If you can afford to raise at least 20% of the purchase price of the condo in Pandan Indah, the mortgage lender (for example, your bank) may not require mortgage loan insurance, saving you money potentially a few thousand dollars. Be aware that this is not always the case.
By acquiring a divided co-ownership, you will be less involved (a professional will mow the lawn, the union will take care of the major renovations to be planned, etc.), but you will still have responsibilities. to assume. The Pandan Indah apartment is a very good option here.
How to choose the right real estate broker to buy a house or condo?
Between the two, the best choice is of course to have the whole building inspected. This is the way to obtain a very clear overview of the condition of the building, of general maintenance, of the work to come, and of the breakdowns to be expected. On the contrary, by only inspecting the condo, it is really difficult for an inspector to tell the truth as to the real state of the situation. The building could be affected by several problems, but the condo inspection will not reveal them!
Have you considered taxes and insurance costs?
In an undivided co-ownership, municipal taxes are generally lower, because the dwellings are considered as a single building, and therefore taxed as such. The co-owners are, however, jointly responsible for the taxes on the entire building. In contrast, in a divided co-ownership, each owner receives his own municipal and school tax bill, and he is solely responsible for it.
As for insurance costs, in the case of undivided co-ownership, a single insurance account for the entire building will be issued and must be assumed collectively by the owners. For condos, there are two types of insurance: that taken out by the condominium association, commercial insurance that covers all the common parts, and that of the co-owners which covers each of their private parts and provides them with civil liability insurance.
Do you want to rent your condominium?
Undivided co-ownership has an important restriction: you cannot rent your accommodation. Even if you have an agreement with the other co-owners, mortgage rules usually prohibit you from renting out your home.
This is not the case with divided co-ownership. If you plan to go to work in Paris for a year or travel around the world, you might want to choose a condo, especially if you plan to rent it while you are away.
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