Finding an affordable property in Singapore to rent may seem like an impossible feat. After all, rental rates are rather high in many areas. While you should be prepared to pay a reasonable amount for your flat or apartment rent in Singapore, the fact is that you can more easily find the right property for your budget when you follow a few important tips.
Pay Attention to the Location
Initially, you should focus on trying to find the most affordable area of Singapore to live in. The average rental rates will vary considerably from one area of town to the next. For example, some areas of Singapore are highly cosmopolitan, and apartments and flats in these areas may have a much higher rental rate than those in communities more oriented toward families, students and others who may be on a more fixed budget. You can research different areas of Singapore today to learn more about average rental rates in each of the areas. This will help you to narrow down your search so that your efforts are more productive.
Think About Related Costs
Keep in mind that there is more related to the cost of housing than the rental rate. For example, in Singapore, it is common to pay one month’s worth of rent up-front as a security deposit with a 12-month lease. A 24-month lease may require you to pay two months’ worth of rent as a deposit, but it may also lock in your rental rate for a full two years. In addition to the security deposit, the location may impact the cost of your commute. A condo near MRTs may be more affordable than those that require you to drive your own vehicle into work. Utility costs and other related fees should also be considered. For each unit that you are thinking about renting, consider preparing a new budget to determine which may be most affordable for you to live in.
Compare With Other Properties in the Area
A smart idea is to actively research the rental rates for properties that are located close to those that you are thinking about moving into. Some landlords and property owners will raise their asking price on rent without justification, and because of this, you may be able to save money by simply inquiring about vacancies in neighboring properties. The rental rate may vary slightly based on the size of the unit, amenities in the building, if utilities are included with the rent and other factors. However, the overall cost should be very similar after you have made adjustments for these factors.
Consider a Subsidized Unit
If you are on a true budget, you may consider HDB flats. The Housing and Development Board in Singapore has created a scheme to make property ownership more affordable, and these flats are designed to help you own your property at an affordable price rather than rent it. When you own your property, you may enjoy the ability to have a fixed monthly housing payment for many years to come. Ensure that your payment is manageable now, and you may expect the payment to become even easier to manage going forward as your personal level of income generally increases over the years.
The bottom line is that rents in Singapore are rather high, and this can make it more challenging for an individual to find a great property that meets their needs and that conforms to their budget. While renting is one option, purchasing an affordable property may be an ideal option for some due to the high rental rates. You may consider fully exploring all of the options available so that you make the best decision about your housing.