Should I Buy a Condominium in Adam Drive Singapore?

should i buy a condominium in sg

Condos in Adam Drive Singapore are an increasingly popular option among Singaporeans looking to upgrade from HDB flats. Before making this decision, however, it is important to carefully consider its location and whether it can offer good rental returns.

Bank loans are the primary method of funding the purchase of condos; to determine your eligibility for one you should fill out an official home loan application with your lender.

1. Location

Condos can be an ideal option for city living. These high-end developments often boast features like sky gyms, private lifts and concierge services at an attractive price. But these come at a premium cost.

If you are planning to upgrade from an HDB flat, take into account your projected length of stay and budget before selecting either a freehold or leasehold condominium. It may be advantageous if your children attend primary schools nearby so as to maximize accessibility of facilities in each property.

Consider also its proximity to amenities like shopping centres and restaurants, and if renting it out is allowed in its locale. Doing this could help prevent rules & regulations restricting how many tenants you can have at once.

2. Size

Typically speaking, new launch condos tend to be smaller than resale condos. Therefore, when making your decision it is wise to consider your lifestyle when making this choice – for instance single people might manage better with smaller units, while families might require larger rooms.

If you’re seeking investment properties, it is also crucial to understand the differences between freehold and leasehold condos. Freeholds typically cost more but are better suited for HDB upgraders who plan to remain for an extended period.

On the other hand, leasehold condos tend to be cheaper but may have a lower resale value over time, especially if purchased in areas with multiple developments competing for your attention. A mortgage expert can assist in helping you decide which option is right for you.

3. Amenities

Condominiums provide residents with numerous facilities designed to enhance their lifestyle. From swimming pools to fully-equipped gyms, condominium amenities provide residents with numerous means of recreation and relaxation.

Condos are often located close to MRT stations and bus stops, making it easier for residents to run errands or indulge in retail therapy without traveling far. This ease of access reduces commuter stress while improving overall quality of life.

Many modern condominiums now provide recreational sports facilities such as tennis and basketball courts, providing residents with a way to stay active and socialize with fellow sports enthusiasts. Some even feature professional trainers to enhance residents’ sporting experiences further, which is something not available with apartments, 2-storey landed homes or public housing such as HDBs (high density boards).

4. Financing

As a property buyer, it’s essential that you make an informed decision about which condo you wish to purchase. Consider what type of living situation best meets your needs – are you seeking a studio unit or something with three bedrooms?

Consider where you wish to locate your condo estate carefully. A condo near amenities such as tennis courts or swimming pools is an ideal location; however, bear in mind that these amenities may become noisy sources over time.

Next, examine the rules and regulations of the condo. Private condos can be sold freely to Singapore citizens and permanent residents without any restrictions, while executive condominiums (EC) can only be purchased by Singaporeans after fulfilling the mandatory 5-year Minimum Occupation Period. Finally, it’s crucial to ascertain your ability to afford such purchases financially.

5. Maintenance

Condominiums feature unique maintenance costs compared to flats. As this monthly recurring bill can make or break your profitability, it is vital that you understand exactly what is covered before making a purchase decision.

Your payment depends on the share value of your condo, which enumerates both how much of it you own and your voting rights within its association (such as when upgrading or selling). A smaller unit could help save money in fees.

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Attending AGMs can help you understand where your maintenance fees are being spent, and voice any concerns over excessive spending. Be wary though – mismanagement could cause the entire condo to quickly decline!