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First-time home buyers have plenty of perks – you can get stamp duty exemptions, have access to special financing schemes and there are plenty of new properties to choose from. However, choosing your first property can be a nerve-wracking decision.


For example, should you go with a condo unit and enjoy the luxuries the facilities provide, or opt for a landed property that gives you more freedom to make your own decisions when it comes to the way your home looks?


Think of buying a home like grocery shopping where you would typically refer to a list of needs and wants.


When deciding between a condo or landed property, write down your priorities in a spreadsheet.


This should include things like the number of bedrooms and bathrooms you’ll need, allowance for potentially new occupants, the costs and benefits of the property’s location, the cost of living there and your budget to meet those costs, and whatever more you think is relevant to choosing your home.


Giving yourself a physical (or digital) checklist allows you to narrow down your options fairly easily, increasing the likelihood of a satisfactory purchase.


Apart from preference, there are also other pros and cons to weigh when purchasing a home, such as:

Condominium: Reasons to Live 40 Feet Above the Ground

Besides the fact that your house is at the same altitude as pigeons and other assorted winged creatures, there are many other reasons to purchase a condo unit and not a landed property.



1.  Price


It is possible to find a landed property with a price tag that won’t break the bank, but chances are you’ll also be living miles from the city. On the other hand, first-time home buyers can easily find high-rise developments in both the city and suburban areas. Purchasing new condos also comes with a relatively low upfront cost, which makes it ideal for newly married couples and young professionals.


2. Convenience


Condominiums are equipped with facilities such as a gym, a recreation centre, a swimming pool and other amenities. Most condominiums and apartments also come with their own grocery store that gives you the comfort of buying your basic necessities without travelling out of the compound.


3. Safety


Those who live in condominiums have the added layer of security through the presence of guards, limited access doors and cameras. The absence of ground-floor windows to break into also plays a part in reducing break-ins, a benefit most landed properties do not share.


4. Easier to rent out


Depending on location, an apartment might be much easier to rent out, especially since the cost of living in a smaller home would be much lower, making it perfect for smaller families and single adults. 


1.  Sinking fund and maintenance fee


The added facilities in most high-rise buildings come with a fee, plus, the long-term maintenance costs of the common area, and necessary repairs for the building through a sinking fund that you will need to contribute towards. This means that you’ll end up paying more than just the bank loan or rent for your home.


2. Size matters


Condominium units are typically smaller than landed properties with an average size of around 800+ sqft — this is a lot smaller compared to a landed house which often boasts an average of 1,200 sqft. If you’re used to having more personal room, the trade-off between cost and space with a condo can be a deal breaker.


3. Rules, Rules, Rules!


Condominium units, being multi-storied shared living spaces, naturally come with a lot of rules. Restrictions on pets, noise complaints, and limited parking space are commonplace in apartments — some even forbid drying your laundry on the balcony!

Reasons to Live Down to Earth, Literally

Perhaps you’d prefer a more on-the-ground venture, if so, a landed property is the way to go! Here are three more reasons why you should consider owning a landed property.



1.  Investment Value


A landed property in the right area has great potential to offer a sizeable return on investment.


2.  Freedom to Design


The home is your canvas; a landed property gives you the freedom to turn the house you purchased into the home of your dreams. A landed property also gives you a space beyond the front door. Outdoor activities such as gardening and one to two-player sports can be conducted in the extra space.


3.  Privacy


Owning a landed property also comes with the benefit of privacy. A larger space that's also — for the most part — separate from your neighbours is a plus that condo dwellers don’t share. 


1.  They cost more


Owning a landed home is typically more expensive than owning a condominium unless you are willing to live farther away from the city, which in turn would add to the cost of your daily commute.


Additionally, the upkeep of a landed home and its surrounding compound and site improvements will incur higher costs and require more time investment.


2. Maintenance


Having your own outdoor space also comes with its drawbacks. A home that’s exposed to the harshness of nature will accrue higher maintenance costs both financial and in demands upon your time.


Get the Right Financing for Your Dream Home!


When it comes to purchasing properties, especially a home, it’s important to ensure the loan you’ve gotten is the right choice for you.


Check out our Home Financing solutions and learn more about the packages we offer at CIMB today! 


This article is for informational purposes only and CIMB does not make any representation and warranty as to the accuracy, completeness and fairness of any information contained in this article. As this article is general in nature, it is not intended to address the circumstances of any particular individual or entity. You are advised to consult a financial advisor or investment professional before making any decisions based on the information contained in this article. CIMB assumes no liability for any consequences arising from your reliance on the information presented here.