Condominiums – Are They Right For You?

Condominiums are rising fast in popularity in Singapore and across the world for residential property purposes. The condominiums are a popular choice because they are flexible in terms of location. They are available almost everywhere in Singapore including the central business district (CBD), the south-east, the north-west and the west. Some are even available in overseas countries as well.

 

Condo or apartment, what`s the difference? Well, the condominium lentor central residences is actually one of the earliest form of residential property in Singapore. As compared to public housing, it enjoys the same provision of basic facilities like private pools, tennis courts, gyms and the presence of security personnel on duty during the day time. These have made the apartments and condos popular among low income earners and first time home buyers in Singapore. As these are not cheap apartments, you need to put in some effort in looking for good quality apartments and condominiums here in Singapore before you can be assured of buying your dream home here in Singapore.

 

What are the common areas of a condominium in Singapore? The common areas of a condominium are generally defined within the building of the condominium. In fact, some common areas within the condominium may be outside the building or incorporated into the landscape of the condominium. Such areas would include the recreational centers like pools, outdoor spaces, common areas like stairs and paths, gardens etc. Common areas within the condominiums can also include banquet halls, meeting rooms and reception areas. All these areas will be managed and maintained by the condominium owner.

 

Are there any common regulations or rules governing the use of a condominium in Singapore? There are no rules governing the use of a condominium here in Singapore unlike in other countries. A condominium is owned directly by the majority of the residents who hold a majority share in the ownership. If the condominium resident wishes to use the swimming pool, for instance, he or she would need to get the permission of the community through the condo board.

 

Why do people opt for condominium living over apartments? Apart from being cheaper in most cases, a condominium offers a better lifestyle here in Singapore because here you don`t have to pay for communal facilities like swimming pools, playgrounds, malls, restaurants etc. You can enjoy all the common facilities under your own roof.

 

Are there any public amenities available with my prospective condominium or do I have to pay for these myself? In most cases, your homeowner`s association will provide all the common facilities that are listed on the map of your condominium. This includes hospitals, parks, schools, roads, handicapped accessible roads and more.

 

Can I conduct major repairs and improvements on my own? As a homeowner, you have to abide by the rules and regulations of your homeowners association. These include the time limit within which you are allowed to make changes to your common area. If there are properties which have already been built on the property, then your changes have to be approved by the homeowners` association as well. Before you begin any work, you need to submit a request to the association regarding the necessary permit and approval documents.

 

The terms and conditions of the lease agreements are subject to change from time to time. In most instances, these provisions will impact on how much money you would pay on a monthly basis for your monthly dues. Always check these before you sign on the dotted line!

 

What are the common areas? On most condominium developments in Singapore, there are common areas that all the residents live in such as gardens, courtyards, elevators and entrances to the building. Common areas are subject to the regulations and rules of the condominium association. There are restrictions on how you can landscape and maintain your common areas. In most instances, if you want to paint or put up a flower bed in one of your common areas, then you may have to get permission from the association. Other common areas would include playgrounds, auditoriums, prayer rooms and elevators.

 

Is there ample parking in the condominium buildings? With many older apartment buildings, there isn`t a lot of parking. For new condominiums, the building might have a garage attached. However, with this, you would have to pay a monthly fee just for the garage and you wouldn`t be able to tap into the swimming pool in your own unit.

 

Do I have to lease my unit in a detached condominium? No, with detached condominiums you are free to lease your unit to any person. With a single-family house, you usually have to lease to a homeowner or an owner. With a detached condominium, you can rent to anybody. The rules may vary slightly but usually they are relaxed.