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A condo purchase can be an intelligent decision. Condos are typically less expensive than single-family homes and offer many luxury facilities. Condos are an excellent alternative for those who lack the time and capability to manage a home.

There are downsides too. Condos have high monthly fees and restrictions about the ways you can use it. You might still decide that a condominium is the best option for you in Singapore. Many have. But you need to be aware of the risks before purchasing.

What should I know prior to buying a condo at Tampines St 62 EC?

You are purchasing a condo in Tampines Street 62, which means you will be taking over a building or unit that is part of the larger building or development. Your unit will be yours to own and you'll be responsible for its care and maintenance.

The structure and land surrounding it will be owned by someone other than you. This is typically an legal entity that you , along with other owners of condos are in control of. So you have an legal right to the building and its surroundings. Also, you'll be able to obtain "easements", which give you the right to fair use and access to the property. However, you will only be able to be the owner of the unit you choose. This is not necessarily a negative. It works for everyone. However, there are pros and cons to be aware of.

Condos are less expensive than apartments, however they aren't always at a lower cost.

There are two distinct advantages of purchasing a condo:

You may get more from your money when you own an apartment than with a single-family residence.

There are usually extra amenitieslike gyms, pools tennis courts, landscaped outdoor spaces, extra security, and so on

These perks aren't always completely free.

More value for your money

The cost of condos is usually lower than traditional homes, which means the condo may be a more affordable start-up home for a first-time homebuyer. Additionally, you get the additional amenities listed above. It is also worth considering monthly homeownership costs in addition to your initial purchase price.

This is because homeowners association fees could potentially increase the cost of a condo month-to-month than a comparable house. There's no need to mow the lawn, tidy the common areas, or climb to the top of a ladder to apply paint on the outside. However, somebody has to. Along with all the other unit owners must pay them.

Condominiums have more stringent mortgage requirements

It might seem harder to finance condos. However, it is real that there are special obstacles to getting an apartment mortgage. Go to tampinesnorth.com to find out Tampines St 62 EC site plan.

The lenders scrutinize condos to make sure they meet certain requirements. And some condos don't. This shouldn't be a cause for concern; millions of people have been able to finance houses by this method.

Condo "assessmentsare often expensive.

A Singapore condo company that's well-managed will have ample cash. Each owner is expected to pay an extra amount every month to build reserves. That way, it can cover major repairs and maintenance as they become necessary. But, not all condo companies are properly managed. If the roof needs to be replaced, or the central HVAC fails, or the windows have to be replaced the bank may not have enough funds to cover the costs.

Condo rules will apply to you

If you're purchasing a condominium at Tampines Street 62 the property, you'll be provided with a copy your condo's or condo company's Covenants, Conditions, Restrictions and Easements.

For instance, windows or doors that are outside may or may not be your property which means that their maintenance might or may not be down to you. Central air is generally a common amenity, but individual air conditioning units often aren't. These things will be clearly specified in your CC&Rs.

Your Condominium shares the liability

It is possible that you are jointly responsible for the Condo's problems because of your share of ownership (part-ownership). Therefore, if the Condo signed off on a building that was full of defects and you end up paying for a portion of the necessary repairs. If your Condo is suing a developer to make it accept liability, you could have to pay for legal fees and take on certain risks in the event that the Condo is unsuccessful in the court. Indeed, you're effectively an unnamed person in any legal matter the association takes part in.

Now you know precisely what to look for and what to stay clear of, so your chances of finding the right place are higher than most people's. If you're not sure if condominium living is the right choice for you There are three aspects that will help you make an informed choice: affordability, location and maintenance.