by Rickey George December 18, 2020

Buying a home is a big dream for each and everyone in the world. Even it is a life time achievement of middle class people. They start savings in their early stages in life for buying a property like home. Majority of the people wish to buy ready made houses rather than choosing landed properties.

It may vary depending on the cost and the family preferences. Well, beyond that there is always a debate on the other side. It is about renting or buying properties in Singapore.

Some of the people think that renting is affordable and benefit in most of the scenarios. On the other hand, few think that buying is best for all occasions. There is not a particular solution for this debate. In this article, let us discuss advantages of both buying and renting

a property in Singapore. Let’s jump. As everything has a positive and negative side, it depends on the people to choose an option.

But there are advantages in both the cases. Now, let us see the pros of buying properties in Singapore. The first and foremost thing is capital while investing in properties.

The value of a property always increases in the market. Hence, if you buy a property, you will always get high capital amount and it is a great asset in real time. If you sell after few years also, it will get you more profit.

You can sell in an amount greater than you purchased. Hence, it is a better option for investors. Rather than paying the rent to the property owner, you can pay mortgage loans.

Paying rent is always considered as an expense by the tenants. Paying loans helps you decrease the tax and build equity. Moreover, you are paying for your asset, and it gives immense pleasure for everyone. Also, property is considered as the greatest wealth for one in the lifetime. Even you pay for the loans you are having your asset in your hand. It is like investing in that property which is like savings.

The next thing is you can buy a property and rent it to people or for commercial purposes. It is a source of income monthly and gives you money as rental yield. This is best suitable for people after their retirement. With this rental earnings, they will lead the life after retirement ages. Even a room in the property can be rented to youngsters, and it gives you a less amount as rental earnings. Renting commercial properties yield high income as it is located in the prime areas of the city in Singapore.

During the times of inflation, the value of money gets depreciated whereas the value of property never depreciates. In contrast, it will go high and increases your wealth in those days also. Leveraging helps you to buy even an expensive place than you could buy.

Another benefit while buying a property is capital enhancement. You can buy a property and add further enhancements like painting, changing the design and furniture. This increases your capital value further and helps to earn more money while selling or renting. When you sell a property after buying, there is no capital gain tax. Hence, it helps in tax savings. Rent income is considered as the post tax income. Apart from everything, having an own home or any property in Singapore always gives you joy.There is no need to worry about paying rent or about the house owner while you live in your own property. You are the king in your kingdom. Consider the advantages of renting a property in Singapore. The first pro of renting enjoyed by many people is flexibility.

People in the busy days travel a large amount of distance to their workplaces or schools. But if you are a tenant, you can shift your home from one place to another place. There is no need to worry about anything. There is no restriction for tenants that you must live in this property or a home. There are a flexible and freedom to shift residence to any area. In general, people choose a property in singapore which is nearer to the schools, colleges, offices and malls.

Being a tenant, you do not have to worry about the maintenance of a property, repairs, property taxes or any other significant issues. The property owner will take care of everything like repairs and any construction works. It just requires you to pay the monthly rent. The property value may increase or decrease depending on the market value. There is no worry or stress over the property value if you are a tenant.

Most of the people do not have sufficient amount to pay the down payment. For such cases, renting is the best option and there is no worry about a down payment. The major advantage for tenants is that there is no stress over monthly payments. For example, a property owner has to pay mortgage loans monthly in the respective date. There will be a stress if he does not have money. But there is no such stress while renting a property.

Actually, many people wish to live in condos in Singapore. This is because it has many benefits and it is a modern one. But buying a condo is costly and not affordable for everyone. Renting a condo is very simple that it requires less amount for paying rent. By renting it, you can enjoy the benefits of living in condos. Additionally, nowadays many of the properties in Singapore are ready to move in condition. You do not want to worry about the furniture and other expenses for living a normal life.

Further, renting is the best option for singles, youngsters, short term living and for those who wish to live in different areas and different types of properties in Singapore. Buying is suitable for people who live in their own cities and are sure about that they will not migrate in future. Hence, people depending upon the family and work scenarios buy a property. .