5 Reasons why renting in Singapore isn’t as expensive as you think
Singapore offers many housing options. This is because it has one of the most complicated property markets in the world. It is recorded to be the second country with the most expensive costs of living.
The high cost of living is driven by the high demand which is partnered by low supply. In basic economics, when the demand is high with low supply, people tend to fight for these certain goods or services. Those who can pay higher get the goods.
This same situation has been observed in Singapore for years now. It has a very limited land area that is why residents, both local and foreigners, compete with one another. This is also why the property market in Singapore is one of the most active.
Developers cramp here to offer the different housing types. There are landed properties, apartments, and condo for rent Singapore units.
In a sea of many choices, which is more practical? Looking at the many choices, one might think that the most practical and reasonable option is to buy a property rather than opting for a $1000 rental for a studio apartment in Singapore.
This is because when you buy, you would only have to pay once. Meanwhile, renting requires monthly dues. However, this is a common misconception when it comes to renting vs buying. In this article, let us talk more about renting and buying, its differences, and why renting might not be as expensive as you think.
Rent vs buy
Renting has always been deemed more expensive than buying. This is because it presents the tenant with monthly dues and still not owning the unit. Compared to buying where the unit will be owned by the one paying for it. However, there may be cases where an apartment or a condo for rent Singapore room may be cheaper than buying one.
Less financial commitment
Renting offers less financial commitment. This is because you can opt to stop the lease on your $1000 rental for a studio apartment in Singapore. Usually, these types of housing arrangements offer flexible contracts as they know that tenants are always on the move. With this, you are not tied to any long-term financial commitment. For example, condo for renting in Singapore contracts are usually just one to two years at maximum.
Offers more flexibility
Just like the first point, since you are not tied with a condo for renting in Singapore units, you can have more freedom. This way, your financial situation can also be relaxed in the meantime. Unlike buying a house where finance should be already laid out. Being in a $1000 rental for a studio apartment in Singapore gives you more time to save money and is not too financially demanding.
Since a condo for renting in Singapore unit is smaller, insurance on these types of housing is also less expensive. The initial payment and the annual payment for insurance in a housing type like this one is not as expensive as the fees for a house. A $1000 rental for a studio apartment in Singapore unit’s insurance may even be paid for by the landlord.
No down payment
When you choose a $1000 rental for a studio apartment in Singapore, there would be little to no down payment. This is unlike buying a house where it would require a big amount of down payment.
This saved money can be used for other more important matters. There may be some condor rent Singapore units that require a down payment but it isn’t going to be as expensive as buying a house,
Low maintenance cost
Lastly, being in a condo for rent Singapore unit requires less maintenance cost. This is because the maintenance is shouldered by all the tenants. There would also be no housing association fees with $1000 rental for studio apartments in Singapore since it is an apartment complex.
Since space is smaller in condos or apartments, they would require fewer maintenance costs when it comes to fixing minor interior issues. This way you can save more monthly. A house would usually require annual maintenance to keep the house in a good condition and it is usually expensive to hire maintenance personnel.