The condominium industry of Singapore has grown at a rapid pace over the past few years and has now become one of the most popular types of real estate investment property available in the country. With residential demand rising, there has been an increased demand for condos in Singapore which can be viewed from both the overseas and local markets. While there are many reasons why the straits times a person would prefer to purchase a condo over a conventional house, one of the major benefits that a condominium offers is its flexibility in terms of financing. Since most condos come with rather low down payments or no down payments at all, they make a perfect choice for first-time home buyers or investors who are unable to get traditional loans for their condos due to their bad credit history or lack of collateral. A number of new condominium projects have also been launched in the country in order to provide a wider choice of units and neighborhoods. Given the current condominium boom in Singapore, there are now more than one hundred and sixty condos waiting for resale which include both high end units and low-end units.
When purchasing a condominium in Singapore, it is important to understand the different common areas and facilities provided by the condominium units for sale. Some condominiums come with common areas like swimming pools and outdoor recreational spots, while others include common areas that are exclusively for the use of the condominium unit owners. Common areas in a condominium in Singapore include the lobbies, board rooms, elevators, foyer, elevators, parking lots, recreational garages, outdoor decks, tennis courts, basketball courts, and garden areas. Some communities also offer laundry facilities and dog wash facilities for the convenience of the individual unit owners.
Many Singaporean people choose to purchase condominiums because of their flexible ownership options. Singaporean law allows for individual owners to own and manage their condominium as they would own their private homes, and a condominium association is formed to manage these individual units. The primary difference between a townhouse community and a condominium is that the former allow for more flexibility in how the ownership structure will work, while the latter tend to be set up as condominium associations. There are also some communities that are operated as cooperatives, and there is also a hybrid type of community that combines the best features of condominium ownership with that of townhouses.
As a general rule, a condominium in Singapore has flexible time periods for its owner management agreement. This means that the typical condominium owner in Singapore will have the right to stay in his unit for a defined period, which may vary from three months to a year. In this respect, the common areas of a condominium in Singapore have different time period requirements, and you will need to check with the condominium property management company that you are interested in buying a unit from that you are aware of the time period requirements for your specific community. There are also some condominiums that allow for the five-year duration option, and these are generally located in places that experience less traffic and better privacy.
Some of the common areas of a condominium in Singapore include common areas such as pools, terraces, lawns, elevators and many more. The common areas that you see in a typical condominium are referred to as the common property area or the cpae. In simple terms, the common property area is the entire area that the majority of the condominium owners live in. When you get a unit in a condominium in Singapore, you are considered a co-owner of that particular unit, and this means that you share in the upkeep of the common property area. This can make the ownership structure rather complex, and you will need the help of an experienced real estate agent to assist you in making the decisions about what type of common property area you would like to live in with your property.
Condominiums are ideal in Singapore as they give you a flexible home ownership model that allows you to enjoy both the advantages of home ownership in Singapore, while also having the convenience of renting out a portion of your unit in the common areas of the condominium. You can easily rent out part of your unit for a higher price if you want to do so. Many people find this arrangement beneficial because it means that they do not have to make too many repairs and maintenance projects in their condominium units beyond the ones that are required by the building code. As you can see, there are many advantages to condominium ownership in Singapore. The next time you consider buying a unit in a condominium in Singapore, you should consider these common factors that will help you make an informed decision.