What You Should to Know Before Purchasing a Condo in Singapore

If you plan to live in a condo, you must know that life in these properties is different from what you’re used to if you own a detached home. Unlike apartments, associations run these properties, and most amenities are shared among the residents. The associations set the rules and regulations that must be followed by each occupant. Nonetheless, buying a unit in Peak Residence will be one of the best decisions you’ll make in your lifetime. Let us look at some of the things that you should know when buying an condo.

singapore

Appreciation of Condo Units

Compared to detached homes, condos appreciate at a slightly slower rate. However, you need to know that this doesn’t mean condos will be cheaper than similar homes in the locality. When you own a condo, you can tap into homeowners’ tax deductions if you have a mortgage. But remember you’ll have to pay property taxes for the unit.

tall buildingCondo Associations

Since most amenities are shared, each condo owner must contribute a specific monthly, quarterly, or annual fee for maintenance and repairs. Thus it’s essential to know how much you’ll be paying periodically for these services. Request the association to share a copy of their budget so that you can understand how your money is being used.

The association in the community maintains a fund to cater for repairs and any emergencies that may arise. If the association doesn’t have a reserve, they will have to request members to pay some money every time the need arises.

Management Maintenance

In some other condos, the management is tasked with the responsibility of maintaining the facility. They charge the members certain fees for maintenance and repairs; thus, when you need any of these services, you need to call then, and they will handle the rest.

Rules & Regulations

When buying a condo, it’s essential to make sure you’re comfortable with the rules and regulations set by the condo association. For example, in some condos, you’ll not be expected to keep any pets. In others, you must maintain a quiet time between 10 p.m. and 6.00 a.m. Others will also dictate the number of parking spaces dedicated to each unit. Thus it’s essential to gauge if these rules rhyme with your lifestyle.

Condo Insurance

You also need to realize condo insurance is different from homeowners’ insurance. In most cases, the condo association provides a master insurance policy, but this varies from one establishment to another. When scouting for a condo, you need to have a home inspector who will go through the insurance policy and let you know your responsibilities. It’s therefore essential to understand what the insurance policy covers, to avoid repairs that aren’t included in the policy.

Drawbacks

Each living unit has its advantages and limitations. For example, if you like private life, you have an issue living in a Condo, since you have to share many amenities with your neighbors. Additionally, you’ll share a maintenance reserve with fellow members in the condo association; thus, if some members fail to pay their dues, you may be stuck in making some repairs.…

Factors to Consider When Looking for a Rental Apartment

If you are looking for a rental apartment, you will have to go through an endless list of the available options. Some of the media sources that can help you in finding the best apartments in your area include website listings, apartment finders, and newspapers. These are essential tools that can help you in making an informed decision when looking for a new rental apartment that fits both your budget and lifestyle. Dairy Farm Residences Condo is one of the best rental apartments that you can consider renting.  Let’s have a look at crucial factors that you must keep in mind as you narrow down your search.

Pricing

money-pricingFirst and foremost, you should look for an apartment that you reasonably afford. You can get an affordable apartment by conducting an online search and comparing the rental rates in your neighborhood. If you are ready to pay for an expensive apartment, then you should look for alternative ways of cutting back on your monthly expenses. For instance, you can search for roommates who can help you cover the high cost of the new apartment.

To get the best deal, you should compare the price of the new apartment with the other rentals in that area. In essence, you should ensure that you are well-versed with the market before negotiating a price.

Lease

Before signing the lease agreement, one should hire an experienced lawyer or realtor to look over at the terms of the contract. The professional hired can assist you in finding out of the lease is legitimate and standard. You should avoid signing a lease that has surprises.
Some of the essential factors that you should check before signing a lease include;

  • Check whether the lease is a one year, month-to-month or 6-month type of lease.
  • When is the deadline for paying the rent each month?
  • Are roommates allowed into the premises?
  • Who should carry out maintenance?
  • Is the deposit refundable?
  • Parking rules.

The Landlord

landlord

The landlord can either break or make your renting experience. Tenants who have a landlord who has lacks boundaries or who has terrible ethics may end up in a rental nightmare. The best way of preventing this is by meeting with the landlord or chatting with him on the phone.

The Neighbors

You should carefully consider your potential neighbors as well as the roommates. Your roommates can tell you more about the neighbors. If the roommates happen to complain about the neighbors, then you should avoid renting those apartments.  The worse thing that can give a headache is dealing with inconsiderate neighbors.…