4 Things To Know About Buying A Condo

Condominiums are an alternative to homes for single families or townhouses. Condominiums can be compared to apartments in that they are owned by a building with many others. A condo that you purchase in Singapore is yours to keep and you do not have to rent it.

There are a few things you need to know about condos prior to your buy.

1. It can be difficult to get a mortgage

It is more difficult to qualify for mortgage loans for a condo than a single-family home. Mortgage loans for condos tend to have higher rates and larger down payments. Visit this link: Bukit Batok West EC showflat for more information.

The reason is simple: Mortgage lenders view these loans as presenting greater risk than mortgages for single-family homes. And the riskier a lender considers a loan and the harder it will be to qualify, and the more interest charged.

2. Condos aren't always cheaper

Condos are appealing because they tend to be cheaper than other alternatives. Condos tend to be less expensive than single-family homes. However this may not be the case. It's all about the location you reside in and the potential buyers that are interested, and the amenities and amenities offered by the property.

It is possible to pay more if you live in a region that is in large demand and a limited supply of condos. To determine if a condominium is a better option over a single-family house look up the costs in your region.

3. There could be dues to your organization

Condos generally have homeowners associations or condo associations. They oversee common areas as well as enforce the condo complex's rules.

In many cases however, the charges are too high. This is especially true when the complex requires a lot more expensive renovations. In these cases, the association will need to charge a specific assessment, which is an additional charge for major projects.

4. There could be a myriad of limitations

When you live in a condo in Singapore it is common to share your space with other. There are many restrictions and regulations. These rules may encompass everything from the dimensions and quantity of pets that are allowed to the rental of condo units.

Be sure that you're satisfied with any restrictions you encounter up front -- and be aware that new regulations could be added that you might then be bound to live by. If you don't want to surrender an enormous amount of control over the things you can do with your home to a condominium association, the condo might not be the best option for you.

You can increase your chances of being satisfied by taking into account the expenses of an condominium dues, association dues, rules and association fees.