Advantages of buying a condo over other types of properties
The word “condominium” means individual ownership that can be acquired in a unit. As per the definition, this type of property includes all the facilities and services available for the owner, but the land itself remains with the developer.
In case you have decided to buy a Santarli Bukit Batok EC condo, it will help you in several ways. Let us look at some of the advantages of buying a condo over other types of properties.
1. Greater flexibility
As mentioned earlier, there are no restrictions on how you can use your space. You can choose whether you want to live in the house or you prefer to rent out the space for living purposes. It also enables you to add extra rooms to your home without having to worry about building regulations.
For instance, if you want to renovate your kitchen area, you don’t need to ask permission from the authorities because they won’t interfere in such matters. However, if you purchase a private residence then you would need to get approval from the local authority before making any changes.
2. Better rental value
If you decide to sell your condo, you can expect to receive a higher amount than those who own a private dwelling. This is mainly because most people like to live in condos rather than their own homes. The reason behind this is the increased demand for them due to the growing number of people moving into cities across the world.
3. More convenience
A condo is not only a place where you spend time in, but also offers convenience in terms of transportation. For instance, if you have a condo in South Beach in Miami, you can easily access public transport as well as parking spaces. There are also shops, restaurants, and cafes around your neighborhood offering variety to eat, drink, and shop.
4. Increased security
With a condo, you don’t have to worry about safety issues since the whole development is under one roof. Moreover, most buildings include a security guard to ensure that everything is safe and secure. Also, if you want to change the lock, you don’t need to contact the authorities; you just need to inform the management company.
5. A wider choice
There are many amenities that are usually found inside a housing complex. These include gyms, indoor pools, saunas, clubs, and much more. If you buy a condo, you can enjoy these facilities while saving money and avoiding the hassle of traveling to different places every day.
6. Fewer maintenance costs
Most homeowners find maintaining a house difficult. They spend hours cleaning the floors daily, washing the windows, scrubbing the walls, and doing everything else that needs to be done. In contrast, condo owners do not have to face this burden. If you own a condo, you just need to hire someone to clean the interior once in a while.
Also, it saves a lot of time and energy by reducing the need for repairs. Most condos have an emergency fund for repairs, which you can utilize whenever you require assistance.
7. Lower insurance costs
If you own a condo, you don’t have to pay separate insurance for the whole building. Instead, you can take care of it with just one policy covering all the units. This is beneficial since condo insurance policies offer discounts in case of fire, theft, or natural disasters.
8. Easier access to the amenities
You can enjoy all the benefits of a condo without leaving the comfort of your home. Since most complexes have multiple amenities, you don’t have to travel far from your residence to avail yourself of these facilities. It also helps you stay fit and healthy by exercising regularly within the community.
9. Higher quality of life
Most people think that owning a home is better than renting one. But the truth is that when you are renting, you don’t have access to the same features and amenities as those offered by a condo. These things make your life easier and give you a sense of belonging.
Condos offer greater independence as well as a high quality of life. It provides opportunities for social interaction, relaxation, and entertainment. So if you are looking forward to living in a condo, it is best to check out our guide to condominiums before you invest.
10. Affordable prices
If you buy a condo, you save money by paying less for the construction and maintenance of the building compared to what you would normally pay if you owned a house. This is why most residents are keen to purchase a condo instead of a single-family home.
Common reasons for not purchasing a condo
Although owning a condo has many advantages, it faces certain challenges too. Here are a few common reasons why people refrain from buying a condo:
- Uncertainty about legalities
- Higher initial cost
- Lower rental income
- Difficult to sell
- Not enough space
- No garage or swimming pool
- More expensive to maintain
- Limited choices
- Less privacy
- No access to outdoor areas
- Lower return on investment
- Lack of security
However, if you are interested in purchasing a condo, we suggest you read our guide to condominiums first so that you know the basics of condo ownership. This will help you know the ins and outs of this type of property.