The Pros and Cons of Renting a Condominium in Singapore

The Singapore property market has always been complicated because of the number of supply and demand. Singapore has a successful economy to the extent that many investors and businesses from various industries are setting up branches here. These corporations are an invitation to many individuals from all over the world to try their luck in Singapore since many job opportunities are waiting. These individuals make the Singapore population continuously increase over the years. The number of residents in Singapore is directly proportional to the demand for property. However, since Singapore is relatively small compared to its neighbors, limited land supply has always been one of its problems. With the high demand and lack of supply, it drives property prices upward.

However, developers have addressed this issue by offering many affordable housing types. For example, aside from landed properties, there are apartments and condominiums. These housing types present different pros and cons, Nowadays, one of the most popular housing types are condominiums. It has become popular due to many factors, one factor is the relatively affordable Singapore condo price fees. Among the condominium units in Singapore, one of the consumer favorites is The M Condo. In a sea of many options, it may be tricky to pick the housing type that is perfect for you. So, in this article, let us talk about the pros and cons of renting a condominium in Singapore.

Pros

Accessible

One of the pros that every condo gas is that they are very accessible. This is usually what buyers pay for the Singapore condo price costs. They are usually more expensive than regular apartments because they are more accessible. Condominiums are usually built-in or near business districts. For example, The M Condo is situated in one of the most ideal places in Singapore. It is near amenities and infrastructure such as transport services and supermarkets. Developers make sure that condominiums are accessible to make them more attractive to potential buyers. This is why despite the relatively high Singapore condo price values, there is still a high demand for condominiums.

Low down payment

These condominium units also require low down payments compared to landed properties. Landlords usually just ask for a two-month deposit for security. This makes Singapore condo price more affordable and more ideal for working individuals. The M Condo is one of the condominium complexes in Singapore that asks for relatively low down payments.

Low maintenance costs

Since a condominium unit is situated in a complex, there will be a lot of tenants. These current tenants will then share the costs of expenses in the whole building, For example, staff such as maintenance personnel and security guards will be shouldered by everyone currently residing in the condominium building. The M Condo is also known to have reasonable and affordable monthly maintenance costs. When it comes to the unit itself, a small using type is also easier to maintain and requires a smaller amount of money compared to landed properties such as houses. The money that you would be spending on utility costs such as electricity and water are relatively cheaper in condos. The money that you will be able to save can be used in other necessities or in paying the Singapore condo price rent.

Cons

Dead investment

If there is one disadvantage when you rent a condo, it is the fact that these condos can be a dead investment, Meaning, you will be paying and spending money on something that will never be yours. Since these arrangements are contractual, you will have to vacate the condo unit after a year or two depending on the contract. However, there are condo units that are still practical to rent in although it will be a dead investment in the long run. The M Condo is one of the condo complexes which offers reasonable Singapore condo price rents.

Limited possibilities

Since the condominium is not permanently owned by you, there will be limitations on what you can do with it. Most landlords prohibit drilling and pasting things in the wall as it will ruin the paint’s quality. Sometimes, even the layout cannot be changed as it is against the contract.

Know more

There are a lot of housing options in Singapore. All these housing options come with their pros and cons. That is why research before deciding which property to rent or buy is necessary. In SRX Property, we have important reminders listed down for you. Visit us today and make a smart property decision.