Know which one is better? Private Condominium v/s Executive Condominium.

Know which one is better? Private Condominium v/s Executive Condominium.

The condominium is an apartment during a building which is owned separately by people living individually but also containing shared areas. In short, it's also called a "condo". A condominium is simply sort of a hybrid between an apartment and a house, is a property that you can buy and own outright. A condo offers some similar aspects of apartment living or even located below or above someone else's home.

Apart from what does it means another question arises that which one is best to measure in, private condominium or executive condominium. Let's determine.

Private Condominium

As the name reflects itself, a personal condo may be a privately-owned residential property. They're non-landed strata development where there are genuinely no ownership requirements, nor income restrictions and anyone can buy it. The sole issue is going to be the extra Buyer's stamp tax, which varies consistent with the citizenship or resident status and also the number of properties owned. So, this may be the obstacle that will affect the buying sentiments instead of ownership requirements. For new executive condominiums from Developers, then there'll be more requirements.

Requirements

1. The extra Buyer's stamp tax could also be a problem that varies consistent with the citizenship or resident status and even the amount of properties owned.

2. First of all, you'll got to have a minimum of one Singapore Citizen and also another applicant who may be a Singapore Citizen or Singapore Permanent Resident (SPR).

3. The applicants also got to form a family nucleus under the subsequent schemes, Public Scheme, Fiancé/Fiancée Scheme, Orphans Scheme, and even the Joint Singles Scheme.

4. For purchases under the Joint Singles Scheme, all singles must be Singapore Citizens, and that they got to be above 35 years of age.

5. There's also a household income ceiling of $16,000 per month. The money was raised from $14,000 recently from now of writing; executive condominiums also accompany five years Minimum Occupancy Period
 
Executive condominium 

An executive condo may be a sort of housing project which may be a hybrid of public and personal housing. It builds and sold by a private developer, but at a lower cost than private homes because the govt subsidizes their land prices.

The prices of EC have indeed increased by touch, and the rationale is because Singapore's land prices have risen over the years, which is additionally why the new executive condominiums cannot remain at historical prices.

Eligibility 

1. You want to be a Singaporean.
2. You want to form a correct family nucleus.
3. You want to be a minimum of 21 years old at the time of application.
4. Your average gross monthly household income must not exceed $14,000.
5. You want not to own or eliminate any personal property within 30 months.
 
Similarities between ECs and personal condos

a) An EC and personal condo are equivalent to structurally and facility-wise. They both offer similar facilities.

b) Another common divisor is that an executive condo and personal condo are both marketed and sold by private land distributors or home builders.

Differences between Executive condos and Personal condos

The differences between ECs and personal condos dwell their original asking price also because of the rules and regulations that apply to every kind of property, respectively. As an example, unlike private condos, ECs have restrictions on who can buy them. For particulars, please read the small print below:-

1) Restrictions

  • A private condo is privately-owned from the beginning. intrinsically there are fewer government restrictions unlike for HDB flats, which are housing project 
  • In contrast, an EC starts as a housing project. Hence its buyers got to suits some restrictions set by the Housing and Development Board (HDB).

 

2) Affordability

  • Given the lower cost and grants, more Singaporeans prefer to purchase an EC instead of a personal condo. As compared, HDB flats are directly sold by the Housing Board.

 

3) A home for singles

  • EC and the personal condo is that one by his own can't buy an executive condo from the beginning, but he can do so with a unique condo.

 

Conclusion

This is to help you and to guide you to differentiate between both properties. This guide is a whole package about the differences and similarities, including the benefits and disadvantages of owning both the condominium.