1. Bills and Payments
The payments and bills to be committed when residing in a high rise may not be so obvious. Here are some that you should take notice of.
| Maintenance Fee | Parking Fee |
Commercial rates |
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2. Facilities
Landed residential units usually don't come equipped with swimming pools, gyms, cafeterias and the lot. (Mega lavish homes aside)In general, the more facilities a property has, the more comfort and activity it provides for its residence. That’s a good upside to living in a high-rise.
3. Livability
Let’s take a look at the factors that affect how livable a high-rise below:
a) A higher dense condominium can get a little overcrowded. Your overall experience with lift waits, tiny car parks, and traffic congestion may be an unpleasant one.
b) Is your environment quiet and peaceful? You might prefer higher units or units facing away from the swimming pool to avoid the noise.
c) Is the environment safe? If you frequently hear robbery and snatch cases within the vicinity, you might want to take a look somewhere else.
d) Look around at the overall community. Are your neighbours mostly students, families, foreign labourers etc? The community builds the ecosystem of a high-rise residential area. You might want to make sure you have a strong community of like minded individuals in your area to maintain good upkeep.
4. Appreciation
For property investors, the rate of appreciation plays a major factor. Appreciation for high-rise buildings is determined by its facilities, livability, accessibility, freehold/leasehold, future development of the property’s area and also, demand and supply. The driving force behind the appreciation value of a high-rise has to be correctly identified less you run the risk of burning a hole in your pocket.
Can you see the vision?
With all factors put into consideration, you should be able to have a good gauge and make the appropriate compromise to get yourself a good unit. The differences between high-rise and landed properties may be stark, but it really boils down to the individual. So do weigh the pros & cons and look at our home loan comparison tool before making the plunge.
*The above article is intended for informational purposes only. Loanstreet accepts no responsibility for loss that may arise from reliance on information contained in the articles.
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