Buying That Condominium

Remembered the 5Cs that was commonly used decade ago? :
"Five Cs of Singapore" – namely, [C]ash, [C]ar, [C]redit card, [C]ondominium and [C]ountry club membership – is a phrase used in Singapore to refer to materialism. It was coined as a popular observational joke about the aspirations of some Singaporeans to obtain material possessions in an effort to impress others. 
From the Wikipedia (here), not from me ok!

It is unimaginable for Frugal Daddy to fantasy a lavish lifestyle. Don't get me wrong, I live a highly comfort lifestyle but not a lavish one. By opportunities, I was introduced to the lifestyle of living in a condominium. Not that I have never came across a condominium before, but experience it again and again with improved financial ability does create some real sort of imagination that I may want to live like one.
After-all, it has to be so attractive enough to make most people aspire and "slave" for it.

It is within my reach to buy one which is moderately priced without affecting much of my financial stability. I went to several showflats and done serious thinking. Fortunately, not too long before I realised it is just another distraction. There are good condominiums and most are not that good enough for me to move. For that few good ones, it really take luck to get them at an undervalued or reasonable price. Whether you are a fan of luck or you think the whole world is at your mercy, I leave this part to you. Let me explain why buying a condominium is a distraction that will not enhance much of my lifestyle.

I live in a top floor corner unit with complete privacy, beside MRT and shopping mall, unblocked view and quietness. To buy a condominium with equal size that comprises all the elements mentioned, it can be more than $1.5 million easily. This is easily 5 times of what I have paid for my current house, to replicate the same privilege my current house given me. This is to say if I moved, I may have to compromise on the location and some of the conveniences that I am already enjoying. I am not a fan of leverage, so getting mortgage that I can't fully paid off now to service my condominium is definitely not a consideration. If you do your math assuming the Singapore property market continues to grow at currently already pricey rate, you may get your capital back. However, this means your cash-flow is highly affected. Of course, I assume my readers are not multi-millionaires/billionaires. The pull factor is not strong enough. How about the facilities?

Facilities Embedded in the Condominiums

No doubt, it is great having gym, swimming pools, Jacuzzi, cosy chairs and park to loiter around with your family within your "highly guarded" premise. There are tons of other facilities customised for each project that are not mentioned. Talking about highly guarded, I actually went in the premises just by saying I am one of the potential buyers and wish to take a stroll. I suspect if I don't approach the security, they may not even noticed that I have walked in.

My house happened to have oversight of a relatively new condominium premise. Anyway, not that I enjoy invading others' privacy, but just happened the condominium rest in front of my cosy sofa at the direction of my TV. Might you, it is supposed to be a "premium" project among condominiums. From my observations, less than 15 persons in the 3-4 swimming pools during peak hours, which I deemed as weekends. For other facilities like BBQ pit and Gym, says, another 30 people max? There are easily more than 450 people living in that condominium project. This works out to be less than 1% of the population using the facilities during the peak hours. Let us not imagine some of the users are not owners, but visitors. I actually also have oversight at some part of their houses, trust me, most of them ended up paying the premium to watch the same TV and resting on the same sofa that you have in your HDB flat.

Let us assume that you are a heavy user of the facilities, can you pay maintenance fee of $3,600 to $4,800 a year to get the similar facilities that condominiums' owners are paying for additionally? It is not difficult if you think hard enough. How huge Singapore can be? You will find yours, even you decided to skip public sport facilities for private ones.

I do have access to quiet swimming pools, gyms, nice parks and cosy chairs. Just that I have to travel 30-45 minutes for it. Come on, don't be so lazy, you can't have the best of both world.
I know it is good to just jump down from your apartment into the swimming pool, assuming you are still alive after that. For me, I would like to swim at 5am daily, that can most probably happen, only by owning a condominium or staying near a club house. There are always things that are good to have. What are the essentials and what are the things we are willing to pay money, the money that most of us used most of our youth and precious time in exchange for? I can't say for all, so you have to think it for yourself.

There are instances that condominiums can be treated as a form of investment, just make sure you do your math and enjoy the facilities on the by-the-way basis. It can be done.

No offence to all who bought condominiums. If you are rich enough, nothing wrong to own one.

For me, my fantasy is over. I am happy with my house and my neighbours. I may move one day, if there are better unit that may serve my family better. Wait till that day...I don't know when, I may also have all the 5Cs, that I am the least motivated for.

This new 5Cs (Not really new actually) could serve you better: Compare less, Cherish what you have, Choose your attitude, Complain less, Change your circumstances and yourself. For more explanation, click here.

What are your 5Cs?