What Are The Benefits of Buying a Condo in Singapore

Singapore is a beautiful place with an island. It has so many beautiful places that anyone wants to stay there. The calm cool environment of it provide you with mental relaxation. Also it have many beautiful places that are must to visit. Before we come to the topic that what are the significant benefits of buying a condo in Singapore let we first explain you what actually is a condo.

Condominium:

A condominium is in short form used as condo. It is a small place to live. they’re like apartments in The Florence Residences but the only difference is they can be sold independently. Condominium are usually build as apartments but they’re are detached condominiums as well. Which apparently look like single family homes. Unlike the apartments which leased by tenants condominiums got their own rights.

  
More to this the owner of the unit also have rights on further things as well like laundry, hall ways, walk ways as well as common areas like utilities and amenities such as elevators ETC. So it is clear now what are condominiums and what benefits it have to provide you and why should one buy this for residence.

Benefits of buying condominiums:

  • They are small units to live in.
  • They can be sold independently.
  • They can be in a detached structure.
  • They can be structurally in a form of apartments.
  • Owner of the unit have several rights more than those living in a apartment.
  • They are beautiful designed.
  • They are safe to live in.

MOP and ownership restrictions:

When you own a condominium you need to fulfil the 5 year minimum occupancy period before you can rent out your property to someone else. After completing their 5 years of minimum occupancy period the owner is only allowed to sell or rent their unit to Singapore registered citizens and not to others. After 10 years the condominium is free of all these restrictions and then you can sale or rent out your property to other people who are not Singapore citizens.

Purchase priority:

The authority of Singapore has set a percentage for people buying homes. About 70% of homes are confined for those who are new residents or about to buy their first home. They are preferred more over those who are shifting from another apartment home or condominium.

So these are the complete details about the condominium. The price can vary from place to place but they are almost relatively same. These properties are semi private. That is why  you can receive and HBD grant of $30000. This information is more than sufficient for you If you’re going to buy a condominium in Singapore.

There have yet no cons of buying and investing your money in this property. And you’ve seen the numerous benefits you can avail if you buy the condominium unit. Also having a home of your own is everyone’s dream. And you can complete your dream in a more beneficial and safe way. More benefits are also associated with condominiums which you’ll come to see while living in a beautiful place.