3 Hidden cost of owning a condo in Singapore
Cost of owning a condo in Singapore
Singapore is home to many residents. It houses many local and foreign individuals. This large number of population is driven by the fact that Singapore has some of the most stable financial positions in the world. Singapore is considered to be one of the safest to invest in.
Through the years, it has been proven to be one of the most resilient economies. That is why it possesses fewer risks when it comes to financial investments. That is why countless corporations have set up and are still trying to set up a branch in Singapore. It offers a sure and relatively high-profit margin no matter what industry the business is from. These businesses then open many job opportunities not just for local Singaporeans but also for people from around the world. This is only one of the reasons why it’s attractive to many individuals. Even foreign individuals are eager to move to Singapore and try their luck. This surge in the number of population affected the economic conditions of Singapore.
Property market conditions
The high number of population has affected the costs of living in Singapore. Through the years, it has exhibited one of the highest costs of living in Asia. It is relatively higher than its neighboring countries as it offers more amenities due to the emergence of many businesses. One of the most affected markets in its economy is the property market. Singapore has always ranked to have one of the most expensive property markets in the world. This is because its land supply is too small for the residents that are residing and are trying to reside in it.
Developers address this issue by offering many housing options to Singapore residents. One of the most popular nowadays is the condominium units. It is popular because of the many perks it offers. However, since the property market is expensive, the Singapore condo price is also expensive. The Singapore condo price is relatively expensive especially when it is located in business areas. However, there are many affordable options like The M Condo. The costs of living in this housing type do not end at the Singapore condo price upon purchasing the property. There are some hidden costs or costs that you will have to settle along the way. So, let us talk about the 3 hidden costs of owning a condo in Singapore.
1 Maintenance fees
Maintenance fees as an addition to the Singapore condo price is not a surprise. Almost everyone knows that there is a certain fee that must be settled when residing in any housing type. Just like living in an exclusive subdivision, living in a condo requires monthly fees that must be settled with property management. This fee depends on factors like the number of current condominium tenants, size of the unit, amenities availed, etc.
Renters know that this fee exists. The actual cost of the fee is more than they expected. The average monthly fees in condos in Singapore start at $300 up to $1000. This depends on the factors stated and how exclusive the condominium is. However, there are condominium buildings that offer the same amenities with lesser monthly fees like The M Condo. This is one of the things that renters must factor in when buying a condo unit in the M Condo or other developers.
2 Home insurance
Home insurance may be one of the things that renters often forget. Although it is one of the most vital costs of a housing unit, it is relatively expensive as it offers security to your home. This is also highly dependent on many factors like the size of the unit and the range of coverage of the insurance. Condominium insurances are also more expensive than HDB insurance. The more insurance cover, the more expensive is the monthly charge. Find a condominium that can help you get a reasonable and practical insurance company like The M Condo.
3 Utility costs
Lastly, utility costs are another addition to the Singapore condo price. Some may think that just because they are living in a relatively smaller housing unit, utility costs may be way cheaper. However, this solely depends on the habits of the tenant. The average utility costs in condos like The M Condo is around $160. The way the tenant uses his or her utilities would greatly affect this monthly added cost.
Many factors can affect the Singapore condo price like these hidden fees. Be prepared in making important decision such as buying a house or a condo Visit us in SRX Property to know more.