What is in your mind when talking about mayfair gardens condo floor plan? Some of you may already know that a condo can provide a stable amenity-included living experience at an affordable cost. For the number of families and individuals, condo even offers the better choice when compared to the traditional home. Somehow, it’s important for you to understand what you will get into before taking the plunge. For some reasons, condo is not like the single family home.
Buying a condo is like joining the business arrangement with other individuals who also own the condos in the same building. Due to this, condos have their own associations of homeowners. Yes, this must be one of the things to be aware of when you plan to buy a unit of the condo in Singapore. Can you live with all rules the association of residents and condo management makes?
You should also have the awareness of the budget of association. You can know what kind of money you must contribute as well as where the money will be going. Know this matter, however, helps you set the budget and check your affordability. When it comes to building repairs, you don’t need to spend money because you will pay the fee of association, where the amounts of fee may depend on the agreement of all residents.
What’s about the condo insurance? It usually differs from the insurance of homeowner you might be used to. Did you know? The association of condo, by which you live, will have the master insurance policy in place bet get to know that it differs from the building to building. The inspector of your home and you should review the policy thoroughly so that you know exactly what your responsibility is. No resident wants to end up with the cost of repair that the association insurance will never cover. Does this sound to be true?