When it comes to the best type of housing development for both buyers and renters, condos are a one-stop solution. depending upon your budget or the kind of lifestyle you live in, a condo is often the perfect residence for you.
What is a condo?
A condominium or condo is a privately-owned individual residential unit that is located in a community of other units such as town-homes, high-rise buildings, or a condo complex.
It is important for you to know that condos are owned by a person that is in joint sovereignty with a condo owners association instead of a large corporation or a property management company, like the case with apartments.
A condominium comes with shared spaces such as laundry rooms, a garden, a gym, a swimming pool, and much more. Remember condo owners only own and are allowed to renovate the space present inside their individual unit.
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Difference between a condo and apartment
You might find condos and apartments appear similar, but there are some differences that you must know.
Being a condo owner, you will only own the space inside your individual unit and are also allowed to do renovations inside your unit. In case, you are renting a condo from someone then your landlord is a private citizen who owns the property and might live on-site.
On the other hand, an apartment building is mainly owned and managed by a property management company that directly deals with the tenants.
Apartment dwellers also rent their apartments from the property management companies are not allowed to renovate the space.
Being a condo owner, you might be subjected to monthly COA fees that assist in maintaining community amenities, complex common areas, and upkeep of the condo community exterior.
The monthly payments for apartment tenants usually comprise rent as well as utility charges by outside companies.
Keep one thing in your mind, a condo unit owner is responsible for conducting all the repairs or replacements required for their homes like electricity or plumbing.
On the other hand, when it comes to the apartment, it is the management company and not the tenant who is accountable for paying all the maintenance costs and hiring the right people to fix the issues.
In order to live a luxury lifestyle in Singapore within your budget, you must definitely consider Tengah Garden EC floorplan once. The condominium association will look after all the maintenance of common spaces present in a condominium complex including parking lots, pools, gyms, and gardens.
So, without wasting your time further, book the best condominium in Singapore and enjoy a luxurious life with your loved ones.