4 Reasons Why You Should Choose Condo Than An Apartment

Both condos and apartment can be seen when the individual is looking for a new place to live. Some of the buyers might get tempted to ask “What is the Difference?” buyers will see the same thing no matter which place they are previewing: price, square footage, amenities, types of flooring, pet rules etc. buyers get tempted to purchase condos like Jade scape and luxurious apartments.

Equity

Building equity each month as a property owner is the biggest benefit of owning condos. Although condos appreciate at a slower rate than single-family homes, an owner will still build equity 100 percent faster than renting an apartment, since renters cannot build equity at all in a property they don’t own.

As a condo owner, they can leverage the equity in the future to purchase additional property, make improvements to their condo or add to their overall net worth.

Maintenance

As the condo owner, they don’t have to perform any outside exterior building maintenance or landscaping. While as a renter, they wouldn’t be required to do so either unless it is specified in the lease. There would have an added advantage since the renters are not responsible for the unit’s interior maintenance either. Cost for maintenance, whether it be a leaky faucet, plumbing or appliance repairs has to be paid by the condo owners.

Monthly Cost

Monthly costs are no different for condo owners or renters so there are no clear advantages or disadvantages. Renters have to pay different costs such as insurance, cable, and internet, utilities. 

As a condo owner, they need to pay their monthly mortgage and condo association fees, which may include their utility costs and extras like cable, which they have to pay, whether they use it or not.

Upfront Cost

To buy a condo like Jade Scape Condo which is located on shunfu ville road near Marymount MRT station, they have to secure financing, unless they plan to make a cash offer. Additionally, they have to come up with the closing cost along with the down payment. The notable upfront costs are a disadvantage in comparison to getting an apartment, which generally requires a security deposit and the first month rent.

Wrap Up

Buyers often faces different conundrums when they have to choose between the apartment or the Jade scape condo as they both have their own pro’s and con’s which they need to keep in mind before making any final decision.