When the time comes for you to move, you may be on the fence about whether to buy a house or to choose a house rental in Singapore. Buying a home is a major commitment, and you may not be sure if this is the right decision for you at this time. There are benefits associated with owning a home, but buying a home is not a move to take lightly. In fact, there are a few reasons why renting a property may be a better option for you than buying.
You Are Not Locked Into a Property
Your property needs and desires can change over time. For example, you may be single now, but things can change quickly. Within a year, you could be married and have a child on the way. Your parents or siblings may need to come live with you for a period of time. There is no guarantee that a home that you may buy now will still meet your needs in a year or two. Selling a property is a major task, but it is easier for you to simply move into a larger or smaller space as needed once your lease expires.
You Have Flexibility With Your Finances
In addition, when you rent a property in Singapore, you will have greater flexibility with your finances. Keep in mind that a mortgage is typically a financial commitment that extends for decades, and there are also other financial costs associated with the home. For example, property insurance and taxes. These will be fixed expenses in your budget for as long as you own the home. With a rental, if your financial situation changes, you can quickly find a housing option that is more suitable for your current financial status.
There Is No Long Term Commitment to a Location
Many people change jobs periodically, and you may have a strong desire to live close to where you work. When you purchase a home in Singapore, you are locking yourself into that location. The location may be ideal for your work situation right now, but you may change jobs in a year or two. When you rent a property in Singapore, you can more easily relocate to an area of town that is more convenient for your job. Unless you plan to work in the same area for many long years, renting may be more suitable.
You Do Not Have to Worry About Maintenance Costs
A home is a true investment, but you will need to great care of it if you want it to appreciate in value. It is easy for a home to fall into disrepair if you do not stay on top of repair and maintenance needs. If you own the home, you will need to plan for the maintenance costs as well as the time to complete those tasks. When you rent a home, the landlord will typically take care of property maintenance. Each lease is different, so make sure that your lease states that the landlord handles property repairs and maintenance chores and is responsible for those costs.
Owning a home may be a dream come true, but you should not rush into this dream. If you are not comfortable with the costs or the long-term commitment to the property or the location, it is important that you consider continuing to rent a property in Singapore. There may come a time when buying a home is more suitable, and you will know when the time is right to purchase your home.