Singapore is a bustling city-state that attracts millions of visitors every year. One of the most pressing questions that visitors and ex-pats face is whether to rent or own property in Singapore.
While there are advantages to owning a property, renting an apartment in Singapore has its benefits too. Let us explore why renting an apartment in Singapore might be the better choice.
Flexibility In Terms Of Lease Duration
One of the most significant advantages of renting an apartment in Singapore is the flexibility in terms of the lease duration. Renting an apartment is the perfect solution for a short-term period.
Many landlords in Singapore offer short-term lease agreements, which allow you to stay in the city for a few months without being tied down to a long-term lease agreement.
Lower Upfront Costs
In Singapore, purchasing a home can be expensive. You have to pay a down payment of at least 20% of the purchase price, which can be a significant sum. On top of that, you will need to pay various other fees, such as legal fees, stamp duty, and property taxes.
Getting an apartment for rent in Singapore requires much lower upfront costs. You will only need to pay a security deposit (usually one month’s rent) and the first month’s rent.
Access To Luxury Apartments
Singapore is renowned for its high-end apartments and opulent way of living. Renting an apartment in Singapore gives you access to some of the best properties in the city.
For example, Orchard Serviced Apartments is a luxurious property in the heart of Singapore’s shopping district. It offers fully furnished apartments with amenities like a swimming pool, gym, and 24-hour concierge service. Renting an apartment in Singapore allows you to enjoy a luxurious lifestyle without the commitment of owning a property.
No Maintenance Or Repair Costs
Owning a property in Singapore comes with various maintenance and repair costs. You have to spend money on regular maintenance, repairs, and upgrades to keep your property in good condition.
Getting an apartment in Singapore for a short term stay means you do not need to worry about these costs. Your landlord is responsible for maintaining and repairing the property, allowing you to save money on these expenses.
No Need To Worry About Property Market Fluctuations
The property market in Singapore is highly volatile, and property prices can fluctuate rapidly. If you own a property in Singapore, you are exposed to these fluctuations, which can impact your financial situation.
You no longer have to worry about it if you rent an apartment. You can enjoy the benefits of living in a property without the financial risks of owning one.
Quick To Move To A New Location
If you decide to move to a new location in Singapore or even a different country, renting an apartment makes it easy. You can terminate your lease agreement and move out without worrying about selling your property. This flexibility allows you to make decisions without being tied down to a particular location.
Access To A Wider Range Of Properties
Renting an apartment in Singapore gives you access to several properties. You can choose from various locations and property types, including apartments, condos, and landed properties. This flexibility allows you to find a property that suits your lifestyle and budget.
In Conclusion
While owning a property in Singapore has advantages, renting an apartment in Singapore also offers various benefits. Therefore, if you are unsure about how long you will be staying in Singapore or prefer to live a more flexible lifestyle, renting an apartment in Singapore might be the better choice.
Contact Great World Serviced Apartments if you are looking for a place to live at Orchard Road, like a serviced apartment.
