The Reasons Why It Makes More Sense To Rent Your Home Rather Than Buy It In Singapore

October 1, 2024

People are always telling us that we need to get onto the first rung of the property ladder but many don’t seem to understand that there are many advantages to be enjoyed by continuing to rent your home. There is always an alternative to anything in this life and if you own a large property then there are a lot of responsibilities that come with that including financial and maintenance. You pay out a significant amount of your salary in mortgage payments every single month and this is not conducive to living a better life at all.

You can always take advantage of rent HDB here in Singapore and this provides you even more benefits because the costs of living in such a property are significantly reduced. There is no doubt that having a home is a basic need that we all have but there is nothing to say that we have to buy a property rather than just renting it.

The following are some of the reasons why it makes a lot more sense to rent your home rather than buying it outright.

It is certainly cheaper

If it is your wish to live in a city and to enjoy everything that comes with city life then buying a property is probably well out of your price range. You can still live there however and enjoy everything that the city offers and you can do that by renting your home. There are many cities throughout Singapore where it is cheaper to rent your home rather than trying to buy it outright.

It definitely saves you money

Many people forget about the amenities that come with renting certain properties and if you were to live in a condominium building for example or in an apartment building then you would get to enjoy many things like a gymnasium, a coffee shop at the foot of the building, your very own swimming pool and so many other things that you would normally have to pay for and drive to. It means that you will have a lot more money in your wallet or purse to enjoy the other things in life.

You have more passive income

If you have committed yourself over the next 30 to 35 years to a mortgage then you have to come up with a certain amount of money every single month without fail. It doesn’t matter if you run into financial difficulties because your lending institution wants to be paid in full and on time. By renting your property, it will be significantly cheaper and you will always have money available to you and this is additional income that just makes life easier.When you rent, you will have a lot more time and money on your side and if any major maintenance needs to be carried out around the property then you talk to your landlord or property manager about getting it fixed.

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