facebookI feel like in Singapore owning a property is crucial because that's the norm and so feel pressurised to also do the same. What do you think about living on rent forever instead of owning a property? - Seedly
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Anonymous

Posted on 25 Nov 2020

I feel like in Singapore owning a property is crucial because that's the norm and so feel pressurised to also do the same. What do you think about living on rent forever instead of owning a property?

I actually like renting because there are a lot less considerations to think about.

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In Singapore, it makes more sense to own the property if you intend on living in it forever.

Consider, for example, an HDB flat that you buy for $320,000, and then live in to the end (say 70 years). If you compare this to renting a place for 70 years, chances are you'll spend more on the rent.

Or, take a look at The Hillford, which is a 60-year lease condo with 53 years left to go. A two-bedder here goes for about $695,000. Over 53 years, loosely speaking, you'd be paying about $1,100 a month to stay there at that price. The current rental rate for condos, however, is about $2,000 per month.

This isn't to say renting is bad; if you're savvy with the additional capital you have from not buying a home, you might be able to invest that in a way that comes out ahead.

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