Do You Know the Difference Between Regular and Freehold Condo?
Posted by ajraquedan on March 15th, 2019
Due to easily manageable size and the community sense that a condo from NumberOneProperty can create, their relative cost due to proximity to amenities condominiums are always the hottest selling property of real estate.
You may be considering to buy freehold condo Singapore as your home or as investment. However, many people may not know that condos will actually come in 2 different categories which is freehold and regular.
Most of you must be familiar with regular condominiums. They are usually developed by company like NumberOneProperty who have several units, that can be in hundreds, within single structure built on single piece of land.
Every home owner will only own the unit and not the land on which the condo has been built. Also, they will not have the title of the buildings or development. Most condo owners prefer this option as they just need to pay simple straight fee per month.
For any freehold condo for sale Singapore, the owner will not only own the unit but also land where the building stands. That means the owner also owns that buildings which has been erected, including his condo building itself.
There are number of advantages with this option. Firstly, the investment will be much more valuable, as land is also valuable part of the real-state. You can make some improvements later in your lawn and other areas.
Most of the cases your condo corporation or the builder will retain little bit of control over what any freehold owner may or may not do with his or her property. Therefore, do not assume it as carte blanche.
In addition to that, you should not forget that your regular condo ownership will mean that various cost of improvement will be shared by all other owners of condos, hence freehold will mean that the owner will bear the cost alone.
Finally, keep in mind that upkeeping and ownership of the land and buildings will be up to the owner while maintenance of all common elements of property e.g. parking, playgrounds etc. is shared among all the owners, which is as decided by condo corporation.Also See: Freehold Condo, Relative Cost, Manageable Size, Condo Corporation, Condo, Freehold, Owner
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