Saturday, March 22, 2014

Landed Property vs. Other Real Estate Properties

Real estate is at an all time high and the choice between renting a condominium (or other types of real estate) and landed property in Singapore remains a persistent dilemma.  Buying or renting a property is no light decision so interested parties should put a lot of thought and consideration when it comes to settling on where to live in. Now there are an upsides and downsides to living in a landed property versus other kinds of real estate property.

Here are the advantages of choosing a landed property over other living accommodations.
  • Landed properties tend to be bigger and more spacious than condominiums. Because they win over space, families are more attracted to the notion of raising their children in a larger home than a smaller sized condo.
  • Landed properties give tenants more privacy. Condominiums are literally set beside each other with a wall or a hallway separating two units from each other. There are also common areas (laundry area, parking space, and so on) that tenants will have to share with the rest of the residents. Landed properties are at least meters away from the next neighbor and you get to have your own parking space at home.
  • Landed properties have a garden at the front or at the back (sometimes even both) of the house. For tenants who are sick and tired of the hustle and bustle of city life, a landed property in Singapore offer a glimpse of nature in the backyard. It also offers a slow and relaxed pace of life detached from concrete infrastructure and the traffic.
  • Landed properties can give you more freedom to alter or modify your property. You can repaint the house, build a new wall or prop a new fence around the lot. Condominiums have stricter regulations when it comes to modifying your own unit.

Here are some of the drawbacks to a landed property.

  • Landed properties can be more expensive to maintain compared to a condo unit. They are more high maintenance since you have to take care all of the expenses (repainting, renovating, etc.) condominiums would usually take care.
  • Landed properties are typically situated in farther areas from the city. Unless you have a car, going to establishments like shopping malls, hospitals, and banks would be a real challenge. They are further away from public transport which can be a real inconvenience especially when your workplace is at the heart of the city.
  • Landed properties do not have the convenience of offering extra amenities condominiums offer with their facilities. Residents in a condominium enjoy the perks of having access to the gym, swimming pool, and tennis or badminton courts. Condominiums are also equipped with top notch security systems. 

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