Executive condominiums represent one of the most effective housing solutions that individuals opt for these days. In the majority of the cases, EC’s such as the rivercove residences are not expensive and they can house several people at a go. There are different criteria to fulfill in a bid to be able to possess an Executive Condominium. Knowing the complete process can be of huge help as it makes it a lot easier.
Advantages of buying an Executive Condominium
There are various benefits that are attached to possessing an Executive Condominium. It’s quite similar to a private condo. In this situation, there are facilities that could be enjoyed by the owners and, normally, the facilities are designed for residents’ use. Those applying for the Executive Condominiums can really use a housing grant in a bid to receive assistance with the purchase. The housing grant is just for the eligible people that may not have applied for the housing grant at an initial date.
Renting the Executive Condominium
When you receive your Executive Condominium, there are rules you must adhere to that govern how you can make use of it and one of the things that you will realize is that you are not permitted to rent it out in the Minimum Occupation Period for the first 5 years.
In addition to that, there are also some considerations that you also have to know first about owning an executive condominium. By knowing these considerations, you can be familiar and knowledgeable to the process of buying and owning it. And for you to know what these considerations are, you can read the list below.
This is the list of the important things that you should consider when owning an executive condominium.
The very first and necessary thing that you have to consider in owning an executive condominium is none other than your eligibility to own it. You should know that the requirements of gaining the eligibility to own it is not as easy as you think it is. There are many things that you have to meet such as citizenship which is preferably for Singaporeans only, ownership of property, family nucleus, and even your age which is qualified for at least 21 up to 35 years of age depending on certain conditions. You should also know that all of these requirements are established by the Singaporean government since that they play a big and vital part in the management of these executive condominiums.
2. Income Eligibility
Aside from the requirements stated above, there is also what you called income eligibility that is also necessary to consider in owning an executive condominium. The income eligibility means that your income or salary should be qualified to its criteria. It is widely known that executive condominiums are specially designed to accommodate and offered to people who are in the group of middle – class people. And in accordance to the rules of income eligibility, the income of a household should not overreach the limit of $14,000. With this, it only goes to show that executive condominiums are the best and ideal option for people who earn not as big as this amount rather than with private condominiums.
3. Maintenance Fees
And lastly, you should also know and consider that most of executive condominiums are entail with maintenance fees or costs that you have to pay once that you already have your own executive condominium. These maintenance fees usually cost higher than other types of condominiums and it might also varied depending on the management. However, you need to know that these maintenance fees are worth to pay since that these amounts are allocated for the improvement and maintenance of the executive condominium building which is also for your own benefit. You just need to make sure that your income is capable to meet it.
Now that you have the idea on what are the important things that you should consider in owning an executive condominium, you are now more familiar and knowledgeable to the prerequisites of this kind of property. Aside from that, you must also know that these are just of the considerations and there are a lot more that you also need to know. So, if you want to know what the others are, you can ask the help of a professional real estate agent or even inquire in an outstanding executive condominium building.