Sometimes, there has been a strict debate that rotates around Executive Condominium and regular flats. Majority of the citizen are going for them and in a majority of cases, this is done so that the amenities that are made available to the owners of the condo as against the flats as we know them. The swimming pool is one of the most popular characteristics of a condominium and Executive Condominium from Rivercove residences are no different. In addition, the mere thought of living within an Executive Condominium gives you some sense of prestige and class and more people are opting to go for them.
Even though there exist some potential drawbacks of Executive Condominiums, the advantages are very many as well. The fact that they have become so popular should mean something. Even with the imposition of various restrictions, more and more development appears to be emerging everywhere we check. We are supposed to be grateful as someone is putting some ideas to the crazy world of accommodation in the sense that Executive Condominium is multi-unit establishments, accommodating hundreds at a time. They are also produced in different sizes so as to be able to satisfy the ever-increasing demand for singles, couples, families and multi-tree families. This is housing at its best that makes sense.
Now that you have learned the good side about owning an executive condominium, you need to make sure that you are eligible for it. There are steps you need to follow if an executive condo unit is the one for you.
Check whether you are eligible for an executive condominium
The executive condominium is sometimes defined as a hybrid type of housing. Just see it like some government-sanctioned unit of the HDB flat plus a private condominium that has taken up the amazing features of what a condominium is like, yet it comes with the ownership restrictions coming from the second parent it is under with, which is the HDB.
Your eligibility to qualify for the executive condo unit starts off with your age at 21 years, a citizen of Singapore and at least you have on other applicant with you who is either a Permanent Resident or Singapore Citizen.
Added to that, the combined gross monthly income of your household must not exceed S$14,000 and you are also required to be less than one of the HDB eligibility schemes below:
- Joint Singles Scheme
- Orphans Scheme
- Fiance Scheme
- Public Scheme
You will also likely be prevented from getting an executive condo unit if you or the other applicants with you are either:
- Owned a property that is not under the HDB, whether this is locally or overseas; or they have disposed of such a property in the last 30 months.
- They have more or owned at least one of the following: DBSS/EC flat that is bought from a developer; flat bought from the HDB; resale flat that is bought with the CPF Housing Grant
- The applicant hasn’t met the minimum period of occupation on the current subsidized flat. If this is an executive condo unit, you will need to hold on for another 30 months starting from the disposal date before you can even get a new one
- You are a divorcee for 3 years since the divorce date was signed and where only 1 party within the divorce can ever own a flat that is subsidized
- They have previously cancelled their HDB application or have terminated the S&P or Sales and Purchase Agreement for the EC/DBSS using the CPF Housing Grant; in such a case you will be barred from getting an executive condo unit for 1 or 5 years.
Setting up your finances
Naturally when you have the step one cleared, you need to get your finances organized. You have to ask whether or not you can afford an executive unit. You need to focus on assessing your current financial situation so that you will be able to see whether or not you can afford to buy one. Purchasing a home is not just about its purchase price, you will also notice the other costs and the taxes you have to factor in with your decision. To get a clearer vision of how much you are going to incur when purchasing a unit, make sure you do your research about the costs involved when you buy an executive condominium.