Buying a condo in Admiralty Lane Singapore involves more than just the initial cost; additional fees include maintenance and property tax payments.
Many individuals buy condos as vacation homes and rent them out when not in use. When selecting your real estate project developer, ensure their past track record includes creating quality condos on time.
1. The location
Condos make an ideal second home, as they provide convenient living and security features like swimming pools and gyms without sharing with the general public.
Owning a condo requires making a significant financial commitment, in terms of both purchasing the unit and monthly maintenance fees.
Finding a condo that is located near convenient transport links is essential. In an ideal world, this should include proximity to MRT stations; otherwise you should try and avoid purchasing one near an expressway.
2. Amenities
Condos provide a range of amenities that can enhance your lifestyle, from pools and gyms to BBQ pits and carparks. Furthermore, many modern condos include smart home systems which allow users to control lighting and temperature with just a few taps on their smartphone.
Some condos even feature playgrounds and sports courts, making them ideal for families with young children. Furthermore, condos can help reduce environmental footprint by offering green features like water-efficient appliances and solar panels to help lower emissions.
3. Size
Condos of today tend to be smaller than in years past, so when purchasing one for personal use it’s important that the unit fits your specific requirements – singles might prefer small units while large families might benefit more from 2-bedroom condominiums.
Consider also the future resale value of your property when making decisions about where to live, especially regarding 1-bedroom and 2-bedroom condominiums. Although 1-bedroom units tend to be cheaper, 2-bedroom condos have wider market appeal which can increase their resale value significantly.
When investing in condominiums, it’s important to work with a mortgage broker who can offer expert guidance regarding which loan best meets your needs.
4. Leaseholds
Condominiums can often be found in densely populated areas like city centres, university neighborhoods and tourism destinations, making them highly desirable as rental properties. But their long-term viability depends on many variables.
One of the primary differences between leasehold and freehold properties lies in their tenure; unlike freehold properties, which offer indefinite lease duration, leasehold property reverts back to state ownership upon expiration.
Concerns may arise among buyers who view their condo as an investment property. Traditionally, leasehold private homes were subject to forced sales when their leases reached an end; however, recent studies have disproved these expectations by showing that lease decay did not impact market value significantly.
5. Transport
Purchase of a condominium can be an excellent investment if it is situated in an ideal area, and easier to maintain compared to residential landed properties due to their smaller sizes. Condos are increasingly sought-after among affluent individuals due to their increased privacy and 24/7 security features.
However, you must ensure you can afford both the upfront costs of a condo purchase as well as its annual property taxes. Foreigners are subject to additional buyer’s stamp duty (ABSD), with higher taxation than citizens or permanent residents. Furthermore, some resale condos with unobstructed views can be more costly.
6. Views
Condos often boast stunning views of a river, water park, green reserve or city skyline that adds an appealing scenic touch and can even increase their purchase price. Such scenery adds charm and may help increase its purchase value.
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Condominiums differ from HDB flats by offering amenities such as pools, gyms, tennis courts and function rooms that make the purchase attractive to buyers with children as they provide privacy and security. These amenities make buying condos much simpler when considering buying them for investment purposes.
Make sure to consider whether there are elevators in the condominium building as this will affect queueing in rush hour for elevators. Ground floor units offer additional advantages since these typically come pre-furnished.