Condominiums are a great alternative to townhouses and single-family homes. Condominiums are like apartments, as you own a unit in an apartment building that is shared with other units. However, a condo is yours to own and not rented.

There are some facts you should be aware of about condos prior to making a purchase.

The process of getting a mortgage could be difficult

It may be harder to qualify for the mortgage needed to purchase lentor modern showflat rather than an individual-family home. Condominium mortgage loans are more expensive in terms of rate of interest and down payments.

The reason is straightforward mortgage lenders view these loans as more risky than home loans for single families. The higher the interest rate charged, the more risky a lender will consider a loan.

Condominiums aren't always more affordable

Condos are appealing due to the fact that they are generally cheaper than other alternatives. Condos are usually less expensive than single-family houses. But it isn't always true. Much depends on the housing market in your local area, what home buyers are interested in, and the features and amenities offered by the home.

You might pay higher if you live in an area that has a high demand and limited number of condos. Take time to study rates in your region to determine whether a condo or single-family home is the best deal.

You may have association dues

Condominiums are generally governed by homeowners associations or condo associations. They oversee common areas and enforce condo complex's rules.

In many instances the charges are excessive. This is particularly true when the complex needs lots of expensive upgrades and the association is required to collect an additional "special assessment" which is an additional charge for major projects.

There are many possible limitations

Most of the time, when you reside in lentor modern price lentor modern showflat, you live in close proximity with other people. There are many restrictions and rules. The rules could be anything from the size and quantity of pets that are allowed to renting out condominium units.

Make sure you are at ease with any limitations. Be conscious of any new rules which are introduced and you could then have to follow them. A condo is not the ideal option if you don't want greater control over your home and condominium associations.

Increase your odds of being satisfied when you purchase your condominium by weighing the cost of association dues, mortgages, rules and condo values.

This is a rare opportunity to save thousands of dollars on your mortgage

There is a good chance that interest rates don't remain at their lows of the past decade for too long. That's why taking action today is vital, whether looking to refinance and reduce the cost of your mortgage or eager to go for it on a new home purchase.

Lentor Modern

Lentor Central, Singapore 789361

(65) 6100 3055