1. Let Your Money stay Where It Is
When you are looking for a place to rent, be prepared to fork out money worth 2 to 3 months of the rental as deposit. Renting a house in Singapore could be expensive especially if you are looking for a condo that will cost nearly 4,000 SGD and that you will need approximate 10,000 SGD for deposit. Of course, you can settle for HDB that will be cheaper but still will cost you 2,500 SGD a month or approximate 7,000 SGD for deposit.
During this phase, it will not be wise for you to make any big purchases. You will need to be prepared for making the deposit.
2. Do Not Attempt to Time the Market
Do not become obsessed with trying to time the housing market, in a bid to establish the right time for you to move. It is almost impossible for you to anticipate the housing market. The right time for you to lease is when you find the right house, and can afford to pay the rent. The real estate market is cyclical. There are times it goes up and times it goes down. Therefore, waiting for the right time means that you will probably miss out.
3. Bigger Houses Are Not Always the Best
Many people are always drawn to big houses. Owning or leasing the biggest house on the street is deemed to be fashionable. But, this is not always the case. In real estate, you should not always aim to buy or lease the biggest and best house on your street.
Large houses will only appeal to a very small audience. Therefore, the options are limited and you might be paying a more premium price for these houses. In many instances, you will find that a house will only increase its value if the other houses around it also enhance their value.
4. Avoid the Sleeper Costs
The main difference between leasing and buying is in the sleeper costs. Many individuals focus on the rental cost, while not taking into consideration the additional expenses, e.g., utility bills, various deposit, parking fees, and home improvement.
If you are going to rent, you have to take into account the repairs that have to be done, house improvement for a more ideal place for your family, potential parking fees if you own a car, and of course utility fees such as electricity; water; and internet.
5. Give the House a Proper Physical
Would you purchase a car without checking what is under the hood? Probably not! It is always recommended to visit the rental house to furnish yourself with information on the condition of the residence. From this information, you will be able to make an informed decision on whether to proceed with the lease or not.
It is highly recommended to bring along your friends, this is the only way you can be able to get honest and unbiased information from a third party, who does not have a vested interest.
6. Stalk the Neighborhood
Before you lease any house, you need first to stalk the area. Visit the area in the morning, noon time, and in the evening. Many home renters have become distraught because they thought they had found the right house to lease, only for them to realize later on that the neighborhood was not the best for them or their families.
Once you think you have found a good house, drive by that house at various hours of the day to establish what is happening in that street. You can also make your regular commute from that location in a bid to determine what you will be encountering each day when headed to work.
From this, you will be able to establish the location of the nearest grocery store, as well as other essential services like hospitals. If you have kids, determine the kind of schools that are in that area, how much they charge, and the performance of their students. Just because you are leasing does not mean that you cannot change your mind later and buy the house.
Living in a good school district will obviously affect the amount of money you spend on rent, as well as when buying a house. You can save yourself the hassle of having to look for another place by doing proper research before moving to a given region.
Conclusion
When searching for a house, it is always best to realize that there is no perfect house. You need to be flexible, and be willing to make some adjustments. Once you have moved in, you can proceed to add some style to the house, which will make it your dream home. Until then, lease what you can find.
till then, tatababai
0 Comments
Thanks for your support