Are you looking to buy a flat or condo? If so, how much is your budget? I’m sure most people would answer that their budget is S$300,000 and below. This is valid since the average price of a resale apartment costs about S$400,000 today. However, if you are looking for more than just an apartment to live in, there are some other options for you to consider other than just buying the average condo.
One alternative option is to buy low-cost condominiums (known as ECs). It may sound like it has nothing special compared to other homes, but ECs provide another opportunity for people looking for homes with lower budgets.
One thing you need to understand about ECs is that they are not like regular apartments. ECS, which stands for Estate Condominiums, are like houses built on top of each other in a high-rise building. They come with their exclusive facilities such as swimming pools and car parks; hence, giving them the feel of freehold properties even though they’re not.
Another option you might be interested in is buying resale HDB flats. Although HDB flats are primarily associated with public housing, many Singaporeans choose to buy HDBs because it’s much cheaper than purchasing private condos.HDB flats also have good amenities provided by the government, so they are very convenient to live in. If you are looking for relatively cheap properties, HDB flats can be your best choice because they cost less than S$400,000, which is the average price of a freehold condo for sale in Singapore today. Read more about Best Rooftop Restaurants in Singapore.
Some people may think that buying HDBs or ECs will ruin their investment portfolio since these properties have depreciating values rather than appreciating ones. But there’s nothing wrong with choosing HDBs and ECs as long as you know what you’re getting yourself into, so it doesn’t kill your dreams of owning a luxurious Freehold condo for sale in Singapore someday. Another thing worth mentioning about buying resale HDBs or ECs is that it is much more difficult, if not impossible, to get bank loans. So, if you plan to finance your freehold condo for sale in Singapore property using bank loans, these types of properties are not suitable for you.
Lastly, people should consider resale ECs or HDB flats as short-term options only. People might buy them to stay in the meantime while waiting for their new homes to be built. The reason behind this is that it takes a long time for HDB units and EC units to get en bloc, so buying one would ensure you have a roof over your head while waiting for the value of your land to go up so you can sell it at a higher price quickly when the market turns around.
So basically, three things make freehold condos for sale in Singapore different compared to other properties:
- They give the feel of freehold houses even though they are not;
- Unlike average apartments and condos, HDB flats and ECs have exclusive facilities such as swimming pools and car parks provided by the owner (government or management), so it is pretty convenient to live in them; and
- HDBs and ECs take a long time to go en bloc, so buying these types of properties would ensure you have a roof over your head while waiting for your new homes to be built.”
In conclusion, “Freehold condo for sale Singapore” is one option for those looking for more than just an apartment to stay in – they provide a feel of freehold houses due to their exclusive facilities and high-rise buildings.
