A purchase of a condo is an intelligent decision. They are generally more affordable than single-family houses and come with a wealth of luxurious features. Condos are a great alternative for those who don't have the time or the capability to manage a house.

Of course, there are disadvantages, too. Condos come with pricey fees per month and limitations regarding how you can utilize the space. You may still decide to rent a condo as the best option for you in Singapore. Many have. However, you should be aware of what to expect prior to you make a purchase.

What do I need to know before buying a condominium at Tampines Street 62?

You are purchasing a condo in Tampines Street 62 this means you'll take over a unit in the larger building or development. Your unit will be yours and you'll be responsible for its upkeep.

The structure and land surrounding it will be owned by somebody who is not you. This is typically an entity legally owned by the condo owners and you are in control of. You are legally entitled to your property and its surrounding. And you'll have "easements" that give access and fair use rights to the property. But you'll only own your specific unit outright. This isn't necessarily a problem. It's for everyone. However, there are advantages and disadvantages to be aware of.

Condos are more affordable than apartments, but they don't always come at a lower cost.

There are two main advantages when buying a condominium:

It is possible to get more value in return for your investment with an apartment than with a single-family residence.

There are typically additional amenities: pools, gyms tennis courts, landscaping outdoor areas, additional security, etc.

These perks may not be free.

Get more than you spend

Condos are less expensive than traditional houses, which makes them a great choice for first-time buyers. And you get those extra features mentioned earlier. It is also worth considering the monthly costs of homeownership in addition to the upfront purchase price.

This is because homeowners association costs can make condos more expensive than comparable houses month-to-month. There's no need to be concerned about cutting the grass, cleaning the common areas, or climbing up on a ladder to apply paint on the outside of the property. However, someone must. Along with all the other owners must pay them.

Condominiums are subject to stricter mortgage requirements

It might seem harder to finance condominiums. But it's the truth that there are specific obstacles to getting an apartment mortgage. You can checkout Tampines St 62 EC site plan at the tampinesnorth-ec.com site.

Lenders look especially closely at condos to make sure they are in compliance with specific requirements. And some condos don't. Don't let these issues put you off -- millions of people have managed to finance houses this way.

Condo "assessments" could cost you thousands of dollars

A Singapore condo company that is well-managed should have plenty of cash. Every owner should be charged a little more every month to build reserves funds. This way, it will be able to pay for big-ticket repairs and maintenance when those are required. But not every condo company is properly managed. So when the roof needs replacement, or the central HVAC fails or the windows have to be changed out the money isn't at the bank to pay for the cost.

Condo rules will apply to you

You will receive a copy the Covenants, Conditions and Restrictions of the Condo Company or your Condo when you purchase a condominium at Tampines Street 62.

For example, windows and external doors may or may not be yours, meaning their maintenance may be or not be up to you. Central air is typically an option for most homes, but individual air conditioning units typically aren't. This will be clearly specified in the CC&Rs.

You share the responsibility with your Condo

The shared interest (part-ownership) of your Condo may mean you share liability for its issues. So, if it signed off on a building which was rife with defects it could be the case that you are paying for some remedial work. In the event that your Condo is suing a developer to make it accept liability, you could have to cover legal expenses -- and bear some risk if the Condo is unsuccessful in court. That is, you are an unnamed person in any legal proceeding that the association has a stake in.

Now you know what to look for and avoid, so you have greater chances of finding the perfect place. However, if you still not sure if you're good fit for condo living it is possible to simplify the decision by thinking about three key aspects that are: location, affordability, and maintenance.

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