Would you choose a condo in the heart of the city or a landed Singapore property with all the space and privacy?
Singapore has been one of the top countries people move into for work or settlement. This greatly helps the Singapore property market as it continuous to grow and expand each year. The demand for Singapore properties has been on a roll which makes property developers in Singapore build more apartments and condos as property investments for both local and foreign buyers.
But what exactly does one look for when it comes to finding a Singapore property? What makes a buyer choose a condo over a landed property or vice versa? Decision-making is crucial and before making a deal, one must truly understand all the pros and cons of living in the kind of property they choose. This article will give you a quick rundown of the difference between buying a condo and a landed Singapore property.
Pros of living in a condo:
Condo amenities One of the main reasons a buyer chooses a condo is the convenience it offers. These include amenities such as a gym, swimming pool, spa and much more, which are only a few steps away from their own home. This is a plus especially for people who don’t want to travel far away just to get to the gym or go swimming.
Most of the property developers in Singapore have built condos near MRTs, entertainment centres, institutions, CBDs and major highways. This means getting to and from your Singapore condo is so much easier plus sustaining consumers’ lifestyle is easy with the accessibility of amenities nearby.
The convenience a condo also brings is the hassle-free maintenance of the unit itself plus all your surroundings. There’s no need to schedule pool cleaning, gardening or termite control. Any issue will be handled by the management.
The view While not all condo offers a stunning view, a lot of them do. If you love seeing the city lights or waking up to the skyline, a condo is the one for you, and the higher it is, the better the view.
Price Price points of a Singapore condo depend greatly on its location, facilities, and age of the building. Rental cost for a 3-bedroom condominium in prime locations is between S$7,000 – S$15,000 per month. Luxury condominiums can go up to S$8,300-S$13,000 per month. Meanwhile, condos located outside the city centre costs around S$3,300 – S$5,000.
Cons of living in a condo:
Space Despite a number of Singapore condos that offer a penthouse or bigger square metres for their units, it might not be easy to find one with as much space as what landed properties have.
Privacy Living in a condo is high-density living. You neighbours are literally next door and are just a wall away. You also have to deal with upstairs neighbours who might love rearranging and dragging their furniture or those who stomp around.
Paying extra If you are not into swimming or going to the gym or spa, living in a condo will have you pay for these amenities despite not having any interest in using them. Instead of paying for what you actually use in the condo, the maintenance fee of the amenities is still part of your overall monthly dues in condo living.
Slow appreciation Condominiums appreciate slower than homes because owners don’t own the actual land. When you buy a condo, remember that you are buying the space, not the land where it stands.
Pros of living in a landed property
More space For some who want a garden or their own, choose a landed property over a condo. While some also opt for a landed Singapore property because of the additional space they can work with.
Don’t pay for amenities you don’t use Singapore is a low-crime country which makes others feel like it is a waste of money to pay for security. Since Singapore’s transport system is very reliable, “travelling” to the gym and other facilities is usually not considered a burden. This means paying only for gym appointments only when you need them.
Privacy A landed property with more space leaves a feeling of more privacy, especially if you choose a quiet neighbourhood for your landed Singapore property.
Cons of living in a landed property
Maintaining your property When you live in a condo, the maintenance of your unit and the condo surroundings are the management’s problem. With a landed property, everything is under your watch. It may cost less having to maintain a landed property, but others don’t like the hassle of having to do everything on your own.
Say hello to wildlife Having a tropical climate, living in Singapore opens the doors to some insects, roaches, and other unwanted guests. A scheduled and maintained pest control might be needed for these bugs to stay away from your home.
It might take a little while to get to places Depending on the location, you might take more time travelling to places if you are living in a landed Singapore property. Unlike condos, which are usually near MRTs, staying in a secluded and quiet neighbourhood will require more time to commute to other places.
Price Landed properties in Singapore are not very common. And due to the country’s relatively small land size, renting out a landed property can be quite expensive. An average cost of rental for bungalows are around S$18,000 per month, while luxury bungalows with three to four bedrooms and a land area of 1,400 sqm can be valued as high as S$35,000 per month.
No rental leverage There is a higher percentage of tenants who would want to rent out a condominium that includes all its facilities, over a landed property. The convenience that offers residents of a condominium is likely also to weigh in on their decision. This makes a landed property less likely to be rented out than a condominium.
Once you have decided on the type of Singapore property suited for you, be informed regarding loans and other guidelines on property investment when you visit Yazhou Property. You can also check out Singapore condos and good class bungalows for sale through our Facebook page.