Finding the right property can be a daunting and difficult task – but we are here to help you pick out the best one for your needs. Here is a comprehensive look at the pros and cons associated with landed and high-rise properties.
Let’s start with all the reasons why it can be awesome to buy a high-rise home:
Advantages of High-Rise Homes
- Amenities: Condos and upscale apartments usually feature a range of amenities from security to swimming pools, gyms, saunas and tennis courts as well as restaurants within the building.
- Cheaper to buy-in: If comparing high-end luxury condos with landed properties, you might find that the pricing is more or less the same, depending on amenities, location, size, etc. However, basic condos are typically cheaper than landed homes and make a great entry purchase for property buyers.
- Receives Better Rental Yield: This is one of the reasons why high-rise properties make for solid investments. Moreover, tenants are easier to find, especially in city areas or near colleges.
Even though these are valid points, remember that high-rise properties have its potential drawbacks too. Here are three to consider:
Disadvantages of High-Rise Homes
- Management Fees: The added amenities in most high-rises come with a fee; you’ll also need to set aside money for long-term maintenance costs of the common area and necessary repairs for the building (sinking fund). Note that landed properties that are part of gated-and-guarded communities may pay these as well.
- Under Commercial Title: Some high-rise homes come with commercial titles and this typically means that your utility rates will be higher. You may also be subject to GST for the services supplied by the Management Corporation (MC) or Joint Management Body (JMB) of your building.
- Typically Smaller: Usually more modest in size than landed homes (though this is not always the case), people with growing families may find the space insufficient or cramped. However, the smaller size may be apt for single people or couples.
- Restrictions: Living in high-rise homes usually comes with a set of limitations such as fussy rules imposed by Residence Associations for pet owners, limited parking as well as noise concerns.
Now you know what buying a high-rise will entail, it’s time to take a look at the good things landed properties have to offer:
Advantages of Landed Homes
- Larger Space: These homes are perfect for raising a family and you’ll also have the freedom to make liberal modifications to the place without worrying about size constraints.
- Higher Resale Value: Depending on the location, landed properties will typically appreciate better in the long run. Thus, it would make more sense to hold on to these properties for five years or more before you sell to reap better returns.
- Quiet: Properties that are located further away from the city will be much more peaceful and tranquil. Furthermore, the space between homes will curb the issue of noise disturbances from your neighbours.
Even though landed properties seem like a worthy purchase, find out about the cons first before deciding.
Disadvantages of Landed Homes
Expensive in City Areas: Wanting to live within a 20 to 25-minute distance from your workplace in the city will cost you as the price of landed properties in these areas can soar. If you are willing to settle for a home further away, you would find more affordable options, but you’ll need to consider the costs of your commute.
More Upkeep and Maintenance: With great space comes great responsibility – you will be footing the bill for repairs, maintenance and other upkeep. Moreover, if you have a large garden, consider lawn care and mowing fees too.
Security: Unless you have trusted security guard services and home alarms in place, landed properties are usually bigger targets for burglaries.
Which Should You Choose?
If you have a large family, need more space and are buying for long-term living, a landed home may be a better choice for your needs. However, if you are a single or married couple looking to buy your first home, a high-rise may make more sense in terms of cost and space needs.
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