Advanced Condo Living

Cities are currently packed with urban dwellers who come to the capitals to find good opportunities for work and perhaps to upgrade their lifestyle. Experts believe that two thirds of every country’s population is found in its urban areas. Indeed, both opportunities and challenges are presented in the cities. They are fertile ground for technology to grow, where science and art are bountiful and culture and innovation are reshaped. Leading the competitive race in urbanized civilization are the western countries which have proven time and again that they can advance before others.

Presently, however, Asian countries have shown great potential in modernized advanced living. Those which are considered already developed are Beijing, China, Seoul, South Korea, Tokyo, Japan, Singapore and Hong Kong. Surprisingly, their developing neighboring nations and their capital are striving to keep up. Among these are Kuala Lumpur, Malaysia, Jakarta, Indonesia and Taipei, Taiwan. These cities are now being flocked with opportunity seekers from different parts of the country with a little mix of foreign visitors.

Since people continue to pour in, construction of homes are also on the rise. The most appealing on the bunch of home choices, condominiums, is also on the pinnacle of its success.

Aside from the fact that it is more convenient and perhaps practical to choose condo living in the midst of the city, condominiums also offer class and sophistication most suitable for the modern lifestyle where your only complaint encompasses, say, the lack of yard, perhaps.

Real estate agent for The Peterson Group Bespoke Condominium and Residences, Alen Freeman states, “The competition in selling out condo units have become more exciting with the agents having a chance to choose as to whom to sell the unit to. People wanting to buy condos are just pouring in and preselling is at its highest point even when the construction is yet to be completed after 5 years or so”.

It may not entirely be a buyer’s market price wise but the race to sell has driven developers to come up with a variety of creative options to accommodate the increasing demand for more units. Various condo styles are currently available from studio units for either students or business professionals to condo fit for large families.

Moreover, today’s advanced technology has introduced smarter lifestyle for condo living. From 24/7 security protection to high quality maintenance tools and pre-furnished advanced installations, condo owners are assured that they are indeed living with the present generation.

Condo Parking Facts

Many condo buyers think that once you own a condo unit, you also automatically own the parking space, without reviewing the terms and conditions. Although most condominiums give an entitlement to one parking space for each unit, some of those come with an additional fee. Other spaces are sold individually on a first come, first serve basis. Parking spaces are commonly considered as an exclusive amenity.

However, some condo administrations consider parking spaces as different entity from the amenities proper. They thus charge extra fee for whoever want to avail regardless if he is a tenant or not. In other times, parking spaces are sold separately from the condo unit. This means that “the title holder has absolute and complete ownership, including the right to sell, convey, or encumber the parking or garage space separate from the living unit itself. In some cases, parking and garage spaces are treated as common elements assigned by the declarant for use by a particular unit owner where no deed transfers are necessary”, as per Declaration of Convents, Conditions and Restriction or Condominium Declaration.

Indeed, regulations of parking space ownership are different on different condominium administrations. Yet, it is important for owners to know the basic guidelines in their parking spaces. The Peterson Group Bespoke Condominium and Residences, expert in providing expatriates luxury homes and residential in Singapore, Hong Kong, Jakarta, Indonesia and Kuala Lumpur, Malaysia, defines parking spaces as free parcels, easement parcels, exclusive easement parcels and the right to use the areas. The company may address general, limited and special rights, maintenance, and other related matters. All of these factors affect the insurability of your parking space.

Exclusive rights declaration does not automatically mean you have the rights to sell your parking space. There are contracts where it is stipulated that “…no part of the appurtenant interests of any unit may be sold, transferred or otherwise disposed of except as part of a sale, transfer or other disposition of the unit to which such interests are appurtenant”.

No matter how small the space we’re talking about, a parking spot is a huge concern for condo buyers and renters. It is often the basis for disagreements, rants, and complaints. If you own a car, it is best to know all your options before deciding. Talk to the administration or your realtor before plunging into any decision. It is best to review your developer’s parking rules as a way to avoid nightmares in your condo property.