Condominium ownership is now a popular choice for property buyers looking to reside in urban areas, first-time home owners and young couples who want to downsize their lives, and empty nest couples. Owning a condo can be an ideal way to go for many first time buyers who are transitioning out of the rental market or for a more permanent place to settle down for those who prefer to be able to relax and not worry about lawn maintenance.
Condominiums come in a variety of sizes and floor plans. They can be affordable condos with 1 or 2 bedrooms, to lavish penthouse suites located in residential towers with high-rises as well as cozy condos that have just one bedroom. For some buyers the option of living in a condo is the ideal combination of owning a property, combining the benefits of owning a home and having equity in your own home , with the convenience and feeling of community that comes with leasing an apartment.
Cost
A condominium can be the ideal entry point into the market for first time home buyers, especially for those with a limited budget. Mortgage payments on lower priced condos tend to be similar to rent prices, which makes them ideal solutions for young couples or singles who wish to purchase their own home , but are hesitant about committing to a single family house.
Condominiums can be found in a range of floor plans, and they generally have a much smaller footprint than homes and can reduce the cost of ownership substantially. How many 600 square feet of houses have you seen advertised on the market in comparison to condominiums that are 600 square feet? This smaller area allows condos to have smaller price tags than even the coziest house.
Localization
There are people who don't want to live in quiet suburbs. They prefer living in large communities located in the center of cities. These urbanites will be more inclined to choose condos than houses based on their location.
The owners of condos in downtown areas will live within walking or transit distance to everything they love about urban living, from bars and restaurants to shopping and groceries. For those living in condo-heavy communities, a major perk is the short work commute. A lot of downtown condo residents don't have cars as they are in the center of the city, where there are plenty of public transportation options and all things -- including work, can be walked to.
Eco-friendly homeowners typically choose an urban condo lifestyle instead of homes on the outskirts of the city because they can pick smaller homes located near everything they need.
Low Maintenance
The fact that condos are maintenance-free living is one of its greatest advantages for many people. Since you own the walls within them and everything outside them is shared with others, you are required to pay condo fees to cover the maintenance and upkeep of the building and land. The snow shoveling and yard maintenance will be completed by a third party and owners are able to spend their time doing more important things.
Condo owners contribute to a common fund that covers repairs and maintenance of the common areas of condominiums. What condo fees cover varys between condominiums and condominiums in Singapore however, they'll include the exterior elements of the building, the roof as well as shared heating and plumbing systems, hallways and foyers, and yard upkeep.
Grand Dunman balance units and property upon which the home is constructed on are the property of the owner who also is the owner of the home. Condos offer the benefits of home ownership however without the burden of maintaining them.
Community and Security
Condos are a great method to foster an atmosphere of community since many condominium buildings are communal spaces. Depending on which structure you select to live in, you could find a huge variety of social activities within your condominium!
Certain buildings are designed to cater to specific different types of people. For example, many empty nesters prefer living in the 40plus or 50+ apartment where they can be sure that everyone around them is at the same stage of life and will not have to fret about the noise and unpredictability of condos which cater to a younger population. Professionals and executives may prefer to reside in a city that isn't suitable for children. Those with allergies may prefer a building without pets.
Condos provide extra security for their owners. There are lots of people who live in the same building, so there is always someone to watch them. This community makes it easier to allow numerous condo homeowners to feel safer and more secure, whether they are in their home or out and about. Some condos also have extra security options like doorsmen and secured parking. Residents need to ring the exterior doors to unlock them.
Amenities
Many condos offer in-building amenities that most single family homes aren't able to compete with, such as swimming pools, gyms, tennis courts, meeting spaces, and audio-visual rec rooms. Many have rooms that can be booked for parties or special events.
There are even some high end condominiums in some cities that are hybrids of hotels and condos, offering concierge and housekeeping services in addition to top-notch amenities.
Condo living is appealing to many due to these advantages. Ask about the amenities and the rules for condo use when looking at condos.
Grand Dunman
Dunman Road, Singapore