Top Reasons Why People Upgrade to a Condominium
Singapore is home to the richest people in the country, with more than 207,000 Singaporeans proclaimed millionaires in 2019 (Business Insider, 2019). It’s not a surprise that Singaporeans prefer to move from public housing to purchase their private properties. Some people also decided to upgrade their houses to condos for convenience and make a modest income.
Aspirations of Owning a Private Property
A private residence is widely assumed with wealth and the ability to buy the luxury of one’s own home. Singaporeans are extremely ambitious individuals with many dreams. Striving to top the society’s upper classes, owning private property has an important role in confirming a person’s financial status. It is therefore seen as a mission that many people strive towards.
Rental investment for Income
Some people might think about shifting to a condo since they have enough budget to buy one while maintaining their HDB. They can rent out their HDB condo and earn passive income in return. They’ll use their first property as an investment, which would let them increase their wealth. According to a 2017 study, 54,000 households out of a million HDB owners had their whole flats rented out while 73,000 homes had their bedrooms rented out (Straits Times, 2018).
There could be conveniences and amenities provided by the Bartley Vue condominium, like a pool, game room, gym, tennis court, etc. which many individuals will never acquire with a single-family property.
The building cost and amenity maintenance is known to many. These are financially possible when you’re sharing with neighbors in the community.
How nice would it be to get out of bed and go to the tennis court or community gym without driving far or paying extra monthly fees?
Living in a Condo Offers Chances for Socialization
Purchasing a condo also suggests getting into a community. It might be a good way to socialize with other residents. The closer to your neighbors and the similarity of a shared community makes it easier to socialize with others.
You are sharing your community with others, and usually, a particular community will draw in the same types of people.
Additionally, several HOA’s now use a great amount of time linking their tenants with the use of events. It could be outings, seasonal parties, game nights, and more.
Moving closer to the Parents Choice of School
Moving to a condo like the Bartley Vue condominium might also be a result of wanting to guarantee convenience for the kids as they go to school. Condominiums nowadays are situated in areas where numerous academies are just nearby. Rather than searching for another HDB, people are often more apt to view condos as their new potential residence.
Being situated closer to the academies also enables parents to allow their kids to participate in extracurricular activities to boost their development and excel holistically. Thus, parents prefer to upgrade to a condo because they want to be near their children’s school, and be able to oversee their activities better since they are a lot closer.
Singaporeans are gradually wanting to upgrade to condos when they can because it’s their goal, along with other reasons like the convenience and the ability to benefit from their previous residence.