What’s Better, Should i Buy a Luxury Property in Singapore or Rent it?

What’s Better, Should i Buy a Luxury Property in Singapore or Rent it? 21 May 2021

That’s a million-dollar question right here!!

Deciding between the two options is really a tedious task and a never-ending debate. However, here we have discussed the benefits of both to help you make the right decision. Read on to clear your doubts regarding buying or renting luxury property in Singapore and decide accordingly what is better for you.

Benefits of buying a luxury property

1. You will have your OWN house.

Who doesn’t want to own a property? Doesn’t it sound great that you own a property of your own? Small or big a property is a big investment, and if invested diligently, it can double or triple your investment in a decade or so. At PropNex, we have helped many clients to buy a luxury condo in Singapore, which doubled their investment in a few years. So, if you want to invest, buying a luxury property in Singapore is your best option.

2. You have the liberty.

Owning a property means liberty and freedom. Unlike a rented property, you have the freedom to do whatever you want to do with your property. You can change the wall color, modify the room size, change the bathroom fixtures, or even build an entirely new room without seeking permission from the owner.

3. It can be a cheaper option

According to your contract, renting an apartment means you are obliged to pay a fixed rent every month, which increases every year. The situation is the opposite when you buy a property.

You will not have to pay anything if you are buying in cash. However, if you are mortgaging, your monthly payout would gradually decrease with the passage of time. Most importantly, it will never happen if you rent a luxury property in Singapore.

4. It can be a source of extra income.

Owning a property means you are the boss; you can either live in the whole house or rent it out to generate some extra cash to help you pay the mortgage. Do you know what’s interesting? If not the whole house, you can even rent a single room.

Benefits of renting a luxury property

1. It is Cheap

Buy property is a heavy investment, and despite the mortgage, you will need plenty of cash in hand to pay that huge down payment. Renting a luxury property or a luxury condo in Singapore is cheaper. All you need to do is pay an advance or security deposit, set the monthly rent, and moves into your new home—no huge down payments to pay.

2. No long term obligations

Buying a property means you are obliged to live in it for the long term, whether you like it or not. Especially if you have a mortgage to pay, you are obliged to pay the monthly payment for a long term.

However, with renting a property, you have the liberty to leave at any time. You can choose a short-term contract according to your wish and move out by the end of it or extend it if you like to stay. Just do as you wish; there are no obligations.

3. Ability to Change

Change is a natural phenomenon. Our priorities change with time. If a house that seems perfect for you ten years ago doesn’t mean it would be a perfect house for you later. You might need an extra room for your baby or a garden to fulfill your gardening dream.

With renting, you can upgrade to a bigger luxury apartment or house in Singapore or degrade to a smaller apartment according to your need. There are no obligations; you can change your rented apartment any time of the year.

4. No dangers of the market crash

While buying a property comes with a probability of price increase with the passage of time, there are also chances of a market crash. Leaving you with a lot less than what you paid for.

Renting a property saves you from such market crashes. You can always change to a new apartment if you feel that the property is not worth what you are paying for.

5. No maintenance cost

Owning a property means you are responsible for everything. Whether there is leakage in the pipe, your toilet faucet is not working, or the roof needs repair, YOU are the one who is responsible for it.

However, while renting, you are not responsible for the repair work. You don’t have to pay extra money for the sudden repair work which you did not anticipate at the start of the month. Isn’t it great!!

6. It is easy

Whether you need a house or a luxury condo in Singapore, buying it means a lot of paperwork (double it if you are applying for a loan). You will have to provide plenty of documents and fill in multiple forms to transfer the property under your name.

On the other hand, renting a property is simple and easier. All you need to do is search for the right property for you, agree on the monthly rent, decide the terms and conditions, and sign the agreement. That’s it, nothing more! You are free to move in and out any time you want.

Buy or rent; it’s totally up to you but if you want to save your precious time looking for a luxury property in Singapore or a luxury condo in Singapore, contact us. At PropNex, we help you find the property of your dreams. We do not just bombard you with plenty of options; we tailor the options according to your needs and requirements.

Get started today for a complimentary home evaluation!

Tony Yee CEA No: R010000I Contact: 98267448

Approval Code: PMSA-2020-02-000179