Different people in Singapore have different ideas about what a condo exactly is. However, what all condos seem to have in common is that the condo units have shared carparks, gyms, gardens, swimming pools and so on. The unit owners also do not have to maintain the facilities themselves but pay for the upkeep to the condominium association who in turn hire the pool cleaners, landscapers, mowers, etc. The condominium association (or the Home Owners Association, HOA, as it’s well known) also finances other repairs like fixing a faulty elevator, door, leaky pipes, leaky roofs, and plumbing.
An individual or a family can own a condo. It is one of the units making up the larger building that forms the community of condos. If you invest in a condo, you will bring joy and peace to your family. This is why:
Your family will not have to worry about the repairs. The Home Owners Association will take care of it. If you are retired, the cost of repairs can be a big headache. You will have to spend the money you don’t have each time the pipes, roofing or the air conditioner develop problems. In this way, the HOA will help you settle the repairs without you having to do the repairs yourself.
For the family that wants to own real estate but is not prepared to do maintenance, homes like Parc Esta condo are the answer. Maybe your family members do not have the time for the chores that come with a home. That is one reason condos are preferred by the retirees who want a place to stay peacefully, without having to deal with extra activities like lifting a snow shovel or mowing a lawn and a yard.
Buying a condo is cheaper than buying a home. Furthermore, the industry experts have found out that the value of a condo climbs faster than a single-family home over time. Staying in a bungalow or an apartment can drain your finances to the point you have to face being kicked out with your family. That has happened to many retirees which waste their benefits in servicing expensive apartments instead of thinking outside the box and opting for a condo.
A Better Investment
Condos are generally better organised and maintained than ordinary rental apartments. A condo is beautiful to look at too. Over time, the condo owners gain equity in their property. Investing in a condo is thus a better life decision compared to paying rent for an apartment you will never own.
Living in a condo offers socialising opportunities for your family. A condo brings various families together, and they learn to live with one another in harmony. It is hard to avoid one another, considering the condo dwellers share elevators, swimming pools, parking, name them. They quickly form a community and become a world of its own.
They begin to schedule social events where they find time to connect and socialise. For instance, they may form soccer competition, pool parties, and book clubs and so on. Also, the families can arrange a picnic together out condo gardens, or a trip to the museum, theatre, or music concerts.
This socialising is healthy for a family’s well-being. After all, who doesn’t like the sense of being part of a community? Who knows, your children will get to know friends who will in the future turn out to be their marriage partners. The fact that they get to know one another from an early age helps them make well-informed decisions.
From such connections, you are also assured of emotional and financial support if a calamity befalls your family.