No matter your goals for recreation or fitness, condos offer something appealing for every type of individual. From an accessible pool for lap swimming to an expansive gym that will get the job done, condos offer something suitable to all.
Before making your purchase in Dempsey Road Singapore, take some time to carefully evaluate its advantages and disadvantages.
1. Affordability
Affordable condominiums (ECs) have always proven popular among homebuyers, making them attractive options in the housing market. Their appeal lies in their combination of public and private elements – offering buyers government subsidies as well as features like pools and gyms at an economical cost.
Contrasting private condos which cater only to affluent foreigners and Singaporeans with high incomes, ECs provide affordable options to middle class households. Their central locations make them accessible and ensure more families qualify for them.
Furthermore, the government sets an income ceiling to ensure ECs remain affordable to their target market. If anyone interested in purchasing secondhand ECs wishes to do so they should seek advice from an experienced mortgage broker to ascertain whether their desired purchase can afforded.
2. Convenience
While it is generally best to consult real estate professionals before purchasing property, executive condominiums may be an appropriate solution for some buyers. These properties tend to be less expensive than private condominiums while providing all amenities necessary. Furthermore, some grants and subsidies exist which further bring down costs.
ECs are a form of hybrid housing, meaning they fall between public and private ownership in that for the first ten years they must adhere to HDB rules; after this time they become fully privatised allowing homeowners to sell or rent them to any prospective buyer including foreigners.
Affordable condominiums (ECs) are located in prime areas and feature many amenities such as swimming pools, gyms and tennis courts – not to mention they provide an attractive investment opportunity as their value typically increases over time.
3. Security
Executive condominiums (EC) in Singapore provide many advantages for buyers. While similar to private condos, their land costs are subsidised by the government and additional housing grants and subsidies can make these properties more accessible and affordable for Singaporeans.
ECs are located in key districts, providing easy access to shopping, dining and entertainment venues – making them the perfect option for anyone seeking an active and convenient lifestyle.
Be mindful that ECs have restrictions and must complete a minimum Occupancy Period prior to being sold or rented out in order to meet income and citizenship criteria necessary to purchase private properties in Singapore.
4. Affordability
ECs are increasingly popular among young professionals and families due to their affordability. Government subsidies help keep EC sale prices lower than private condos, while homebuyers may apply for CPF housing grants to lower loan requirements or purchase an EC with cash.
Homebuyers who wish to purchase an Executive Condo (EC) must fulfill stringent income and citizenship criteria before being eligible. Furthermore, a 5-year minimum occupancy period must pass before selling their EC in the open market – making ECs an increasingly popular choice among Singaporean homeowners.
5. Amenities
ECs are increasingly popular among those seeking the luxurious lifestyle at lower upfront costs. These properties tend to be located in prime districts and come equipped with amenities such as 24/7 concierge services and security.
ECs offer investors the potential for long-term appreciation in value, making them a popular investment choice. However, owners of ECs must abide by stringent renovation requirements during their first five years as owners and cannot rent out their units until then.
ECs are only open to Singapore citizens and Permanent Residents who meet certain eligibility requirements, such as meeting a minimum income ceiling and being able to form a family nucleus through one of three schemes (public scheme, fiance/fiancee scheme or orphans scheme). Private condominiums do not adhere to such restrictions.