In co-ownership, your security will be ensured without you having to think about this aspect, since all the costs relating to the security of the building fall within the co-ownership charges.
3. Access to on-site amenities
Newly built condominiums in Singapore offer much more than just housing. Sauna, spa, swimming pool, gym, hairdressing salon or indoor parking can be included in the buildings. Some are connected to underground galleries, which facilitates access to shops and services.
In addition, frequenting the same places as your neighbours strengthens ties and helps build lasting relationships. This represents a great advantage for single people or the elderly, because it makes it possible to break their isolation.
4. The housing tax will be lower compared to a detached house
Since housing taxes are calculated based on the value of your home and a detached house costs on average twice as much as a condominium apartment, you are bound to pay less in housing taxes when living in condominiums.
The Disadvantages of Buying Condominium
- Neighbourhood problems
Neighbourhood disturbances and the misuse of common areas are the most common problems in co-ownership. Not to mention the unpaid debts that can put all the co-owners in a delicate situation, because of some owners who cannot pay their expenses.
It must be said that this type of problem tends to increase when it comes to starting renovation work in the building since the co-owners do not always agree with the choice of contractor, the estimate, or the quality of the work carried out.
- Renovation in condo
It is possible not to encounter any problems in your condominium, until the time of starting renovation work at your home. Even if the renovations are done inside the dwelling, there is a good chance that they will cause noise, impacting the comfort of the inhabitants.
To carry out co-ownership work, you will have to apply for a renovation permit from the municipality, but you will also have to obtain the agreement of the co-ownership trustee. If you live in a detached house, there is no need to get the agreement of your neighbors, because the agreement of the municipality is enough.
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