How much should i rent my condo for? If you’re moving to Singapore with your family, you might want to consider an entire apartment unit or one small house.
This is a very personal decision. It’s not for everyone, and that’s OK. The goal here is to show you how much cash you need, so that you can make that decision yourself.
It’s important to note that this is not a financial calculator (although there are some elements of it in there). It’s just a tool for calculating the amount of money you will require for the first few months of living in Singapore (before any capital gains have accrued), based on your current net worth and annual income level.
So let me give a little bit more background:
Singapore is one of the largest and most expensive cities in the world. A typical apartment costs between $1,200-$2,500 per month when rent includes utilities, maintenance fees and other expenses (so no monthly investment). Because rents are high here and the city is huge, apartment prices are often much higher than in other parts of Asia (condominiums cost anywhere from $1,800-$3,500 per month). We decided we want to live as close as possible to work without becoming heavily dependent on public transport or driving.
To do this we chose an apartment unit on Block 1/2 at Woodlands Point near the business district area where our office is located – it was a good choice because although it isn’t directly opposite our office building it’s only about 10 minutes walk away and has easy access by public transport from both directions. We also chose one small house about 10 minutes walk away from our workplace since we don’t plan on living there long term – we just want a place for short-term visits with friends or family members for various reasons – see below for more details!
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It’s a big move, so make sure you’ve got the dough
The Singaporean property market is one of the biggest stories in the world today, but it’s also one of the most misunderstood.
I’m not here to tell you that there aren’t any great deals out there. In fact, there are many. But don’t believe everything you see on TV or hear from friends and family when it comes to real estate in Singapore.
To be fair, I will say that many people have been wildly successful in investing in real estate and have built huge portfolios. However, even if you succeed at this, it doesn’t mean the rest of us should follow your lead.
First off, each apartment unit isn’t worth $1 million or more depending on where you live (and how much cash you want to put down). If you are going up against hundreds of others who are doing the same thing as well and want to buy a place in a prime location near shopping and dining opportunities, I would highly recommend purchasing only if:
- You have deep pockets — I would say at least 2-3 times what your income is right now
- You will be moving once every two years with minimum family members (which might include your parents and siblings)
- But for more casual investors I would still advise against buying too much because a single unit can easily cost 10x more than an apartment
- Building in an established neighbourhood with good schools and a good reputation for being stable & affordable!
- I actually think we should be paying much closer attention to what investments people make instead of just blindly following their advice when it comes to housing (another topic for another day), but that’s another story for another time.
Housing prices & rent in Singapore
Moving to Singapore? You’re probably worried about how much you can afford. For most people, it’s a question of whether they can afford to buy a place. If this is the case, you should definitely rent.
If you don’t rent, you have to pay for things like utilities and upkeep. For example, if your place is in an expensive neighborhood, you might need to pay for a sewer system and water supply. You also need to pay for things like heat or air conditioning and security concerns. Even if your city is not as expensive as your apartment rental is, you will still need to pay for some of these things — even if it’s less than the monthly rent on your own place (and this is especially true when it comes to maintenance).
However, those situations are easier and less costly with long-term rentals. When you move in with someone else (a family member or friend), there are no bills that need to be paid or bills that need to be paid on time (requiring late payment fees). Your investment in space for them also gives them access to an apartment that you could never afford by yourself (if you didn’t live in their space).
Another reason why renting makes sense even when it seems like it will be too expensive is because of the upfront expenses involved in buying and moving into a new place: real estate agents typically charge between 10% and 20% above the prevailing asking price when trying to sell an apartment in Singapore. This upfront expense helps people get into the market faster: they don’t have as much time deciding whether or not they want a place because they have already invested time in finding one.
You should rent your condo if:
- You’re moving here with folks who aren’t old enough yet;
- You’re doing this as a family;
- You don’t really know how much money you’ll need yet;
- You want places where everyone can stay comfortably;
- There aren’t any other places available for rent nearby;
- You want future tenants who can share costs with each other (like roommates);
Budgeting for a new life in Singapore
Singapore is a great city. It has a long history of attracting people from across the globe, and it is one of the few places in the world where you can live with your parents after you’ve finished school.
However, if you are looking to buy a condominium there, you will need to budget for many things:
1)You will need an apartment in one of the larger complexes (and be sure not to rent a studio/apartment which is too small for your family).
2)You will need to pay for utilities (gas, electricity and water). If you are moving from another country, this might be more expensive than renting here.
3)You will want to pay for your own transportation (this might be an issue if your family needs two vehicles – one for work and one for play).
4)Your family might expect some other expenses e.g. food (food costs in Singapore are among the highest in the world), books and toys
5)If you want to save money, you’ll have to spend money on clothes (given that it’s very hot in summertime here). You’ll also want to think about purchasing new furniture and appliances as well.
How much cash do you need to get started?
If you’re moving to Singapore with your family, you might want to consider an entire apartment unit or even a whole building — especially if you have the space. With a few exceptions, most apartments will rent for between 1-3 months. If you’re planning to stay in Singapore for more than one year, I’d recommend renting a place and saving some money on the down payment (which is often paid in full), while taking advantage of the discounts available on longer leases.
If you’re moving with your family (i.e., you’re not just going to live at home) or if it’s just part of the family’s plan for Singapore, this can be a great way to save money and get started:
1. Find your new apartment/apartment unit
2. Get the subsidized Rental Rebate from IRAS (a government agency) or Housing Board
3. Compare rents with free memberships in online communities like City Living Magazine’s Your Best Place to Rent , or
4. Search for apartments by price range and look for offers from $300-$1,000+ a month; start saving around mid-year
For those who are already here, this is an excellent way of getting started without spending too much cash:
1. Start small by renting an entire apartment/apartment unit (or even if it’s just part of a larger complex) and save money on utilities, expenses etc. until you’ve saved enough money to buy an apartment/apartment unit outright — this can be as little as $300-500 per month using my math model
2. Visit rental communities in person and try out their amenities after seeing their ads on Facebook & Twitter – It can be very helpful to see what other people are saying about their community before making up your mind! For example, I recently saw these ads on Facebook: “Renting: Fully furnished studio apartment pure luxury” – luxury apartment “I love my new place!” – Rented studio “Relaxed city living” – Rented studio “Fully furnished 3 beds 4 baths” – Rented studio “Fully furnished 2 beds 4 baths” – Rented studio “Peaceful village life” – Rented studio “Modern design” – Unfurnished 1 bedroom 2 bedrooms 3 bedrooms 4 bedrooms 5 bedrooms 6 bedrooms 7 bedrooms 8 bedrooms 9 bedrooms 10 bedrooms 11 bedrooms 12 bedrooms 13 bedrooms 14 bedrooms 15+ beds 16+ beds 17+ beds 18+ beds 19+ beds 20
Conclusion: How Much Should I Rent My Condo For
Your parents might have told you that about $4,000 to $5,000 is enough to rent a condo in Singapore. You’ve heard this before and you think it’s true, but you’re really not sure how much money it really costs.
If you’re moving with your family on a tight budget, you might want to consider renting an entire apartment unit instead of buying. However, if all your family lives in your home and rent is more convenient for all of them, then buying may be the better option.
Fortunately, renting an entire apartment unit in Singapore is easy: Office condominiums are the obvious choice as they are relatively affordable and conveniently located. The cost of a one-bedroom apartment unit starts at $1,500 per month ($521 per month for a two-bedroom), while a two-bedroom unit can cost as much as $1,908 per month ($621 per month for a three-bedroom).
If you’d like to rent an entire apartment unit from one of our office condominiums near the city centre (such as The Ritz or One Raffles Place), then click here .
If you’re moving with your family on a tight budget and don’t want to compromise on living space or amenities, then perhaps Home Partnerships Scheme (HPS) units are the best way to go. HPS units can be rented for as little as S$1,100 per month ($519).
Note: For information about rental units in other place around Singapore like Bukit Batok (S$1,140) , Orchard Hau Road (S$1,038) , Yishun (S$842) , Tampines (S$724) , Geylang (S$636) , and more.
