The Essential Guide to Understanding Executive Condominiums
The executive condominiums happen to be a type of housing that’s becoming really popular in some areas of the world. The first one was made in the year 1994. This housing happens to be somewhere in between the public housing and private housing and they sure look like private condos. They are normally enclosed and come with a gated compound and security. One other thing that could be pointed out about the rivercove residences ec is the fact that they are with all forms of amenities that the residents can make use of. These include things like clubhouses, swimming pools, and playgrounds. The executive condominiums are also normally sold and designed by different private developers who are renowned in the construction circles.
The construction is prompted by the government and their construction is actually carried out at a much lower price. This is due to the fact that the land prices are with subsidies from the government. The Central Provident Fund (CPF) grants could be taken by the buyers in a bid to help them in paying for the cost of executive condominiums as sold by the developers.
The executive condominiums are directly impacted by regulations like those that are applied to the various HBD flats. There are a lot of restrictions and limits that have been put forward according to the ownership.
And if you consider investing for an executive condominium, you should have an idea first on what are the important things that you need to know before you buy one. It is very necessary for you to know what these important things are so that you will be more prepared and familiar in dealing with this kind of property. You can read the list below that shows the important things that you need to know before buying an executive condominium.
Here is the list of the important things that you need to know before you buy an executive condominium.
1. Executive Condominiums Have Requirements for Eligibility
The very first important thing that you must know is that executive condominiums have requirements that you need to meet so that you will be eligible to buy and own it. If you are thinking that anybody who can afford it is eligible to buy it, then there is where you are wrong. Since that executive condominiums are somewhat subjected to the management of the Singaporean government, with this executive condominiums are granted not for the private and high – class people but for the people who really needs it and is willing to buy it. Some of the requirements you must accomplish includes of age, family nucleus, ownership on properties, income range, and more importantly your citizenship which is preferable for Singaporeans citizens.
2. Executive Condominiums Are More Affordable Than Private Condominiums
Another one is that executive condominiums are much more affordable than private condominium which is the main reason why many people tend to choose this over the other one. In addition to that, the facilities and services that the executive condominiums offer to everybody does not make a big difference with the facilities and services that the private condominiums offered. With this, it only goes to show that buying an executive condominium is a best option and wiser action that you can do.
3. Executive Condominiums Are Can Be Sold
And lastly, you can have a chance to sell and rent your executive condominium to others as long as that you already occupy it for a minimum of 5 years. You just need to make sure that the executive condominium which you would sell or rent should be for another Singaporean citizen or to a person who is a permanent resident in Singapore. By knowing this, it simply proves that executive condominiums are really a great investment that you can do not just to have a home that you can lived in but also the fact it can give you an extra income.
So above mentioned are the idea on what are the essential things that you need to know before you buy an executive condominium, you are now aware and knowledgeable about this property. And also, you are now more prepared and ready to consider buying it. And if you want to know more about this topic, you can always ask for the insights and opinions of your friends who already own an executive condominium.