Monthly maintenance fees pay for communal services and building upkeep (more on that shortly). The Stacked Homes editorial began in February 2017 to provide the latest news and analysis on property in Singapore. An interested condo buyer who is aiming to finance the purchase … Bear in mind that maintenance costs don’t shrink over time. 21 Anguilla Park is a striking sleek building that is a closeby neighbour of the Skyline @ Orchard Boulevard in District 9. Press Esc to cancel. The Oliv Balmoral is a freehold condominium located at Balmoral Road in District 10. For example, if your share value is expressed as 8 / 400, the “400” indicates the share value of all the development’s units, and the “8” is the share value allocated to your specific unit. What Monthly Maintenance Fees Cover . As one would expect, the monthly fees are at $1,600 per month for a 3 bedroom unit! We will assume the condo was purchased 10 years ago. Press Esc to cancel. Condos.ca has reported that the average maintenance fee for Toronto was 65 cents per square foot last year, with 22 cents at the low end and $1.35 at the high end. In a condo and HOA, the monthly fees are called “common charges.” Like a co-op, this fee covers items such as salaries and building maintenance. Our sample condo is 800 square feet and its maintenance fees are $512 per month (800sqft x $0.64). Designed to pay for property maintenance and upkeep, as well as repairs and insurance, condo association fees are standard. Most condo facilities in Singapore are of the cookie-cutter variety, with the usual suspects being the swimming pool, gym, tennis court, and barbeque pits (with condo maintenance fees of $200 to $400 on average). Many condo and HOA bylaws provide the association with the power to levy fines against members, though associations use fees and fines for different purposes. As such, you need to bulk up your emergency fund. However, it might take a while to sell off the units in such a building because of high fees … Boulevard 88 ($1,200 per month) As the only condo on this list that is yet to be built, Boulevard 88 … Co-ops also have monthly fees (Common Charges and Maintenance Fees), which may also include real estate taxes and a portion of the building's underlying mortgage. To determine the Return On Invest (ROI) for a property, we take the net profit from the sale, and divide it by the total cost of the property. We will assume the condo was purchased 10 years ago. Subscribed! Under BCA guidelines, each unit is assigned a share value. Each unit occupies a whole level, with a huge open balcony, mimicking a landed living concept. With that, the condo maintenance fees here are at an eye-popping $2,300 a month! Have a question in mind? However, let’s now add maintenance fees of $1,200 per quarter to the above. The Stacked Homes Editiorial began in 2017 to provide the latest news and analysis on property in Singapore. Ryan is an old school print journalist gone digital. Hi y_lee, it’s the swimming pool that you see in the cover pic! Every unit has a balcony that overlooks Orchard Road and some of the condo facilities include a swimming pool, spa suites, and a 24-hour concierge service. The monthly maintenance fee at the Waikiki Marina condo was high at just under $600 in 2015. In Toronto, the average maintenance fee is about $0.64 per-square-foot. As with everything in life, however, there is a cost to providing these facilities. Your other features are your Building Insurance, Common Elements, Parking, and Property Taxes. But probably only 25% of condos include the Hydro and Central Air. The key difference is that Parc Esta can split its cost between 1,000+ units, whereas The Asana’s maintenance is borne by just 48 units. Thank you for subscribing to the newsletter. Fees are charged based on the square-foot size of the unit. It’s great how you can defer home loan repayments right now due to Covid-19; but you know what you can’t defer? My name is Sean and our goal is to help home buyers and sellers in Singapore make the best decision for themselves. With all 55 units on a massive land size of 125,566 square feet of land in District 10, the Nassim’s 3 bedroom units come with a monthly condo maintenance fee of $1,200 to $1,400 a month! TripAdvisor Traveler Fee: $500; Booking.com Traveler Fee $0 *Note Airbnb recently announced in 2020 the new roll-out of a 14% service charge towards the owner and removing the traveler portion. In his free time, he enjoys photography and coffee tasting. That being said, check with sellers and don’t assume this. If that sounds familiar to you, it’s because it is built by the same developer as the Oliv Balmoral. The net rental yield is actually more important. Condos are part of a community. There’s no way around them—condo maintenance fees, or often referred to as Homeowner’s Association Fees, are simply a reality of owning a condominium. The document will include things like the condo’s budget, any pending legal matters, information about the reserve fund, current maintenance fees, and … Sean has a writing experience of 3 years and is currently with Stacked Homes focused on general property research, helping to pen articles focused on condos. Subscribed! These fees are typically used to cover the costs and expenses of managin… Send us an email at: [email protected]. PRO: Condos save you money on maintenance. Naturally, a 3 bedroom unit here is the most expensive in terms of condo maintenance fees in Singapore, at a truly insane $2,889 a month (not even inclusive of the sinking fund!). At 18 per cent per annum. AVERAGE RENTAL OWNER FEES . In a decade of condo living, I have never seen a vote for anything that would lower the maintenance fees; but I have seen many votes that prevented the fees from rising higher – Ryan). Skypark @ Somerset is definitely not as well known as many of the other luxury condos on this list, but with only 29 units in the development, it is as exclusive as they come. Begin typing your search above and press return to search. This reduces the rental yield to 3.1 per cent, before you even start adding costs such as the property tax, utilities, etc. Most every condo in the city will include the Water bill in the monthly maintenance fees, and I would estimate that 30-50% of condos include the Heat. Be active at your condo’s Annual General Meetings. My name is Sean and our goal is to help home buyers and sellers in Singapore make the best decision for themselves. This is the annual income after deducting expenses like property tax, agent fees, and yes, maintenance. Sometimes, buyers have a chance to pick a slightly smaller unit, and go down one tier in share value. *All the condo maintenance fees shown here are based on a 3 bedroom unit. Send us an email at: [email protected]. And it is, coming in at between $973 to $1,112 per month for a 3 bedroom unit! This is a fringe region condo, that’s not particularly fancy in terms of facilities (it’s your usual pool, gym, BBQ pits, etc). Join our Telegram group for instant notifications, 10 Luxury Condo Maintenance Fees That Will Shock You, All The New Launch Condo Updates For 2021, We Moved From A BTO Flat To An Executive Apartment: Here’s Why, Waterway Terraces Review: Convenient Waterfront Living But Not Great Maintenance. 3 Orchard By-The-Park is another condo that (unsurprisingly) appeared on our most expensive condos in 2019 list. ' associations charge quarterly or annual assessments that pay for major, non-routine expenses double volume high of... 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