If you live in a condominium and have more than one unit, it can be tricky to manage your individual condominium accounts and share common expenses.
In most cases, you’ll need to assign one of your units as the main residence so that you can take advantage of its owners’ association (association fee discounts and other perks). If another unit is not your primary residence, it will be treated as a secondary unit. And if you don’t have enough spare time to manage your condo, you should consider purchasing a dual key condo instead.
What is a Dual Key Condo?
The term ‘dual key condo’ refers to an ownership structure where two or more individuals own different units in the same building. As such, this type of property offers several benefits compared to other types of condos.
what is dual key condo in Singapore?
Dual key condos are a type of condo in Singapore that allow you to share possession of the property with another resident. This can be useful if you want someone else to live in your condo while you’re out of town, or if you need to temporarily leave the property for some reason.
Dual key condos work by allowing each tenant to have their own private entrance and separate living area. However, they share common facilities like kitchens, bathrooms, and balconies. In addition, both tenants are responsible for paying rent and maintaining the lawns and exterior walls of the complex.
If this sounds like something that would be suitable for your needs, then contact an estate agent today! They will be able to provide more information about dual key condos in Singapore and help guide you through the process of purchasing one.
List Of dual key Condo in Singapore
- 8@ Woodleigh
- Bartley Residences
- Boathouse Residences
- Eight Riversuites
- People Park Centre
Key Benefit of Dual Key Condo
One of the key benefits of a dual key condo is that it allows you to share common expenses. For example, let’s say you and your partner live in separate apartments in the same building.
In this case, the only shared area would be the lobby. If you had each unit, you’d have to pay for a separate water bill, electricity bill, and even property tax. With a dual key condo, however, these bills can be divided between units and split accordingly.
How a Dual Key Condo works?
If you decide to buy a dual key condo, you will be buying two or more units in the same building from different owners.
This is a great option for those who have time constraints and don’t want the hassle of dealing with different owners. The individual units are owned by the individual owners, but they are all linked together through one property management company.
The first owner to purchase the unit will be assigned as the main owner and will receive all the benefits that come along with that status.
If this person decides to sell their unit, they can transfer it to another buyer without having to go through a long process involving paperwork and other legalities.
Things to note before buying a dual key condo
Before purchasing a dual key condo, you should consider the following factors:
- If one of the units is for personal use or not.
- What other costs will be involved with owning both units.
- How much time and effort will be required to manage both units.
- If it would be possible to make changes at different times of the year.
- Are there any legal restrictions that might apply to you?
Advantages of Dual Key Condo
Some of the main advantages are that it is easier to share common expenses, like electricity, water and management fees. Plus, there’s the added convenience of being able to open your door and be in your own unit with just a key.
Disadvantages of Dual Key Condo
The dual key condo benefits are not without their drawbacks. One of the downsides is that the individual owners must share expenses in the same property.
This means that they will need to work out a budget and split expenses accordingly to avoid overspending. And if one owner wants to sell their unit, they will have to canvass all of the other buyers before making a decision. Furthermore, it’s more difficult for each individual owner to manage their own unit when there are multiple units in one building. For example, you can’t easily do your own repairs or do your own maintenance like you could in a single-unit condominium. Finally, you might not be able to benefit from some of the perks offered by association fees and discounts if you live in a dual key condo. But these disadvantages should be weighed against the benefits of a dual key condo.
A dual key condo is beneficial because it allows for an easier management process, especially if you’re not as involved in the day-to-day upkeep of your property. It also offers more flexibility, as two or more owners can manage their respective units separately.
A dual key condo can also be a good choice for buyers who don’t require much involvement from owners of the units, since each person has his or her own unit. This type of condominium ownership structure is ideal for those who want to maintain their privacy.
If you are living in a single family home and have multiple families living there and they are not related by blood, then they will have one set of keys with which they enter and exit the residence. They will share duties such as lawn care and other household tasks without worrying about who has access to what room.