Buying a condo can be a great way to dive into homeownership without worrying about all of the upkeep that comes with single-family homes and townhouses. Condo dwellers in Singapore can also typically take advantage of shared amenities, plus the condo association to take care of building maintenance.

What is a condo?

Short for condominium, a condo at Tampines St 62 EC is a single unit within a multiple-unit property, usually an apartment-style building or community. It can be one of many units in a shared structure like a high-rise building. You own your unit, and share common areas and amenities of the community with your neighbors, which can include parks, pools, playgrounds, gyms, dog-walking areas and other public spaces.

Here’s a condo buying checklist at Tampines St 62 EC

Consider your lifestyle

Hate to mow the lawn and trim the hedges? What about pressure washing your driveway? Are your finances such that having to lay out for a new HVAC unit or roof will be a burden? If you answered yes to these questions, condo living may be for you.

Work with a Realtor with experience in condos

If you’ve decided that buying a condo is for you, you’ll want to find a real estate agent who’ll have your best interests in mind. Ideally, you’ll want someone with a track record in condos so they can address any concerns you might have and guide you through crucial steps, like reviewing the condo association documents.

Decide what types of amenities you want

Condos can offer a wide variety of amenities. When working with your Realtor, make sure to address the types of amenities you want, in addition to other factors like location and budget, so you can find the perfect place. You’re buying access to these amenities when you buy your unit, so don’t be shy about putting them on your wish list. If you need to buy a condo at Singapore, you can checkout Tampines St 62 EC price from tampinesnorth-ec.com site.

Find an FHA-approved condo

Getting a mortgage for a condo might be more involved than it is for other types of properties. That’s because the condo development itself will come under scrutiny, in addition to your personal finances.

The FHA has a list of approved condos on its website. Conventional lenders may have similar requirements to those of the FHA, but it’s best to seek the assistance of an experienced mortgage professional with condo experience to find the right financing for your purchase.

Research the property management company

Understanding who will be in charge of doing the upkeep for the property is crucial, since you want the condo you purchase to be well-maintained. It can be frustrating to pay association dues only to have the amenities fall into disrepair, and poor management can potentially affect your property’s value or push your HOA dues higher.

Review association fees and regulations

Apart from your mortgage, you’ll need to pay condo association fees for the upkeep of the property and its amenities. Review those fees and ask what’s included — usually services like snow removal, lawn care and cleaning common areas are.

It’s also a good idea to ask about the community’s house rules. Are there any noise restrictions? Or guidelines for rules about booking common areas in advance? Understanding these regulations ahead of time will help you figure out whether the community you’re looking at is really a good fit for you.

Ask about special assessments

Special assessments are extra charges the condo association imposes to fund a significant project. An assessment is usually voted on by the HOA board, if not all of the community’s residents. They are usually imposed for a limited amount of time, but they’re a good thing to be aware of because they’ll affect your monthly budget while they’re in place.

A well-run association can usually avoid special assessments, except in extraordinary cases. Ask for copies of the association’s financial reports, and make sure your lawyer or accountant reviews them and signs off that the community’s finances are sound.