Buying Facts About Condo

Common Property:

Limited common property is owned by everyone in the construction and typically includes areas such as: lobby, facilities, parking (with the exception of individual stalls), hallways, elevators etc.. Basically common property is anything beyond your suite.

Some common buildings could contain windows and pipes as common property. Common property is often maintained by a property manager or condo board and is financed by condo fees. Apart from this  , get more info about  condo for sale Singapore via visiting online websites .

Condo Fees:

Condo fees include the upkeep of the building and common areas as well as a reserve fund (used for large updates or repairs, such as new roof, elevators etc.). Most condo fees will also go to cover all or at least a large majority of utilities (heat, water, electricity). Each building may work differently; but most condo fees are based on the square footage of the device.

Condo Levies:

Condo levy can strike fear in the hearts of condo owners. A levy is a mandatory charge of x amount of dollars to each owner in a building and can be done when major repairs or renovations must occur (or a deadline upon) which cost more that the reserve fund can manage.  If you want more additional Information regarding Alex residences visit great websites http://www.sgnewcondolaunch.com.sg/property/alex-residences-at-district-3/.

Condo Boards:

A condo board is a group of owners who act on behalf of the construction at large to handle the state of the building as well as finances, future projects and concerns of different owners. Structured as a corporation there’s a president, vice president, secretary etc..

Renters:

Often time’s condos are bought as a means of investment. This is a great way to broaden a financial portfolio. Be certain that you check the condominium’s policies on leasing your suite as well all applicable laws and bylaws regulating both the construction and tenants act in your area.

Renovations:

Get a contractor that can let you know exactly what you can and can’t change, removing a structural wall may spell disaster which you are liable for.

Leave a Reply

Your email address will not be published. Required fields are marked *