If you wish to purchase a condominium but are still having second thoughts, then here are ten beneficial reasons you should consider before making a decision:
You Get to Have Your Own Real Estate Property
Why pay for someone else’s mortgage when you can pay off your own? Investing your money in acquiring a real estate property is a better decision to make, rather than just rent a flat or a house. Not only will its value appreciate each year, but more importantly, you get to pass on something valuable to your future generation. Besides, owning something can be your bragging rights.
Have More Space for Less
Purchasing a condominium for salecan be a more affordable option on Property Guru especially if you are investing in your first property. You can find a unit that has the same space as that of a single-family home, but at a lower cost. Aside from that, a lot of developers now offer a lower down payment and more flexible payment options for purchasing a condo unit.
Access Top-notch Amenities at a Low Cost
A great perk about purchasing a condo is enjoying first-class facilities and amenities right at your doorstep. You can always take advantage of these anytime without having to worry about its upkeep. Of course, you would still have to pay some maintenance fees, but it is way more affordable than setting up your swimming pool at home or enrolling in an exclusive gym.
Pay Only for Minimal Maintenance and Utility Costs
In a typical house or apartment, you have to shoulder all the expenses for repairs and maintenance. But when you stay in a condo, you get to share the building utility costs with other homeowners. Also, owning a condo offers a practical solution for people who would like to do away with the usual chores and focus on their careers instead.
Resell it at a Higher Value
Unlike a car, which decreases value every year, the sales value of a condo increases over time. Of course, you have to take into consideration the inflation rate, the improvements done to the building, as well as its location and overall popularity. In fact, Business Insider says that while current property prices in Singapore are falling by eight to ten percent, they will significantly increase again in the next couple of years. If you have to choose between investing in a car or a condo unit, always go for the latter.
You Can Have it up for Rent
If you prefer a continuous cash flow instead of a one-time big sale, you may also choose to rent out your condo. It is a profitable way of maximizing your ownership, and it’s relatively easy to do. The occupancy rate for condominiums increased by as much as 92.8 percent during the first quarter of 2015, and people opting to rent condos are expected to rise as new buildings are being developed continuously. Also, offering your unit for lease may ease you from taxation burden. Keep in mind that as a property owner, you would need to pay for property taxes. But when you have your condo rented out, you can have your lessee shoulder part of the taxes.
Live Near Your Workplace
Since most condominiums are conveniently located in the metro and are usually near the business districts, you won’t have to spend too much time on traveling to work. Also, you get access to various commercial establishments and enjoy a vast array of cultural and sporting events you would not usually bother going to if you need to commute regularly.
Have a Stronger Sense of Security
While living in a house can provide privacy and security, it would still mostly depend on the location and the neighborhood. Residing in a condo, however, can guarantee a more secure environment since only residents are allowed to enter, and visitors are screened thoroughly.
Use it as an Office Space
A lot of businesses are now choosing to set up their offices in condos. Since most of them are located near business districts, condos can be a practical and viable choice for a venue.
You Get to be Part of a New and Active Community
If you are looking for a way to socialize more, then living in a condo is a good option for you. When you buy a unit, you are also buying into a community. Purchasing a condo does not only help you make new friends fast but more so allows you to establish stronger relationships with shared experiences and responsibilities.
Buying a condo is more than having a place of your own; you’re also acquiring an asset that will be of great value to you. Choose to invest in a property that suits your needs and lifestyle.
The article is contributed by Spencer Josan.
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