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SINGAPORE PROPERTY WEEKLY Issue 310
We all come from different walks of life. months worth of rent. Putting the down
Perhaps you may currently be in a romantic payment on a property will set you back a lot
relationship, looking for a place to settle down more, at a figure that ranges between 20 to
with your partner. Perhaps you may be 30 percent of the price of the property.
embracing singlehood, aspiring to move out
For example, a property valued at $1 million
from your parents home to stay on your own.
will cost you approximately $3,000 to rent
Or maybe, you are currently living out of
(hence, $6,000 as a deposit). The same
Singapore, but have recently been offered an
property will require $200,000 to $300,000 as
opportunity to live and work here.
a down payment if you intend to purchase it.
In any of these above scenarios, one
Factor #2 Ongoing Costs
question you may find yourself asking is,
Should I rent or buy? The following are While paying off your mortgage brings you
some factors that analyses the pros and cons closer to the full ownership of your home,
of both sides, to hopefully help you make a paying rent is quite the opposite. In fact,
more informed decision. paying rent is equivalent to throwing money
out the window there are no opportunities
Factor #1 Upfront/initial payment
for capital gain since ultimately, you do not
When it comes to initial payment, renting is, own the property. Paying rent is comparable
without a doubt, the cheaper option. The to paying off a car loan, as your capital gain is
upfront cost to rent a property is usually two tantamount to nothing.
Changes to the interior of our homes can be works are usually serviced by the landlord,
more important to us than we realise, and although with certain exceptions (e.g. air-con
having a limit put on it may have us yearning servicing).
for more. If you were to opt to rent a property,
the amount of structural and physical change
you can make to your home is limited,
compared to buying a property, where you
have complete freedom to alter the entire look
of your home, both inside and out.
Factor #7 Maintenance