The concept of Dual key condominium has caused a new spur among property buyers and property investors in Singapore. This latest residential concept is also termed as dual key apartment, inter-generation, multi-generation or 2 in 1 layout. This idea basically came into being to serve large families where their needs were catered to, by providing them with two apartments under one roof shared by a common foyer which are the main characteristics of a dual key condo. A more detailed view of this fairly recent emergence comprises of one hallway, an apartment unit and a studio unit that comes with its own pantry and bathroom. This studio feature is what makes a dual key condo unique from other residential properties. At the foyer entrance, there are two doors leading to the two units. In simpler words, a Dual Key condo is one single apartment that can be divided into two separate but adjoined apartments within the same single unit, whereby both apartments have their own separate sets of keys and are equipped with their own kitchens and bathrooms.
The Dual Key unit which is being introduced in the new condo launch Singapore property market has been proficiently planned to meet the needs of people who are raved by its attractiveness and are intending to buy dual key condos in Singapore. This dual key property offers several benefits to its residents and first on the list is privacy for extended families who seek to live in close proximity. Since the two adjoining units are equipped with their own kitchens and bathrooms, the occupants can live without disturbing the other party and can easily access the studio, kitchen or toilet. This is ideal for the elderly in a family who don’t have to fall back on old homes to spend the rest of their lives and can live close to their families yet maintain their privacy as well as of others.
Generate Passive Income
Dual key condo is a brilliant idea of an investment if an investor is looking to earning money apart from his or her usual job as dual key units can help generate passive income. The homeowner-investor is provided with the shelter of a home and can also rent out the smaller or the larger apartment, whatever the need may be. This offers investors a great scope for maximum rental return. Target rental audience for such property types would be students who prefer to live within close proximity of their campus and transport hubs. Dual key condo attracts such students who seek low maintenance and well located temporary homes.
Versatility in form and function
The Dual Key new condo Singapore concept also seeks to provide its clients with flexibility to enlarge their living space when, for instance, when their family gets bigger, the separation between the two units can be eliminated to make more space and expand the unit. Homeowners who are business oriented or are entrepreneurs can facilitate themselves by altering the studio apartment into an office and can save up on office rent and traveling expenses and work at home. The dual key condo has a very versatile configuration and can be occupied in several different ways.
Pays only one stamp duty
In fact, the homeowner saves a bundle when he purchases a Dual Key condo as he is pays only one Buyer’s Stamp Duty (BSD) but he gets to own 2 separate adjoined units. On the other hand, if he did not buy a Dual Key condo, he would need to own 2 apartments; one for himself to stay in and the other to rent out. This being the case, he would need to fork out 2 portions of BSD and also an Additional Buyer’s Stamp Duty (ABSD) as it is a requirement in the Singapore home property market to pay this ABSD if a local citizen owns more than one residential apartment.
Defrays monthly mortgage instalments
Owning a Dual Key condo also makes economic sense as the homeowner part-stays and part-rents out his other adjoined unit. This will help him defray a portion of the monthly mortgage instalments of his property. He is also not inconvenienced in any way as his tenant lives in the adjoining unit with a separate entrance.
Make the best of the property cooling measure
Fluctuations in bank policies especially since the recent introduction of Total Debt Servicing Ratio (TDSR) relating to approving mortgages for properties in Singapore put investors in a dilemma as they have to be stringently assessed before a mortgage loan is approved. With this game-changing cooling measure, home buyers may want to highly consider this best-of-both-worlds Dual Key condo concept so that they not only get to stay in one apartment unit, they also get to enjoy the rent coming from the adjoined studio unit.
Comes with a slightly higher price tag
Nothing is kept discrete from the home hunters by Condo Singapore as they are also made aware of the cons of dual key condominium. The purchase price of such a property is comparatively higher than a standard unit as it is a relatively new type of property in the Singapore market. Although the rental potential of a dual key property is very high, purchasers who buy the property wanting to earn rent from the adjoining apartment may run the risk of having to pay the full monthly mortgage if the other apartment is not rented out. Such investors will also have to face the economic conditions, rental market and government policies related to housing and renting.
Encourages great family ties
There are more chances of domestic disputes and tensions living among so many members of a family and adds to the discouraging factors of living in a dual key condo. On the other hand, in everything negative comes a positive outcome and that is, it enables the chances of regular interaction and communication and thereby creating a most ideal environment for cultivating family ties among family members.
Dual Key Condo: Pros outweigh Cons
Although dual key condo comes with its pros and cons, the advantages of it far outweigh the disadvantaging factors. With an increasing population growth and limited urban space, dual key condos are an ideal solution to occupy space wisely and such a property type is a good compromise between human density and quality of life. The new launch offers its clients with ideal planning and layouts for investing in a dual key condo and if you are a house hunter who has a need to extend beyond a typical apartment, then dual key apartment is the perfect choice to make. Homeowners who are also investors, hoping to live off on the rent from the adjoining apartment should find the dual key unit an ultimate ideal option if they are looking for some extra money in the pocket or wanting to live close with their elderly or their grand children by also offering them their share of privacy and security.
Check this out… Developments with Dual Key condo concept:
With so many different and exciting new condo launches in the Singapore property market, it will not be easy for you to decide which new launch condo is suitable for your purchase. Allow us to help you assess your finances, plan your priorities and determine your best options. Thereafter, we will go and view the list of developments that you have shortlisted.
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