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Property News10 Sep 2019

Six Benefits Of Condo Living

No doubt you have seen high-rise condominiums popping up all over Singapore. From Orchard to Pasir Ris, these hallmarks of modern-day living are commonly thought to be stylish, luxurious, and safe. That said, the decision to get a condo is not an easy one to make. After all, an average condo unit may easily cost four or more times as much as a HDB flat. But the benefits may outweigh the cons. From being an investment opportunity to the priceless freedom and convenience, here are six benefits that living in a condominium can bring.

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1. Safety
Yes, Singapore is one of the safest countries in the world. But, as they say, low crime doesn’t mean no crime. Most condominiums are bolstered with tight security, including 24-hour security guards situated at the main gate, CCTV systems, all-around gated residence, and even roving personnel who patrol the property. The main thing is that a guest entering the property will have his or her ID noted down (although this may differ from condo to condo). Regardless, all guests entering the premise should have their faces recorded in the CCTV system, thereby ensuring their proper behaviour. For families, this also brings its host of conveniences. Want to leave your kid at the playground of swimming pool while you check on that oven? Ask a friendly neighbour to look after your kid for a while. Want to take a walk in the middle of the night to help with indigestion? Forget the torchlight, just go for it.

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2. Private Facilities
Swimming pool, gym, tennis and squash courts, BBQ pits, sauna, spas, and more are provided in a private setting in most condos. Imagine not living in a condo and heading out for a swim on a Sunday. You’ll have to take the bus, maybe make a transfer, then reach the community pool, only to find out it’s so packed with kids having their swimming lessons you have to wait an hour before you even get wet. With a condo, you only have to go downstairs for a swim. Another way to look at this: An average gym membership costs $70 per month, and you have the facility (albeit without the trainers) right at your doorstep. These private facilities make getting healthy easy, plus you can invite a friend or two over from time to time too. Make sure to fully utilise these facilities when you live in a condo since you’re paying for their maintenance anyway.

3. Access to Services
It’s been a growing trend for condos to have their retail shops. Such shops can go from convenience stores for your late-night snacks to childcare centres to full-fledged restaurants. Some condos even offer fitness classes that go from yoga to kickboxing. Once again, this is about convenience. For someone who lives a high-paced lifestyle, the difference between a morning workout right below your house and a 30-minutes commute to an outside gym makes all the difference. This advantage also allows people who want to avoid the crowd that is everywhere in Singapore a special bubble to relax and have a meal or take a stroll without all the noise.

4. More Freedom
Other than the freedom of being able to swim or hit the gym any time you want to, living in a condo also means being able to own more pets. For instance, HDB owners can only keep one HDB-approved dog per unit. Staying in a condo lets you keep up to three pets, although its best to make sure your management or landlord is agreeable. Another important freedom is having to conform to fewer restrictions when it comes to renting out your condo unit or one of its rooms. Private-property owners are free to lease out their spare rooms or entire units without seeking HDB approval. Of course, certain rules like short-term rentals (of less than six months) being illegal still apply. That said, it's easier to earn money with your property with a condo than with HDBs, and this is an important benefit.

5. Prestige and Customisation
Want to stay in award-winning condos that are designed by world-famous architects? Just look at Sky Habitat, designed by celebrated Israeli-Canadian architect Moshe Safdie, or The Interlace, which won World Building of the Year in 2015. That’s just the exterior. And exteriors matter especially if you want to make an impression on a potential date or client or investor. Want a loft and not a simple 4-room unit? Or a studio unit? For the interior, condo developers normally include a wide variety of layouts for buyers to choose from. Another thing to consider is the potential network you might develop. Depending on the condo you stay in, you might come across potential business partners or clients as you get to interact more with your neighbours due to all of you being in the condo’s association, community, and board.

6. Investment Matters
Condos are generally seen as decent investments. Whether you dabble in property investment, don’t, or are a full-fledged professional, en-bloc might be the best potential advantage of living in a condo. The money you get from en-bloc should easily make you more money than selling the unit. Other than this, condos located in prime areas also tend to appreciate at price, at the very least slowly. Of course, you might strike gold if you land a unit that’s in a highly sought-after area, in

invesment

which case your home just became an incredibly powerful and valuable asset.

Be sure to consider your desired location and budget before making a decision. Whether you’re looking to buy or just browsing, be sure to check out SRX’s new condo launches at https://www.srx.com.sg/new-condo-launch.
Source: editorial
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