Riverfront Residences ,The 5 Disadvantages of Condominium Ownership
Riverfront Residences ,The 5 Disadvantages of Condominium Ownership
By http://singnewhomes.com/riverfront-residences-showflat-location-hougang/
Riverfront Residences, a upcoming residential area at Hougang Avenue 7, located in the northeastern part of Singapore was successfully acquired by Oxley-Lian Beng Venture Pte Ltd for S$575 million. The old Rio Casa is a 286 unit development that not only features seven residential towers but also enjoys 200m of the Singapore riverfront.A consortium led by Oxley, Lian Beng and KSH has won the tender for the collective purchase of the property known as Rio Casa for $575 million. The tender was submitted by Oxley-Lian Beng Venture on Wednesday and has been duly accepted by the owners of the property located at Hougang Avenue 7.
Oxley-Lian Beng Venture is 35% owed by Oxley, 35% owned by KSH, 20% owned by Lian Beng and 10% owned by Apricot Capital. The property is a former HUDC estate which has been privatised. The site area is 36,811.1 sqm.
In the past Riverfront Residences showflat condominiums were not necessarily considered to be a good investment for a variety of reasons, however that image has since changed dramatically. With the high price of single family homes, condominiums and townhouses are becoming more attractive to many buyers such as singles, retiring couples that are downsizing and small families that would like to purchase in excellent school districts. However, for those home buyers that have only considered a single family home as the definition of homeownership they may not be familiar with what options are available in the form of condominiums.
Condominiums are buildings in which individuals separately own the air space inside the interior walls, floors and ceilings of their unit, but they jointly own an interest in the common areas that they share such as the land, lobby, hallways, swimming pool, grounds and parking lot. While many condominiums are designed to look like apartments or are built in high rise city buildings, more and more builders are designing them where they can be referred to as townhouses. Townhouses are usually attached to one or more houses and can run the gamut from duplexes and triplexes to communities with hundreds of homes
In addition to paying a mortgage, each owner is responsible for paying a monthly fee to the condo association, usually referred to as the homeowner's association which is made up of the unit owners. The fee covers maintenance, repairs, grounds keeping and building insurance.
In the past condominium ownership suffered with a negative image for a variety of reasons, however that image has since changed dramatically. Once the thorn in homeowner's sides, condominium associations have worked hard in recent years to clean up their negative image where disputes and lawsuits were once rampant. Homeowner's associations have become savvier and much more professional about property management and have taken steps to prevent legal problems and disputes before they happen. However, there are some disadvantages that still need to be considered before you buy.
1) Monthly Homeowner's Association Fee
If there is a homeowner's association, you will usually have to pay a monthly maintenance fee that is separate from your mortgage payment. Many condominium owners factor this expense as similar to the costs they would have incurred for someone to do the lawn care and other maintenance if they owned a single family home. However, you should watch for unnecessarily high monthly charges and ask to see a copy of the la
By http://singnewhomes.com/riverfront-residences-showflat-location-hougang/
Riverfront Residences, a upcoming residential area at Hougang Avenue 7, located in the northeastern part of Singapore was successfully acquired by Oxley-Lian Beng Venture Pte Ltd for S$575 million. The old Rio Casa is a 286 unit development that not only features seven residential towers but also enjoys 200m of the Singapore riverfront.A consortium led by Oxley, Lian Beng and KSH has won the tender for the collective purchase of the property known as Rio Casa for $575 million. The tender was submitted by Oxley-Lian Beng Venture on Wednesday and has been duly accepted by the owners of the property located at Hougang Avenue 7.
Oxley-Lian Beng Venture is 35% owed by Oxley, 35% owned by KSH, 20% owned by Lian Beng and 10% owned by Apricot Capital. The property is a former HUDC estate which has been privatised. The site area is 36,811.1 sqm.
In the past Riverfront Residences showflat condominiums were not necessarily considered to be a good investment for a variety of reasons, however that image has since changed dramatically. With the high price of single family homes, condominiums and townhouses are becoming more attractive to many buyers such as singles, retiring couples that are downsizing and small families that would like to purchase in excellent school districts. However, for those home buyers that have only considered a single family home as the definition of homeownership they may not be familiar with what options are available in the form of condominiums.
Condominiums are buildings in which individuals separately own the air space inside the interior walls, floors and ceilings of their unit, but they jointly own an interest in the common areas that they share such as the land, lobby, hallways, swimming pool, grounds and parking lot. While many condominiums are designed to look like apartments or are built in high rise city buildings, more and more builders are designing them where they can be referred to as townhouses. Townhouses are usually attached to one or more houses and can run the gamut from duplexes and triplexes to communities with hundreds of homes
In addition to paying a mortgage, each owner is responsible for paying a monthly fee to the condo association, usually referred to as the homeowner's association which is made up of the unit owners. The fee covers maintenance, repairs, grounds keeping and building insurance.
In the past condominium ownership suffered with a negative image for a variety of reasons, however that image has since changed dramatically. Once the thorn in homeowner's sides, condominium associations have worked hard in recent years to clean up their negative image where disputes and lawsuits were once rampant. Homeowner's associations have become savvier and much more professional about property management and have taken steps to prevent legal problems and disputes before they happen. However, there are some disadvantages that still need to be considered before you buy.
1) Monthly Homeowner's Association Fee
If there is a homeowner's association, you will usually have to pay a monthly maintenance fee that is separate from your mortgage payment. Many condominium owners factor this expense as similar to the costs they would have incurred for someone to do the lawn care and other maintenance if they owned a single family home. However, you should watch for unnecessarily high monthly charges and ask to see a copy of the la