Who owns the outside of a condo?
With regular condominiums, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area; in the case of a freehold condominium the owner owns the land and building and the corporation owns common shared roadways and amenities.
Is a patio considered a common area?
Balconies or patios are part of the common elements because they are outside the boundaries of a unit. They are considered limited common elements because their use is limited to the owner or resident of the adjacent unit. Generally, the owner is responsible for these areas, including the surface and railings.
Is a condo balcony a common area?
Limited common elements may be found within or outside individual condo units. Although they are deemed common, their use is limited to the occupant of the unit. Examples include balconies, (shared) outdoor space such as patios and terraces, and parking lots and garages.
What is a private condo?
A condo is a form of private housing whereby individual portions of this land is owned by different owners. Aside from individually owned apartment units, there are common facilities shared by all unit owners such as the hallway, elevator, lobby and exterior areas like swimming pool, garden and gym.
Is EC worth buying?
ECs can be a better investment choice compared to private condominiums, as they are usually sold for around the same price as private apartments in the resale market even though EC is purchase with grants (subsidized housing). EC is treated as HDB property for 10 years.
Can I buy condo if I own EC?
Yes, you can. But you must only own/have owned one of the following before your application: A flat bought from HDB (i.e. BTO flat) An EC/DBSS flat bought from a developer.
Can a single buy resale EC?
For e.g. a single person SC or SPR above 21 can buy a EC from the open market. Buyers of resale ECs are not eligible for CPF Housing Grant as such ECs are treated as equivalent to “private housing”. From 11th year, all restrictions will be lifted. Foreigners and corporate bodies can buy ECs in the open market.
Can I buy 2 EC?
In essence, an eligible Singapore Citizen is allowed to buy the above properties twice in total, not twice per type of property. If you have already bought 2 such properties, you will not be eligible to apply for an EC or be listed as an essential occupier in an application.
Can I buy EC if I own private property?
You are eligible to purchase resale EC even though you own a private property. After attaining its MOP, SC or SPR are eligible to purchase resale EC as they considered “private property” (foreigners are only eligible after privatisation).
How much does a EC cost?
Additional Costs: Beyond the purchase price, you need to pay legal fees of about $2,000 and valuation fees of about $200 for a new EC. There is also the Buyer Stamp Duty, which is 3% of the purchase price or 4% if purchase price is above $1 million.
Can I own HDB and EC?
You can own a HDB and still buy an EC or HDB as long as you dispose of the it within 6 months of possession of the new unit though. In short, as long as you have the moolah, you can buy as many condo units as you want, whether to live in, rent out, or just leave empty.
Can single pr buy EC after 5 years?
A single PR can buy a resale EC or an HDB flat subject to conditions. You can buy a resale EC after the 5-year Minimum Occupation Period (MOP) from the 6th to 10th year. Resale HDB still considered as a subsidize flat thus a single PR is not eligible for this.
How do you qualify for EC?
As with public housing, EC applicants must either form a family nucleus or join up with other singles if they are at least 35 years old. They must also not exceed the household income ceiling of S$14,000. Only Singaporean couples and Singaporean/permanent resident couples can buy an EC unit.
Which EC is the best?
If you want to save a huge amount of money without sacrificing quality of living, check out these Top 5 EC Worth Buying in 2021.
- Yishun Ave 9 EC.
- Provence Residence EC.
- Parc Canberra EC.
- Parc Central EC.
- Parc Greenwich EC.
Is executive condo considered private property?
Important Note: While Executive Condominiums (EC) are treated as public housing, after the 10th year, they’re considered private properties. Public housing on the other hand can be purchased with no cash down payment with an HDB loan.
Can I rent out my executive condo?
Can you rent out your EC? You cannot rent out the EC during the minimum occupation period (MOP) of the first five years. You can, however, rent out rooms within the EC during this period.
What is the difference between DBSS and EC?
What is the difference between DBSS and EC? DBSS flats are a premium breed of HDB flats while ECs are built exactly as private condos, complete with a full suite of facilities like swimming pools and gyms.