Posted on 25 Nov 2020
I actually like renting because there are a lot less considerations to think about.
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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