Examining the Cons of Buying a Condo
A condominium is more like an apartment is personally own. So the question now is – what is not to love? Nonetheless, like every other thing in life, there are cons likewise are their pros to buying a condominium. Right before you go ahead and put your signature on the dotted line for the twin vew condo, it is vital that you weigh these important factors, below are some of the cons that you can think about:
- Homeowners Association Fees.
When you acquire a condominium, indirectly you become a business partner in the community. You will be demanded to pay a monthly fee, in addition to your mortgage. The monthly fee meets the need of the upkeep of the property with future investments (for instance a dog run or a playground addition).
- Lack of Privacy.
There may definitely be neighbors on the other side of the wall, and the neighbors will be going down and up the grounds or hall at all hours of the night and day. If you are looking out for some peace, it is important you are aware of the fact that this may not be ideal for you.
Over the years, condominiums have been hit hard by the recession. There are many people struggling to make sure that end meet, and there are condominium owners that are defaulting their association dues. So what actually happens in this case? The dues tend to go higher for the other owners, just so that they can cover up for the defaulter. This implies that you are stuck with holding the short of the stick.
Checking the pros side of buying condo units
As real estate investment in many urban cities like Singapore, owning a condo unit is becoming more trendy and popular. The steady growth of market on this type of residential properties is in demand because of the following reasons:
- It Has Flexible Terms
Various opportunities to acquire properties are presented by developers such as condo units. Though this may take a little time to gain back the capital you invested in, it is also one of the safest and worthy bet of investment that is accessible to the younger generation. Many newly graduate that landed their first job would love to buy their first unit to have their own freedom and practice independence and since condo units have more flexible terms, it is considered the best shot of reward a young adult can have for themselves.
- You Get Access To The Amenities At Low Cost
Living in the Twin Vew Condo may require you to pay the mortgage but in return, you will also get an access to the common facilities it offers like an elevator and others that usually you are also paying a much lower maintenance for the building that comes in the manner of association fee.
- High Re-Sale Value
Since many of the condo units are at the heart of the city, you can get the assurance that you can resell it at a higher price when you are thinking that the place is no longer appeal to meet your needs. You already get the place to stay for years plus, you can still resell it at a higher price in the future. Isn’t that such a great deal?
- Easier To Rent Out
Are you not open to the idea of reselling it but needs some cash to assist in paying the monthly mortgage? Then you can also let others rent it. If you have other places to stay, like most employees and students who can return to their parent’s house then getting a condo unit can use for them for a time being, saving time in transporting back and forth from work. When they find it would be great to move to a bigger place, yet their condo units still held sentimental value, they can just let other rent it.
- Transferrable Wealth
Many people who invest in condo unit love how easy and practical you can actually transfer the ownership of their unit to another person. Since Twin Vew Condo is situated more conveniently in the city, nearer to school or workplace, then buying condo units is much preferred over renting an apartment that is costly too.
- Less Initial Capital Investment
The downpayment is one of the factors why one cannot buy real estate property. With condo units, it will be less pricey compared when you get a land house. If you are at early stage of your career then it is ideal to get a condo than rent an apartment and save it for land house deal.
- Less Maintenance
Condo units also have less maintenance worry since all the amenities are being shared by homeowners and because there are many homeowners in one condominium building, you can enjoy quality amenities functions at minimal expenses.
- Place Perfect For Business
If you are residents that do online business, then a condo unit is making it sustainable and practical since it is already in the central business zone. There be fewer transportation expenses and you can reach more customers to buy your items.
If you plan to purchase your first condo unit at Twin Vew Condo, be sure to talk to the real estate expert and do your research ahead so you understand well the value of your investment.