What You Should Know About the Ownership of Executive Condominiums

Executive condominiums are one of the best housing solutions that people go for today. In most cases, they are affordable and they can house a lot of people at the same time. There are various criteria to meet so as to be able to own an Executive condominium. Understanding the whole process can be of great help as it makes it much easier.

Documentation

There are different documents that one needs to provide during the process of application. Some of the documents that you may need to provide include income statements, marriage certificates, and birth certificates, NRICs among others. The best thing to do is to make sure that all the income statements are checked by the HR so as to ensure they are exactly what the HBD need.

Advantages of buying an Executive Condominium

There are different advantages that come with owning an Executive condominium. It is very similar to a private condo. In this case, there are facilities that the owners can enjoy and, usually, the facilities are meant for the use of the residents. The people applying for the Executive Condominiums can actually make use of a housing grant so as to get assistance with the purchase. The grant is given only to the eligible people who may not have applied for the grant at a previous date.

Renting the Executive Condominium

When you get your Executive Condominium, there are rules that govern how you can use it and one of the things that you will note is that you aren’t allowed to rent it out during the MOP in the first 5 years. MOP stands for Minimum Occupation Period. If there are other rooms within the Executive Condominium, you are allowed to rent them out within this same period.

Rules and regulations

There are different rules and regulations that govern the selling of an Executive Condominium. The owners need to fulfill MOP that covers five years. There is no transaction that can take place within this period and it has to be fulfilled first. After the five years that are set, the owners are at liberty to sell their units to other citizens or other permanent residents. After 10 years have elapsed, the Executive Condominium can be sold to foreigners. After the sale, there is a need to wait for some 30 months before you can buy any other flat directly from the HBD.

There are lots of properties being set up within the country and they are prestigious in nature. The establishments are usually able to offer lots of residential units that are luxurious. At some establishments, strata houses are usually included and most times they are exclusive. At times, shops and child care centers are also included so as to add to the convenience of the different residents.

Pools are also included with the establishments and they are very large ones in most cases. Different units are also made available and they include 1 bedroom units, 2 bedroom units, 3 bedroom compact units, 3 bedroom units, 3 bedroom plus study units, 3 bedroom dual key, 4 bedroom compact, 4 bedroom, 5 bedroom, penthouse, strata terrace, strata semi Detached.