Topics you should consider when buying a residence include “floor altitude” and “condominium”. While the difference between these two parameters may sound confusing, it is important to know what both situations mean so you don’t take any wrong action. Especially if you plan to use credit, real estate professionals strongly recommend that you be aware of these two issues.
Fundamental Difference between Condominium and Floor Altitude
The difference between condominium and floor altitude is curious by most home buyers. While the floor altitude is the right of ownership established on a structure that has not yet been completed, it is a document indicating that the person owns the house in a completed building.
What is Floor Altitude?
Floor altitude means land deed that falls on the share of the apartment that the consumer intends to buy on the land that is being built or will be built. As we mentioned above, if the person is going to use a loan when buying a house, there must be a floor altitude. Otherwise, no bank can issue a mortgage.
After receiving the deeds with floor altitude, it is very important that the structure is made in accordance with the project given to the municipality by the contractor. Otherwise, you may experience the following situations:
- Demolition decision can be made by the municipality for the building, which is completed in a way that is not suitable for the project.
- Due to the fact that the structure is built in violation of the project, the inability to use the credit may arise.
- Other beneficiaries may be subject to a demolition order related to the project due to the fact that common areas such as parking and warehouses in the building are not included in the apartments.
For all these reasons, experts recommend that you make sure that the floor altitude is compatible with the project plan.
What is Condominium?
Unlike floor altitude, it applies to a building whose condominium has been completed. You can also think of it as an important document that indicates that you own the house. Houses and buildings without condominiums are subject to penalties. If you buy a house in an unfinished construction, you need to have floor altitude. However, you should buy condominiums after the building is completed.
In order to receive the condominium, the completed structure must comply with certain conditions. For example, if you want to use Issues such as the fact that the housing certificate has been obtained, the conversion of the entire structure to condominiums, the completion of the construction and the independentness of the departments are the conditions sought for the condominium. If the building you buy has features that do not meet the conditions we have mentioned, it is not possible to buy condominiums. The cost you have to pay when buying a condominium varies by neighbourhood.
Tengah EC are located in the heart of Tengah Town, Singapore. The exclusive condominiums are well-equipped with luxurious common facilities and close proximity to famous schools, recreational areas, hospitals, malls, and restaurants. Tengah EC price is quite affordable as the developers are offering 1-bedroom to 5-bedroom apartments, you can choose as per your need and convenience. If you want to live in calm and serene atmosphere, register your number for Tengah EC showflat viewing and get all updates on your phone.