If you are in the market to buy a new home, you are probably wondering, “Should I buy a condominium or landed property?” Both options have advantages and disadvantages. It is important that you understand both options before making your final decision. Here’s a closer look at both.
Buying a house has many advantages. There is no mortgage to deal with. You don’t have to worry about financing. If you can’t qualify for a mortgage, most banks will give you a line of credit. The amount may be small, but you can live comfortably for years. The latest Klimt Cairnhill Floor Plans are available here.
Klimt Cairnhill townhouse concept has become quite popular in Singapore, especially in high rise buildings. Typically, there is a one bedroom unit available on a fairly large unit block with several amenities including a dining room, a lounge, and an exercise room or outdoor pool. Klimt Cairnhill townhouses come with two to three bedrooms, although the larger ones typically have more than four. Each unit will contain its own kitchenette, living room, and bedroom.
Landed property, on the other hand, is a financial commitment that comes with risks. If you purchase a landed property, you own the entire parcel. The cost of the house and all the underlying assets tied to it are yours. In short, you can walk away from a property without owing anything. If you decide to sell, there is nothing you can do about the value. If you want to live in an expensive house for many years, you could end up owing more than the house is worth.
Condos are convenient. You can always lease them out for a period of time. Or, if you’re planning on relocating, you can buy a condo. The downside is that most condos are not very affordable. If you don’t manage your funds well, you might spend more in a year on a condo than on a house.
Landed properties, meanwhile, allow you to own a piece of real estate for a fixed price. The property is standalone and you are guaranteed a certain amount of rental income each year. The price usually increases with inflation, but you can build equity in your property by rehabbing it and selling it. Equity can then be used to purchase a bigger home down the line.
Condos come with many benefits. One is that they require less upkeep and maintenance than a house. No more painting, yard work or termites. Another advantage is that you are not obligated to stick to a lease agreement. Should you want to go on vacation, you can empty your condo unit and stay in a hotel.
Both properties have their disadvantages, however. A house might be a good investment for people who are planning on living in it for a few years. On the other hand, a condo requires almost immediate financing. Another drawback is that it is usually located in the city and next to public transportation. You will need to drive a long way to go to the nearest supermarket or bank. And since your neighbors will be mostly strangers, you might face some discrimination.
Should I buy a condo or landed property? When it comes down to it, there are really only two answers to that question. The first one is a very obvious one, but the second answer is more about what you expect out of life. If you plan on living in the condo for several years, then the answer is easy. However, if you want to make money and be independent, you should buy the house.
The market has shown that the price of condos has dropped since the real estate crisis began. Condo prices are still relatively high, but this is likely to change as soon as the economy improves. Right now, people are waiting for the economy to improve before they sell their property. Meanwhile, people who own a condo can enjoy the current low property prices and wait until the market improves.
Most investors expect that the land will eventually appreciate in value and the price of their property will gradually rise. Unfortunately, this isn’t always how things work. Some areas have seen an increase in property prices and others have actually lost their appeal as a good place to live. This is why you should consider buying today because the property prices of land will soon rise again.
The price of land will also increase as the years go by. Keep in mind that you won’t be able to resell your property once you buy it. The price you pay is an investment that you will have to live with for a few years. Fortunately, there are still some great deals to be had. The key is to act quickly and secure a piece of real estate before other people take advantage of it.
So, “what should I buy a condo or landed property?” is a complicated question to answer. However, if you follow the steps outlined above you should be able to answer it with relative confidence. Good luck!