Condos are residential properties owned by their residents who share ownership. They typically come equipped with various facilities that residents can take advantage of such as swimming pools, gyms and sports clubs.

Finding a condo in Arab street , Singapore near an MRT or transport line will allow for easier accessibility for you and your family.

Location

Condos can be found throughout various neighbourhoods, and each offers different amenities and lifestyle convenience. When selecting your ideal condominium location it is essential that it fits with both your lifestyle and budget; single professionals may suffice with a studio condo while those looking to start families may need more space.

Consider also whether or not the condo’s location is within close proximity to public transportation – residents in Singapore often rely on public transport for mobility, so selecting one near MRT stations could save both time and money in travel costs.

Consider whether or not the condominium you’re interested in is freehold or leasehold, with freehold usually being better, yet more costly.

Amenities

People often think of condos as apartment blocks with shared facilities; however, this doesn’t do it justice as condos come in various forms: low-rise, medium-rise buildings with single and multi-story units as well as any combination thereof.

Modern condominiums feature many amenities, from swimming pools and gyms to tennis or squash courts and 24/7 security patrols – meaning you can leave your children at the playground or pool while being confident that your home is secure against intruders.

Some condos feature community areas like BBQ pits and function rooms to encourage community participation among residents and to create a sense of place among them. These features can be an attractive selling point to potential buyers while increasing property values significantly.

Size

Purchase of a condo can be costly, especially with additional expenses like maintenance fees and property tax payments. Plus if you are upgrading from an HDB flat, additional Buyers Stamp Duty (ABSD), which could reach $2100 each year must also be paid.

Size matters when purchasing a condo; although a larger unit will likely cost more, its resale value could increase substantially.

Before selecting a condominium, take careful note of your family size. While smaller units may work for singles, they may not suit families as effectively. To assess your needs more accurately, speak to an expert from Dollarback Mortgage; their team can offer tailored financial advice specific to your situation – contact them now for a no-cost, no-commitment consultation!

Budget

When planning to buy a condo, it is vital that you carefully budget for its associated costs. Down payments and monthly mortgage payments can quickly accumulate over time.

As part of your budget planning, be sure to include Buyer’s Stamp Duty (BSD) and non-owner occupier property tax costs; this latter factor is particularly relevant if renting out your condo.

As well as considering which type of condo ownership structure you prefer – freehold or leasehold condominium – when making your choice, which may depend on factors like HDB upgraders and your desired length of stay in Singapore. Freehold condominiums tend to be preferred among HDB upgraders while leasehold ones can be less costly for short term stays in Singapore. Finally, size matters when looking at properties and factors such as sunlight exposure and noise pollution levels need to be taken into consideration when making this decision.

Financing

When purchasing a condo, it is essential to fully comprehend all available financing options – this includes understanding downpayment, CPF contribution and stamp duty obligations. Consultations with an experienced property agent can provide invaluable guidance during this process.

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Before purchasing, it is also important to determine if you prefer buying new launch condos or resale condos, with new launch units typically requiring higher downpayments and track records of developers being taken into consideration.

Individual Singapore citizens and PRs can purchase both new and resale private condominiums; however, an additional buyer’s stamp duty (ABSD) rate was last revised in April 2024 to discourage robust property investment demand and ensure housing prices grow sustainably.