Condominiums or condos are living spaces that are similar to apartments. Even though there are a few differences in the ownership and management structures of condos and apartments, they look very much similar. One of the best things about living in a condo is that you can experience home ownership without actually having to deal with the struggles you would have had to go through f you were living in a single-family home. You may have to pay a certain amount of money to the condo owner or condo association for maintenance. The association or the owner will take care of all the maintenance work so that you don’t have to worry about mowing the lawn or painting your window frames. Twin View condos are a great choice if you’re looking to buy one in West Coast Vale, Singapore.
Here are a few things that you must think about before renting a condo:
About the condo association
When you rent a condo you’re signing a virtual agreement with all the other renters who are in the condo association. This means that you should know about the condo association well before signing any agreement. Ideally, you must judge a condo association based on how stable it is and how well it is run on a day to day basis. When important decisions have to be made as a group of people living in a particular space, the condo association must be able to take a fair decision without letting a particular individual except for the owner to take control.
The budget of the association
A lot of maintenance work is handled by the condo association and you must know what the budget is on a monthly or yearly basis. As a buyer, you may not be able to get the budget records from the association but you can request the owner of the condo to get it for you from the association. Once you have a look at it, you will know how much you will have to pay for the maintenance and what are the additional expenses that you may be asked to pay for. Also, you will get to know how many people don’t pay the association on time which will help you understand the stability of the association.
Know about the cash reserves
Ideally, the condo association must keep aside a certain amount of cash for emergencies as cash reserves. When the associations have lower cash reserves or no cash reserves at all, they may have to spend the maintenance money that you pay directly to meet the expenses of the emergency. This, in turn, will force you to live in a place where the maintenance is compromised due to lack of funds.