Regardless of the property type, looking for a place to stay in Singapore is no easy task. There are a lot of things to look out for when buying or renting a property, from its location, the type of housing to the economic condition in that particular area.

However, one of the most important aspects that will undoubtedly concern just about anyone – is the cost of a new home.

With that understanding in mind, what should you be aware of when buying or renting a property locally?

The cost of renting

When it comes to renting a space, it is important for you to do an initial background check on the cost. If proper plans are not in place, you might end up spending more than you budgeted for. A budget of $600 to $1,700 per month will suffice for renting a cool or serviced apartments, and $2,000 to $4,500 a month for quality and well-furnished HDBs.

For a single person who intends to rent a room in a shared HDB flat or a condominium house where bathrooms are shared, then be prepared to pay a sum of $800 to $2,500 each month. For condominiums, in particular, it would mean that you will have to take a look at its site plan to have a clear image of the amenities, services and so on that are available within the condominium.

If you don’t like to share an apartment, then be ready to pay about $1,000 to $4,000 to rent a single small-room apartment or one-bedroom unit in an HDB flat or condominium.

The property cost will determine the cost of the apartments to a great extent. You can get an HDB flat at a cheaper rate, but condos usually come at a slightly higher price. For a better idea of the exact prices, it’s always essential to do extensive research on various properties like Treasure at Tampines in Singapore. By doing so, you are able to understand what you’re investing in.

The cost of buying

Having a home to your own is probably anyone’s dream. But buying a home can be quite expensive when you have not put enough money aside yet. However, HDB properties are usually highly subsidized and you’ll be entitled grants which are calculated based on your income level.

But before you decide to buy any specific apartment, always check for the balance units to see for any available space. Otherwise, you will just be investing unnecessary time into a property that has already been taken up.

If you have an interest in getting a private property, then, you should understand that huge services charges are inclusive of its entire cost as well. In general, you can get a resalable property at the rate of $200,000 for a 3-room HDB flat.

The process of acquiring a home

When buying a home, you will have to strictly follow a legal procedure. Seeking a qualified and competent lawyer who has a strong knowledge of properties is one of the best things you can do. Highlighted below are the important steps to take when buying a home in Singapore.

  • Choose the mortgage you wish to use, and get an offer based on your current budget.
  • Find a trusted Indigenous legal practitioner in charge of the property.
  • Choose the home you wish to buy.
  • Sign an agreement with the seller and make your offer afterwards.
  • Return to the bank in order to make a final conclusion on your mortgage.
  • The deal will then be finalized by your lawyer.
  • Reserve the property by paying 1% optional fee.
  • You can then complete the payment within 14 days.
  • The documents prepared by the lawyer will then be signed by you and the seller.
  • The title of the property will then be transferred to you with proper registration documents.

At the end of the day, whether you decide to rent or buy a property – you have to always be careful with your decision and not be rash. Understand what is the total figure by viewing what other properties has to offer like Treasure at Tampines prices in Singapore. With enough research and understanding, you will soon see whether it’s worth it to rent or buy a property.