Are you thinking of moving to Singapore? You may want to consider living in a condo. Condos offer many advantages over traditional Housing, such as security, convenience, and comfort. Here are a few reasons why condos are famous for expats and locals in Singapore.
Why live in a condo?
- Security- One of the main advantages of living in a condo is its security. Most condos have 24-hour security, CCTV cameras and access control systems. It means that you can feel safe and secure in your home, knowing that measures are in place to protect you from crime.
- Convenience- Another advantage of living in a condo is its convenience. Condos are often located in central areas, which makes it easy to get around Singapore. They also tend to have a variety of amenities, such as swimming pools, gyms, and retail stores, so you don’t have to go far to find what you need.
- Comfort- Living in a condo is also more comfortable than living in a traditional home. Condos are usually more extensive and spacious than HDB flats and come with a range of modern amenities such as air conditioning and high-speed internet. It means you can enjoy a higher standard of living in a condo.
- Value for money- Another advantage of living in a condo is its good value. Condos are typically more affordable than private homes but offer many of the same features and amenities. It makes them attractive to those who want to live in a stylish and comfortable home without spending too much money.
- Investment potential- Investing in a condo is also an excellent way to make money. Condos tend to appreciate over time, meaning you can make a profit if you sell your condo later. Moreover, condos can also be rented out, which provides a steady income stream.
- Choice- When you buy a condo, you have a wide range of options to choose from. There are many different types available in Singapore, so you can find one that suits your needs and budget.
- Quality- Singapore Condos are usually high quality, as they are built to strict standards. It means that you can be sure that your condo will be well-constructed and designed to last.
- Facilities- Most condos have a range of facilities that make life more convenient, such as swimming pools, gyms, and retail stores. These facilities are usually well-maintained and offer a great way to relax or stay healthy.
- Maintenance- When you live in a condo, you don’t have to worry about maintenance as it is the responsibility of the condo management. It means you can enjoy your home without lifting a finger.
- Community- Living in a condo allows you to meet new people and make friends. Most condos have a strong sense of community, and the condo management often organises events and activities for residents. It makes it easy to meet people and socialise.
Condos offer many advantages over traditional Housing, such as security, convenience, comfort, and value for money. If you’re considering moving to Singapore, a condo could be a perfect choice.
Should you buy or rent a condo?
Buying or renting a condo in Singapore depends on many factors, such as your budget, lifestyle, and needs. If you’re considering buying a condo, you should consider the following.
Buying a condo is a long-term investment, so you should be sure that you’re committed to living in Singapore for the foreseeable future. Otherwise, you may not see a return on your investment. You will need a good credit rating and enough saved up for the down payment and other associated costs.
If you’re not a citizen or permanent resident of Singapore, you’ll need to obtain government permission before purchasing a property. Before you buy a condo, you should also be aware of the additional costs involved, such as stamp duty, legal fees, and renovation costs. These costs add up, so it’s important to factor them into your budget.
If you’re not ready to buy a condo, you may want to consider renting one instead. Renting offers flexibility and is often cheaper than buying, so it may be a better option if you’re not sure you want to live in Singapore long-term.
Whatever you decide, be sure to do your research and weigh up all the pros and cons before making a decision.
Also read: 7 Effective Real Estate Strategies To Try In 2022
Condo options in Singapore?
There are many different types of condos available in Singapore, so you can find one that suits your needs and budget.
- Executive condominiums- These are privately owned housing developments developed and sold by private developers. They are subject to certain restrictions, such as a minimum occupancy period of five years.
- HUDC estates- These are public housing developments built by the Housing & Development Board (HDB). They have since been privatised and are now managed by private condo management companies.
- Luxury condominiums- These are usually high-end developments with premium finishes and top-notch facilities like the crest condo. They tend to be located in prime districts and often come with a higher price tag.