With the limited physical land in Singapore, there are a few selection to choose from. The most common type will be condos and landed property. It is not easy when you need to choose from the condo and landed property Singapore if you can afford both types.
There are luxury condos with complete amenities available nowadays and an entire landed house with generous space where you can enjoy. Which should you pick? If you have a problem choosing either condo or landed property Singapore, you can check out the breakdown point below. It will help you to choose wisely.
Basic Definition Of Condo And Landed Property
A condo is a form of housing tenure where each unit is owned separately. The ownership usually includes a nonexclusive interest. The condo management will control this. Condo management is made up of the unit owners. They will oversee the daily operation of the complex.
There are two types of condos in Singapore – a public-private hybrid and a private condo. You won’t have a land title for a private condo. You will be given a strata-titled.
Landed properties are property that is attached directly to a piece of land. The owner will have the title for the property. This will be classified as landed property. Landed property Singapore has several types, including bungalow, terrace, detached, and semi-D.
Condo Vs Landed Property Singapore Comparison
1. Property Value And Investment
Whether you are buy to stay on your own or for investment, you have to make sure that you are financially ready, regardless of whether you are getting a condo or landed property Singapore. You don’t want to get into a situation where you fail in your investment.
Landed properties are a better investment than a condo. You can rent it out for the property. But the condo is an attached unit, and they don’t mean to be rented out by anybody who owns them.
The condo is very common in Singapore. New developments are coming out every year. There are many options for you to choose from. Condos value tends to appreciate faster. This depends on the market and age of the condominium.
Landed properties are limited in Singapore. There are only about 70,000 landed properties in Singapore. It’s hard to find that perfect one you want. Landed property Singapore appreciate slower than a condo. Their value is more steady, and it won’t decrease.
2. Cost Of Ownership
There will be quite a difference for condo and landed property Singapore. If you don’t have much budget, you will want to consider subsidized condo. You need to be aware of the leaseholds and the restrictions that they have.
There will be quite a difference between condo and landed property Singapore. If you don’t have much budget, you will want to consider a subsidized condo. You need to be aware of the leaseholds and their restrictions.
Compared to a condo, landed property Singapore will be more expensive. There will be a difference in price depending on the property location, size, and the type of property you choose. Townhouse and cluster homes are more affordable. Semi-Ds and bungalows are in the middle range, and the most expensive ones will be the Good Class Bungalows or properties larger than 1,400 sqm. If you don’t choose wisely, it can put a massive dent in your savings.
3. Privacy And Noise
No matter how sociable you are, there are times you will like to be quiet and prefer your own privacy. Comparing the noise and privacy between condo and landed property, it is very different.
A condo is a place where it is a high-density living, so be expected to have lesser privacy and have sporadic noise from your neighbors. It can be very overwhelming when it comes to noise. There will be situations such as kids running around early in the morning and couples fighting from different units every day. If you are staying at lower levels, be prepared to hear noise from the street.
If you like a quiet environment and have privacy, landed property Singapore is a good choice. You don’t have to worry about neighbors sneaking around gossiping. Noise will be much more controllable as there won’t be so many neighbors walking past your houses. You don’t have to worry somebody is stomping the floor. There won’t be much environmental noise if your home is located further away from the main road.
4. Location and Accessibility
Staying at a location where your needs are within your reach is everyone’s dream. Getting to the place you want to go in minutes will save you a lot of time. This is another big difference between condo and landed properties.
Most of the condos, especially those that are high-ended, are always located in the prime key districts. There will be schools, restaurants, financial centers and public transport nearby. With all these places nearby, staying in a condo is indeed accessible.
There aren’t many landed properties located near major key districts. Most of them are located either in the suburbs or the outskirts. If you need to get your grocery or settle some things at the bank, it could be miles away, which may be a bit of a hassle.
It is a hassle when you don’t know who to find, especially if you need it urgently when it comes to maintenance. You wouldn’t know if the contractor had mark-up your price or whether he would do a good job.
Suppose you are looking for a worry-free living where you don’t have to take care of too much, especially maintenance. Condos are famous for this. The developers are responsible for cutting the grass, fixing electrical issues, maintaining the water pipes, etc. Staying in a place where you don’t have to worry about maintenance, the condo is very convenient, but this comes with a cost.
For landed property Singapore, you are the owner, so you will be responsible for the maintenance of your house and your backyard. You will need to find someone to cut your grass. You will need to find a plumber to fix your leaking water pipe and all other maintenance things. You won’t have to pay a fixed monthly fee but be prepared to pay a large maintenance fee when there is a need.
If you are confused about buying a condo or landed property Singapore, you will have a better idea of the pros and cons of both types of property. It will help you to make a better decision in buying a condo or landed property Singapore.
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