Condominium for Rent in Singapore

Congratulations! Adulting achievement unlocked!

 

You are finally adult enough to reach the milestone or crossroad to consider two pathways; to buy or to rent a condo. The choice between buying or renting depends on several factors that include an individual’s financial situation, an individual’s lifestyle as well as socioeconomic circumstances. Choosing to purchase or move into a condominium for rent in Singapore has its own set of considerations. In this article, we will discuss the handful of factors and reasons why moving into a condo for rent Singapore makes more sense than buying a condo.

 

 

Renting a condominium in Singapore allows an individual to learn about living independently and accumulate all their finances before they take a big step and make the commitment to buy a property. Condominium for rent in Singapore is a viable option for individuals who are single and below the age of 35 who wants to live independently, more privacy and a place to call their own. The obvious comparison is to look at the cost of buying a condo versus the cost of moving into a condominium for rent in Singapore. Individuals can make a comprehensive price comparison to find out which option is more cost-efficient in the first five years as well as over 35 years.

 

Compared to buying, renting is a lighter financial commitment and financial hardship in the short-term as individuals do not need to cough up the heavy burden of a hefty down payment and not chained to a mortgage for the rest of their life. Individuals typically just need to cough up one or two months’ rent as a deposit, which is way cheaper than a $50,000 down payment.

 

The other factor to consider is maintenance. Renters will be spared from all the major maintenance concerns and works like leaky ceilings or sinks, faulty electrical wiring and spalling concrete that will be handled by the landlord. Renting simply means extra costs like maintenance and repairs are not your problem. 

 

Moving into a condominium for rent in Singapore is akin to dipping your toes in the bath to test the waters, without having to commit to something as large and serious as a mortgage loan. Renters can move out relatively quickly if they find that the area is not a good fit as the minimum rental period for private properties is three months while for HDB flats it is six months. Rather than being stuck to one location, renting a condominium in Singapore enables renters to move from one place to another in the event of moving nearer to a new workplace or move as their child grows up to be located near the educational institutions of their preference. Renting a condominium allows renters to try out different neighborhoods and areas, before deciding on which is the favorite place to lay their roots and settle down.

 

There is no one size fits all or ultimate solution to the buying or renting conundrum. Individuals have to consider the advantages and disadvantages of each and how they fit into their financial situation, circumstances and preferences; are they prepared for added and ongoing responsibilities?

 

For more information about condo for rent in Singapore, please do not hesitate to contact us at +65 6438 3919.