An Executive Condos often called a “sandwich flat,” is a low-income project hybrid designed for medium earning individuals who do not eligible for an HBD Apartment because of the income limitation restriction yet do not find personal condominiums affordable. Although an upcoming executive condo singapore is more cost-effective there are instances when a normal condo is the better option. Let us look into some of the benefits of regular Cando over an EC.
- Capable to produce leasing straight away: The most significant distinction between a conventional condo and an Executive Condo occurs over the first eleven years of ownership. Executive Condos are treated as HDB property throughout this timeframe and are subjected to the five years Minimum Occupied Term. Throughout this period, you are unable to resell or lease out your Executive Condos. If you’re interested in investing than in owning a home, this plays a very important role. Let’s assume your goal is to live with your family for a while before purchasing and renting out an apartment.
- The flexibility of sale: The Sellers Stamp Duty restricts the sale of a standard condo. If you sell during the first year, you’ll pay an income fee of twelve percent, eight percent in the subsequent year, and four percent in the third year. From the fourth term onwards, meanwhile, you are free to sell without consequence. Even yet, it would still be two years less than that of the MOP. This kind of adaptability is useful. What arises, for instance, if you have a budget crisis in your fourth or fifth term and must downsize? Because of the MOP, you’re trapped with an Executive Condo. You can rapidly downsize and improve your circumstances with a normal condominium.
- Buying restrictions: You must be no less than twenty-one years old and the co-applicant must also have a permanent citizen. Either you or your co-applicants should be residents and over the age of thirty-five if you’re seeking under the combined singles program. A typical condominium does not have any restrictions — notice, especially, that there is no age requirement. You can obtain a standard condominium if you’re a single Legal Citizen over the age of twenty-eight and can finance it.
Finally, hope the above information will help you in clarifying the benefits of regular Cando over the executive Cando. One thing you should remember choose the one which best suits your requirement.