Housing is essential to our living. Not everyone has the fortune to own a personal private house. You might be considering different housing options for various reasons. During your house hunt, crucial factors should be regarded to avoid a toll on your pocket and an opportunity that sinks with your lifestyle. People, especially students who travel to other cities or countries, look for reasonable housing choices. Also, frequent business traveling or a hybrid work model may require a suitable temporary living place. With the increased demand, there is a variety you can choose from.
Housing Mechanism in Singapore:
Singapore, being one of the busiest countries in the world, is growing at a rapid pace. Like every other country, Singapore has a Housing and Development Board (HDB) to maintain housing schemes and planning. The Majority of Singapore’s land is state-owned. There are a particular set of rules and processes to avail of different housing schemes and choices. Around 80% of Singapore residents avail government-established public housing. Public housing options include:
- Studio Apartments
- Room Flats
- Exclusive Flats
Condominium and Private Housing in Singapore:
Besides public housing, Singapore residents can choose from condominiums and private housing. Private housing is the most expensive housing option. Developed by the private sector, private house schemes are built chiefly for an elite class to generate maximum profit. An obvious requirement for private housing is more budget. If you are running low on funding for a private house, you can consider Condominium. There is numerous new launch Condo providing what exactly you need.
Condo; a Better Housing Option?
We have seen a new launch in Singapore for Condos. The Condominium is a widely popular housing type. People often get confused about how Condo is different from apartments or houses. The main difference comes in terms of ownership. Let’s revise the definition of Condo for better understanding.
A condominium is a part of a larger residential area in which a Condo unit can be owned. Condos share common areas with the community and neighbors. You will manage the house’s interior while the exterior and common areas will be under the ownership of the Condo Board or authority. Are you considering opting for a Condo? Looking at various new launch Condo in Singapore? Here is a complete guide for you that will help you decide whether a Condo is suitable for you or not.
- Your Budget and Maintenance:
A new launch condo is cheaper than a private house and more expensive than an HDB flat. The maintenance cost splits up between the residents, making you save on your finances. The Condo has a lesser tax than other housing types. Yes, you will pay maintenance fees and HOA fees, but get services whenever you need a fix. However, you might have to wait for repairers, considering his schedule and timings. In addition, you might have to contribute to assessments. This means if something big like the elevator goes down over time, with less or low fund reserve, you will be adding more to your monthly fees.
- Privacy and Security:
Every new launch condo in Singapore has specific rules for ensuring security. HOA rules might be strict, which you have to abide by. Some do not allow pets or limit the number of pets you can keep. Some new launch condos have additional security staff. Considering privacy, a condo has common areas like a lobby, swimming pool, or gym. Your neighbor’s activities from amenities can disturb you. If you are lucky to get along with your neighbor or community, you will have a great time socializing. If not, it can be a daily headache.
- Location Benefits:
Majority of Condos new launch Singapore is located close to the business centers, providing a significant advantage to city facilities. It makes traveling shorter and a greater catch to different opportunities. If you are a businessman or a student, a condominium is excellent in terms of the vicinity.
- Limited Area of Common Use:
The Condo units are of a specific size and common areas reserved for people to facilitate themselves with. If you are considering a Condo, be mindful that you might get a limited parking space with less to no room for gardening but can accommodate garden beds.
- Value of the Condo:
Some executive condo in Singapore comes with a 5-year MOP (Minimum Occupation Period). It means you have to live in the Condo for a minimum of five years before you put it up for sale. It has been observed that the older Condos are more expensive than the new ones.
Are You Fit for Condo-Lifestyle?
When you probe for a new launch Condo in Singapore, first look for your housing lifestyle and compare it with the Condo lifestyle. There are numerous benefits but also some cons of living in a Condo. You can find many new launches in Singapore of Condo increasing due to high demand. A Condo will be a better option for you if you are about to start with your first house experience. It is less costly as compared to a private house. But you should be able to adjust to the community and its rules. The facts, as mentioned earlier, are the basics of a Condo lifestyle. You can add a personalized touch to the interior and even renovate the unit from the inside. If you can make good connections with neighbors, follow the rules and be ready for any additional assessment, you are a good fit for a Condo. If you are a private person, no matter you go for a new launch in Singapore, it will not make a difference in better privacy, but you will get an early bird discount!