Should I Rent or Buy A House in Singapore?

Real estate in Singapore is in demand both for owning and renting. Investors worldwide and locals invest in Singapore property. It is whether you wish to buy for yourself or for renting to a tenant.

Various factors are defining the pros and cons of both buying a property or renting one for yourself. So, if you wish to get clarity about the same, dig deeper into this blog.

Buying a Home in Singapore

It is a privilege to own a house in Singapore because of its political stability, low crime rates, etc. At the same time, if you wish to invest in Singapore property, you come across two choices viz. leasehold and freehold.

Since you are here, you would be aware of the differences between the two. Moving on to the advantages of buying a house in Singapore:

• The house is your belonging until the tenure lasts(if leasehold, either 99 or 999 years) or forever (if freehold).

• It becomes an asset once you complete full payment as the mortgage.

• Freedom to customize as per your requirement as most of the private property may not come well-furnished. You have it all to decide on your property and decorate accordingly.

• There is no bar in renovating the house until you are following authoritative guidelines.

• Since you need to be financially strong to pay for the downpayment, you can use your CPF.

Further, there are disadvantages too:

• Maintenance cost is in your hands, which may be monthly or yearly, depending on your circumstances.

• Once you buy, it is not easy to resale and switch to different property.

• In the case of freehold, forever sometimes is a myth. If any development comes in your property, like building an expressway, you have to leave.

• If you choose BTO or condo, you will have to wait for at least five years for the complete build of your house.

Renting a Home in Singapore

Now you might be feeling like buying a house is problematic and hectic. So, why not read learn about the advantages and disadvantages of renting real estate in Singapore.

The advantages of renting a house in Singapore are:

• There is a short-term commitment for managing finances greater than 3-months that is yet far from 25-30 years (commitment to buying a house).

• Renting a real estate or house in Singapore is cheaper than buying one. As to buy a home, you have to pay a downpayment along with a mortgage.

• You do not need to wait for five years, as most of the rentals are ready to move at the time to wish to rent.

• Maintenance costs are not yours. The owner of the Singapore property takes care of maintenance costs.

• No pain to furnish. If you have the best real estate agent in Singapore, you will find it easy to rent a well-furnished house.

It is so much good about renting a house. Let us see the other side of the renting coin:

• You are not the owner of the property.

• There is no choice of using CPF for paying rents.

• There are chances of the landlord sending you out in case you break the rules.

• You can not make changes or modifications according to your wish.

Last Words

Did you get to the conclusion of which one is better? The answer is a big "No." You need to consult the best real estate agent in Singapore to get to the final decision.

Both the options, buying or renting a property, appear equally likely. You can choose according to your needs and circumstances, including financial commitment and others. Choose wisely as per your plans and the requirements.