Advantages and Disadvantages of Renting a Condominium in Singapore

Singapore has always had one of the most expensive costs of living in Asia. This is because of the limited supply of land. Singapore has one of the densest populations in the world. This can be attributed to the fact that it has one of the most stable economies thus more people are trying to move to Singapore for job opportunities.

 

The existence of these businesses attracts more people from all over the world. This influx in the number of residents creates competition among the people in Singapore. Based on the basic laws of economics, high demand with limited supply drives the prices of commodities higher. However, there are many housing options in Singapore. One of the most popular ones is the condo for rent Singapore units that are offered by a Singapore property agent. When choosing a housing type, you must have enough knowledge of its pros and cons. Therefore, in this article, we will talk about the advantages and disadvantages of renting a condo in Singapore.

 

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Advantages

Low maintenance cost

Condo for rent Singapore units offers lower maintenance costs. This is because a condo complex is shared with many tenants. Maintenance costs include the fees that keep the surroundings clean, safe, and in order. For example, the cleaning personnel’s salary is paid upon by the tenants in the building. There may be more people needed to keep the condominium premises clean but many tenants are sharing these costs.

 

Another is the security personnel’s salary. Since a condominium is a complex shared by strangers, security staff is needed. These kinds of maintenance fees are shouldered by all tenants through the monthly maintenance fees. Building utility fees like electricity used to light the corridor are also included in these monthly fees. So, compared to renting an apartment, a condominium offers low maintenance costs to its tenants. Your Singapore property agent can find you the best deals when it comes to these kinds of fees,

More amenities

Amenities are made to make the condo for rent Singapore units more attractive. It is made to make the condo units more sellable. There are various amenities in condo complexes. For example, the most common amenity is a swimming pool. Some condo buildings even have different pool kinds and sizes. Another common condo amenity is an indoor gymnasium that is open to all tenants. There can also be a shared grilling and barbecue space that can be reserved and enjoyed by all tenants of the condo.

 

Your Singapore property agent can find you the best condominium compounds that offer the best amenities based on your liking. You can request a condominium that has a gazebo or cafes. These are the things that are not usually found when you rent apartments. Thus, making it one of the benefits of condo for rent in Singapore units.

Accessibility

Since condominium units are made to be sold, they are usually placed in strategic locations. These locations are meant to make the condo for rent in Singapore units more attractive to buyers. Usual locations are near business districts, transportation services, or shopping malls. This also appreciates the value of the condominium. The more accessible the condo unit is, the more expensive it can be.

Disadvantages

Less privacy

If there is a disadvantage in the condo for rent Singapore units is that it does not provide much privacy. This is because condominium complexes are meant to be shared with many people. There is less space for privacy. Even amenities like pools are meant to be shared that is why it provides lesser privacy. Although, you can ask your Singapore property agent for the best units that can provide as much privacy as possible. It can be a single unit or condo buildings that are spacious enough.

Dead investment

Renting can be considered as a dead investment as you are paying for a property that will never be yours. Condominiums are relatively more expensive than the usual apartments because of its many benefits. You are basically paying for something that will not be transferred to your name in the long run. This Is why condo for rent Singapore units can be considered as a dead investment. With this, your Singapore property agent can get you the best deals. Deals that are not too pricey but are fit for your lifestyle.

Learn more today

Deciding which property to buy or rent can be a complicated process. Every housing option in Singapore can provide you with significant advantages and disadvantages. This is why you should research more before deciding. In SRX Property we can help you land the best-fit property for you. Visit us today and learn more about the property you are eyeing.

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