Among the most common concerns which potential homebuyers ask is whether to buy a landed property, like Pollen Collection in Nim Road, or a condominium in Singapore. The answer is not simple as requirements vary between clients. However, you need to understand the pros and cons of acquiring a landed property and a condominium before you can determine which of them better suits your demands.
Let’s define what a condominium and a landed property are first.
A condo is a property type whereby certain parts of the real estate are possessed by different owners. In this situation, the different owners acquire the airspace within the units. Common areas such as the facilities and walkways are co-owned by every homeowner in the development. All units in the development hold a corresponding share value depending on the strata area or size of that specific unit. There are rules regulating what could and couldn’t be performed by fellow stakeholders or owners in the development. There are Annual general meetings (AGMs) to resolve issues and agree on how the development must be operated.
Meanwhile, a landed property, such as Pollen Collection in Nim Road is whereby the property owner sitting on that plot also completely holds that entire piece of land. There are different landed properties: good class bungalows, detached houses, semi-detached houses and inter terraces. Only Singaporeans could avail landed properties in Singapore.
Advantages of Landed Properties
Pay for What You Need
Everything is upheld by the owner of the landed property and thus you’ll only pay for what you need. If you’d like to have landscaping done in your unit, you only have to pay for that job with a landscaping company. Several condominium owners don’t use certain facilities even though they’re paying monthly expenses. There’s no fixed monthly maintenance payment in a landed property.
Very Exclusive and Private
If you prefer living privately, then perhaps a landed property is perfect for you. There’s no unit below or above yours. The nearest you could obtain is if you buy an inter-terrace and share a common wall with your neighbors. Furthermore, landed homes are often far away from populated residential properties. If it’s your dream to stay in a low-populated space, landed property is the place to be.
Limited Supply
This fact was mentioned before. The availability of landed properties will get shorter as time passes by. Presently, the only new landed properties supply is either by subdivision of huge parcels of land or if the government plans to discharge land zoned for landed homes. Even with that, a government-released turf is a 99-year leasehold. Hence, a freehold landed home will get more value as time passes by.
You are Free to Do What You Want
If you choose to modify your property, no one would disagree as long as you follow the URA guidelines. You could also alter your facade’s color, install a swimming pool or a lift without getting the management’s permission.
Excellent Asset for Wealth Preservation
A new study by List Sotheby’s International Realty (List SIR) declared that landed properties are a great asset for preserving wealth. The research pinpointed that landed properties provide a profuse amount of living area convenient for multi-generation families and, consequently, offer a much greater quality of life.
In my own opinion, a landed home possesses the greatest potential for price appreciation. Should I be the one to choose, I would certainly prefer having a landed home over a condo. Most property holders wish to be someday able to have their own landed home. It would be best if you are financially stable to get a landed home in the present market. The point that there is a limited supply of new landed properties gets it a higher value.