Did you know that as a condo owner you can have a say as to how the management and maintenance of your estate is undertaken?
Whether you are looking to buy and live in a condominium or are already living in a condominium, it is important to be well-informed about both the unit and the estate so that you know what condo living entails.
For starters, let us introduce the key stakeholders that you will encounter when you live in a condo.
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To Be Condo Savvy, here are some key things that you should know about condo living:
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Conduct research by visiting the Quality Housing Portal prior to committing to a private home purchase as quality performance matters. The Quality Housing Portal (QHP) is a platform that allows potential condo owners like you to get information on the past construction workmanship quality performance of developers and builders. It is important to consider the quality segment that a developer belongs to before you make your property purchase.
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Condos are managed on self-governance as empowered by the Building Management and Strata Management Act (BMSMA) which allows owners to collectively manage the estate. All affairs and decisions are to be managed and resolved privately.
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As a condo owner, it is important for you to cooperate and play an active role in the running and maintenance of the whole estate by:
- attending and voting at general meetings
- paying maintenance fees and other payments for maintenance of common property on time, and
- abiding by all house rules and by-laws
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All by-laws enacted via voting by the Management Corporation (MC) will have to be adhered to, whether you voted for them or not.
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To enjoy well-maintained facilities, you will need to pay a maintenance contribution which goes towards the maintenance and upkeep of common property and facilities, as well as any future major maintenance works. It is important to ensure that there are adequate funds for both regular and future expenses.