When comparing the price of private and executive condominiums, one needs to consider several factors. These factors include the price per square foot, income limit, rent-out options and CPF Housing Grants. If you want to find out if an executive condo is for you, read on!
To qualify for an executive condo, you must earn below a certain income limit. For example, if you make S$16,000 per month, then you are not eligible for executive condos. In addition, you cannot co-own a property and the co-applicant cannot earn more than that as well. However, if both co-applicants earn more than S$16,000 per month, they can combine their funds to make up the remaining 20% downpayment.
While private condos are considered HDB properties for the first 10 years, executive condominiums are built by private real estate developers. The government subsidises the price of executive condos and allows the use of some CPF housing grants. In addition, the income limit is higher for ECs.
However, you may be able to buy an executive condo if you have a combined income of S$16,000. Nevertheless, you must be a Singaporean citizen and over 21 years of age to qualify for ECs. If you are not a Singaporean citizen, you are eligible for an EC only if you are married or living with someone else who is.
While it may be tempting to rent out your private or executive condo, it’s also a good idea to keep a few things in mind before renting out your unit. First, make sure you’re comfortable with the financial responsibilities involved. If you’re looking for convenience and a simple rental contract, an apartment may be a better option. However, if you’re looking for a more personalized experience, modern amenities, and a responsive landlord, a condo may be the perfect solution for you.
Renting out your executive condo may be a great way to earn some extra cash. These units are owned by individual landlords, so you’re less likely to find them through online rental listings. You may have to hire a leasing agent to find a tenant. Despite the extra work and cost, you can use traditional money-saving strategies to make the rent more affordable. For example, you may be able to share the space with a roommate, which can save you up to 50%. In addition, you should look for any adverts for move-in specials, which may include reduced rent or waived application fees.
While you may have to pay higher rent for a private condo, you may find that the owner is more flexible when it comes to renting out their unit. They may not be looking to turn a profit, but simply want to cover their expenses. Alternatively, they may be looking to sell their property and move to a larger space, such as a single-family home.
If you’re planning to buy a private condominium or an executive condo, you might want to find out whether you qualify for the CPF Housing Grant. These grants are offered to Singapore Citizens and Permanent Residents who own ECs. The grant is available only for the balance of the downpayment and subsequent payments.
The Enhanced CPF Housing Grant is designed to make it easier for lower-to-middle-class Singaporeans to afford a home. Unlike the standard CPF Housing Grant, it’s applicable to all HDB flats, regardless of estate or size. This grant is also available to Singaporean couples earning a monthly income of $9,000 or less. This income limit is determined based on the average household income for the last 12 months. You must be a Singapore citizen to qualify for this grant.
Second-timer families who are renting out their existing flats are eligible for Step-Up CPF Housing Grant. This grant is applicable to HDB 2-room flats and 3-room private conds. You must be working and have at least a year’s lease remaining before applying for the grant. You must also not have any overseas properties, and you must sell them 30 months prior to applying for the new flat.