Read on for more information on what comes with owning a condo unit:
Condos Have HOA Fees
One main difference between condos and single-family homes is that most condos have monthly homeowner association fees or HOA fees. These include maintenance, insurance, utility payments, property taxes, and amenities such as pools. Not only does this mean your mortgage will most likely be higher than it would be if you owned a home without HOA fees, but it also means that you will have monthly expenses just like any homeowner.
Learn About the Condo Association
The condo association refers to a group of owners who live in a condominium complex and make up an organization to maintain the common areas and amenities. This is different from a neighborhood homeowner’s association, which usually deals with local laws, maintenance standards for homes, and other rules around the community.
Get To Know The People In Your Community
You will be living near your neighbors, who might include young families, professionals, retirees, singles, couples, students, homeowners, or renters. The freehold condo for sale in Singapore, you are purchasing into an entire community. In addition to knowing your immediate neighbors on all sides of your unit, you will also be part of a neighborhood association with other residents.
Realize That You Might Have To Follow Plans Made By Others
In addition to your monthly HOA fees, condos typically follow a master plan created by the condo association. This means that certain things, such as building materials and colors, might need to be approved before renovations happen to your unit. For example, suppose you live in a historic area protected from significant changes or where buildings must meet certain specifications for energy efficiency or green living. In that case, homeowners are usually not allowed to make changes without approval. Condo associations can help keep homes in these areas beautiful and safe for everyone who lives there.
Learn About Your Rights As A Homeowner
If you are looking for a freehold condo for sale in Singapore, you will want to understand your rights as an owner, including whether or not you are allowed to rent the property. Can you make improvements to your unit? What restrictions on noise levels can be implemented? Can pets be brought into the home?
Read Your Condo Documents
One of the most important things about owning a condo is understanding all of the documents related to your purchase. Before signing anything, learn about your legal responsibilities as a homeowner and what it means for you to become part-owner of the building. An excellent real estate agent or lawyer can help ensure that everything is fully explained before contracts are signed, so no surprises later on.
If you are interested in buying a condo unit, you should know some of the things that come with condo ownership. You might be surprised to find out some details about condos that make them different from single-family homes. The good news is that there are plenty of perks to owning a condo, too. Having the best freehold condo for sale in Singapore is the best feeling ever.
