Should you buy or rent an HDB flat or Condo in Singapore

1. Should you buy or rent an HDB flat or Condo in Singapore

2. If you are in Singapore for your occupation purposes, then you need to search for a place for a pleasant stay. As the Singapore government developed, one of the smartest housing concepts across the planet, with their HDB flats they are providing the cheapest possible accommodation for the citizens. Also, the condominiums or condos for sale in Singapore are other suitable option, which is much more inviting than the public housing options that you can find it within the popular parts of the city.

3. Factors to consider before buying or renting • The homeownership rate in Singapore is one of the highest in the world, with a large number of permanent residents and foreign workers living in the city. The basic choice between buying and renting depends on your financial situation and other life circumstances. Here the cost of buying or renting is just one aspect to consider, also you need to consider these following factors prior to deciding to buy or rent

4. Financial aspects • The recurring cost of buying will become cheaper than the cost of renting if you are staying for a long period, but the cost of renting is cheaper than the recurring cost of buying in the first few years. As if you are staying for more than 5 years then, automatically your purchasing price is utilised and you can find buying a property is much cheaper than renting one, but if you are an outsider of Singapore and need to stay for less than 5 years, then condos for rent in Singapore is the most suitable option for you.

5. Prospect capital gain • While residential property prices for both HDB flats and condos in Singapore have been in a downswing for the past few years, the property market has picked up at the start of the year and is expected to continue to rise. The biggest advantage of buying over renting is that your home will become an asset that can appreciate in value. So in contrast, you’ll get no return on investment when choosing to rent.

6. The flexibility of staying • If you’re new in Singapore or if you’re an expat moving to Singapore, then you should consider renting if you’re unsure of whether or how long you might stay there. In Singapore, the minimum rental period is 3 months for private properties and 6 months for HDB flats, so you can move out relatively quickly if you find that the area isn’t a good fit. Now if you purchase a property then moving out of an owned property means having to find a tenant or selling the property, so this might be hectic and need to engage good enough time on your side.

7. The decoration of the house • For decorating a property, the most important provision is whether you purchased or rented the property, as if you rent a property, you’ll have limited choices when it comes to decorating your property, and almost no freedom in making structural changes. But if you own a house then you can freely design or decorate your HDB flat or Condos for sale in Singapore.

8. Maintenance charges • There are some of the maintenance concerns you might have to deal with as a homeowner, such as; leaky ceilings, damaged wall paints or wallpapers, faulty electrical wiring and spalling concrete. So these are the important factors to consider while opting for HDB flats or condos for purchase in Singapore and it’ll be a hassle to deal with. But if you’re renting, major repair works will be handled by your landlord.

9. Conclusion • So you need to consider these aforementioned factors before opting for HDB flats or Condos for sale in Singaporeor rent. As a home purchase can be a great investment, but you’ll need to have enough capital to cover the upfront and recurring costs of owning a home. You may also need to stick with it for the long term to see any meaningful capital gain. But if you planned staying for a little time then rent a property is the most suitable option, as for that you don’t need to invest much amount, so this is the comparative cost-effective option.