Buying a Condo for Its Facilities?
Seldom discussed are the facilities that are often within a condo development. Condo facilities are usually considered to be an icing on a great cake. Other variables such as the floor plan, location, price, appreciation potential are thought of to be more crucial in what makes or breaks the buying process.
Yet, these facilities are a great option if you are in general a very active person who will make full use of them. In fact, part of the reason to buy a condo other than the capital appreciation it brings is the added lifestyle benefits, which can be very crucial. Condo facilities are also important as it provides a core experience for tenants too!
Usually, a buyer does not think much of maintenance fees when purchasing a new property and that could spell trouble in the long run, should they be unable to meet the payments.
The maintenance fees that you are paying does not only go into the maintenance of the facilities in the common properties but other services that are crucial to a functioning condominium. For example, the security and cleaning services, the sinking fund for repair works, management fees, carpark fee, and much more.
The average maintenance fee for a condominium development ranges from $150-$500/month, and this amount varies according to the size of your residential unit and its share value.
Some of the most common facilities include a gym, swimming pool, function room, barbeque pit, and tennis courts.
The current rates for gym memberships vary between public facilities and private facilities.
Comparing the prices for private facilities and public facilities, gym membership rates can range from as low as $15/month to $200/month.
Of course, the more premium offerings provide higher quality equipment and services. Some gyms also do offer classes, which will appeal to those who prefer the usual weight training/ cardio sessions.
For ActiveSG gyms, the per entry fee is $1.50 for those who do not pay for the monthly membership.
Swimming pools might be more complicated, because other than those from country clubs, there are very few private contractors out there who provide this service . Which makes an average comparison by country clubs not an accurate reflection.
The next best option will be to look towards public swimming complexes,
Per entry fee for ActiveSG swimming complexes ranges from $1-$2 per entry.
onePA offers Tennis Courts booking at one-hour timeslots at $7/hour for off-peak rate and $13/hour for peak rate. Other private tennis court operators charge at $20/hour.
The cost of booking a BBQ pit per day from NParks (12pm on the day of permit to 4 am the following day) is between SGD$12 to SGD$20.
Size of Facilities
Another point to consider is if the facilities will be able to accommodate increased usage during peak hours. This is important because if a mega-development have a small-sized gym of over 100 sqft, you will be sure that you’ll spend more time waiting for the machines rather than getting a workout done.
Or how about having a barbeque with your family and friends? You might need to book a barbeque pit weeks in advance to secure an available one. Which makes impromptu arrangements out of the question.
You get what you pay for, and the maintenance fees that are charged for your private property allows you the convenience and much greater savings if you are taking into account the total usage for every member of your family. But, do not forget that some condo developments will still charge a per entry fee for some of its facilities still.
If you are not considering to use these facilities, purchasing a condo for the facilities might not be the most suitable option.
Thanks for reading my article, if you are looking for a condominium with the best available facilities at an affordable maintenance fee, call/WhatsApp me (Joshua) at +6596329840 or email all enquiries at firstname.lastname@example.org.
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