You might be aware of property types like a condominium or condo such as you find with the Marina View residences but do you know what is different when you buy one rather than a house or bungalow? Here is a look at the differences and similarities to the process. Then you can better decide which is right for you.
What is a condo?
Often condo is used interchangeable with apartment and sometimes they are referring to the same thing. In different countries the differences change between them, for example in North America a condo is owned and apartments are rented. In India, a condo unit has a minimum of 5 units and an apartment building has at least 10 units. When you buy a condo such as you find at Watten House you need to keep in mind the shared communal spaces are run by the Strata and you all pay towards their upkeep.
Similarities to buying a house
There are a few things that are similar between buying a condo and buying a house. When buying a condo your for yourself and your family you need to consider the size of the condo. See whether the condo is large enough for your family’s needs or not. Price of the condo can be a major thing to consider because of you are taking a home loan the monthly installments could leave you with lesser money for home expenses. When looking for a condo you can also still make use of a real estate agent and their knowledge and network.
Differences to buying a house
There are a few differences to buying a condo at the Marina View residences or elsewhere rather than a house or bungalow. You will have close neighbours and that is something to consider carefully. You will have monthly fees to pay as well as your loan payments towards repairs and maintenance and the amenities. You need to think about the kind of security you want from the building and there will be differences in the contract itself.
Why choose a condo?
There are pros and cons to buying a condo at Watten House or elsewhere just as there are with house buying. But some of the main advantages people enjoy about being condo owners include affordability, being more central in urban areas, having less maintenance and repairs to handle and having access to certain amenities. You do not have to cut your own lawn, or organise roof repairs. Depending on the location of your new home if the condo unit gives you access to a pool facility then it great because you would otherwise have to pay for pool membership. When you want to be close to restaurants and shops, or have a water front view, buying a whole house would cost a large sum of money. Buying a condo is a lot more achievable.
Summary
Whichever you choose depends on your needs and situation, but a condo can make a lot of sense whatever stage of life you are at. Check out what there is in the area you are drawn to.
