3 Things You Need to Know About Condo Buying

condo livingThere is a great appeal in condo living. One reason is that a location near city centres makes it appealing to those who are into modern living. If you’re thinking of investing in a quality Paya Lebar condo, do consider the following:

Here are the three key things you need to know about condo purchasing.

1. Shared Responsibility

The responsibility of maintaining and upkeeping a condominium doesn’t just fall on one person. In fact, it’s shouldered by every resident within the development. The typical setup is to have an association where the costs of maintenance are computed and then effectively distributed to the residents. These aren’t all too high in terms of what you have to put out, but you should take this monthly expense into consideration when you buy a condo.

2. Affordable Insurance

One significant benefit of shared responsibility is that the annual insurance premiums for a Paya Lebar condo new launch are, on average, more affordable. This is relative to a single family home. That’s because there might be a lot of units, but all those units are occupying a single plot of land. Insurance tends to be computed based more on this land/plot area more than anything else. So, ultimately, with more people within that land, there’s less to pay out.

3. Affordable & Convenient

By and large, you can get a condo unit for far less than you can get an equivalently sized home. Again, this is most likely because of the shared costs of the whole building imposed on its residents. On top of that, you can enjoy the conveniences which a condominium can bring. One thing’s for sure, its proximity to key services and its great inbuilt facilities and amenities.

READ  Choosing the Right Cemetery for Your Loved One

If you consider this carefully, you can be sure to enjoy a great deal with your condo purchase.