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Singapore
Condominiums
The spotlight
is on Singapore
Condominiums and
hidden costs on
buying one.
In recent years,
Singapore condominiums
have become increasingly
popular with Singaporean
families looking
to upgrade from
their HDB flats.
Owing to this
rise in popularity
is the fact that
Singapore condominium
owners enjoy recreational
amenities such
as swimming pools,
barbeque pits
and saunas at
their doorsteps,
as well as 24-hour
security.
Singapore condominiums
are generally
apartment units
in private multi-story
developments.
In other countries,
however, the term
condominium also
refers to single
family dwellings
in planned neighbourhoods
or gated communities.
In all cases,
however, the common
areas of a condominium
development are
managed and maintained
through the tenant-owner
association (also
known as the homeowners’
association) of
which every tenant
is an automatic
member.
If you are looking
at Singapore condominiums
for sale, here
are some factors
you should keep
in mind as well
as some hidden
costs you should
keep an eye out
for:
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Request
a market
analysis
from a property
agent regarding
the selling
prices of
condos in
the building
or area.
Check the
price appreciation
on the market
analysis
to evaluate
how quickly
the condos
are increasing
in value
in the neighbourhood.
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Find
out if the
building
has a good
reputation
if it is
not a brand-new
development.
Ask current
residents
how frequently
repairs
and maintenance
are required,
and how
good the
soundproofing
is between
units. |
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Ask how
large the
condominium’s
reserve
funds (used
to pay for
maintenance
and emergency
repairs
on the building)
are. The
larger the
reserve,
the lesser
the chance
of an one-time
payment
to chip
in for an
unexpected
expense.
The smaller
the reserve,
the greater
the chance
you’ll
be billed
for an assessment
in the near
future. |
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Keep
in mind
that the
condo’s
price and
ongoing
monthly
association
fees will
reflect
the use
of facilities
such as
the gym
and swimming
pool, regardless
of your
usage of
these facilities. |
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Budget
in association
dues, which
vary from
development
to development
and can
be quite
high. To
assist in
long-term
financial
planning,
also remember
to ask the
condo association
whether
association
fees have
increased
in recent
years. Factor
in monthly
conservancy
costs that
you’re
responsible
for in addition
to the association
fees. |
Looking
For
Singapore
Property?
View2Offer.com’s
comprehensive
Singapore
Property
Quick
Search
allows
you,
tenant
or buyer,
to find
Singapore
condominiums
for
sale
with
ease
and
simplicity.
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