Why Renting is the New Home Ownership in Singapore

With skyrocketing property prices and evolving lifestyles, more Singaporeans are finding renting to be a practical and often better choice. Here’s why renting is becoming the new home ownership in the Lion City.

FLEXIBILITY AND MOBILITY

Renting offers the freedom to move easily, whether for job opportunities, lifestyle changes, or personal preferences.

For instance, my friend, a marketing executive, recently secured a job in a different part of the city. As a renter, she could effortlessly relocate closer to her new workplace in Raffles Place, avoiding the hassle and cost of selling a property. This move significantly reduced her commute, giving her more time for herself and the things she cares about.

FINANCIAL CONSIDERATIONS

Owning a home in Singapore requires substantial financial commitments, from hefty down payments to long-term mortgage repayments. According to the PropertyGuru Singapore Consumer Sentiment Study H2 2022, younger Singaporeans (aged 22 to 29) are increasingly turning to renting due to insufficient savings for property purchases. This is not surprising, given that young, unmarried Singaporeans face restrictions in the HDB market. These restrictions include the need to apply as a couple or family unit, or wait until they turn 35.

Property costs can be overwhelming, but renting allows for better cash flow management. Without the need for a large initial payout, individuals can invest in their businesses, save more, or enjoy experiences that enhance their lives.

DEPRECIATION AND MAINTENANCE COSTS AVOIDANCE

Owning property involves more than just the purchase price. Maintenance, repairs, and renovations can accumulate costs over time. Moreover, property values may depreciate.

On the other hand, renters are free from these additional expenses since landlords usually handle property upkeep. This leads to significant savings and less financial stress.

ACCESS TO PRIME LOCATIONS

Renting can provide access to prime locations that might be unaffordable or unavailable to buy. Living close to the city center, with its vibrant lifestyle and convenient amenities, often comes with a high price tag for buyers. Renters, however, can enjoy these benefits without the long-term financial burden of a mortgage.

LIFESTYLE CHOICES

For many young professionals and expatriates, renting suits their lifestyle better. The flexibility to move closer to work, live in trendy neighborhoods, or enjoy various amenities often outweighs the traditional desire for home ownership. Renting supports a lifestyle that values convenience over long-term financial commitments.

For instance, my cousins, who are avid travelers, leave home once or twice a month. They can easily spend a month exploring Europe since they aren’t tied down by home ownership and its maintenance.

MARKET VOLATILITY

The property market in Singapore can be unpredictable, influenced by economic conditions, government policies, and global events. Renting provides a cushion against market volatility, as renters are not directly affected by property value fluctuations. This stability is particularly appealing in uncertain economic times.

IN A NUTSHELL

While home ownership has long been seen as a cornerstone of financial security, the trend in Singapore is shifting. Renting is increasingly recognized as a practical, flexible, and financially sound alternative.

Image Credits: unsplash.com

As the saying goes, home is where the heart is – and for many, that heart is happier and freer in a rented space.

Sources: 1,2, & 3

Read More...

How to Thrive in Calgary’s Competitive Homebuying Landscape

a miniature house with a key

Calgary’s real estate scene has experienced substantial growth in demand recently, resulting in a highly competitive environment for prospective homeowners. Boasting a thriving economy, lively city living, and a robust sense of community, it’s no surprise that many individuals are seeking to invest in property within this dynamic Canadian metropolis. Nonetheless, the heightened demand has led to an intensely competitive buyer’s market, making the quest for the ideal home rather challenging. In this article, we’ll discuss crucial tips and tactics for successfully navigating Calgary’s competitive housing market.

Comprehending the Buyer’s Market

A buyer’s market arises when available houses for sale Calgary surpass the number of interested purchasers. During such times, property sellers might find it difficult to offload their homes, creating advantageous conditions for buyers. However, even in a competitive buyer’s market like Calgary – where demand is high despite ample inventory – buyers should be ready to act promptly and decisively to secure their dream house.

Establish a Feasible Budget

It is essential for prospective homebuyers to set a realistic budget from the onset. In a highly competitive market, falling into bidding wars and overextending one’s finances is all too easy. Knowing your budget beforehand helps mitigate the risk of becoming smitten with an unaffordable property. Obtaining mortgage pre-approval enhances your chances by highlighting your seriousness and buying power to sellers.

Determine Your Non-Negotiables

It is crucial for buyers within competitive markets to pinpoint their non-negotiable property features. Although having an extensive wishlist might be tempting, it is vital to prioritize amenities that truly matter to you. Doing so will allow you to streamline your property search and facilitate quicker decisions when ideal opportunities arise.

Be Prepared to Act Fast

In competitive housing situations, timing is crucial. Be ready to move swiftly when an attractive property hits the market. Maintain open communication with your real estate agent to ensure immediate scheduling of viewings when potential homes become available. Hesitation can result in missed opportunities and disappointment.

Work with a Knowledgeable Real Estate Agent

Having a reputable and experienced real estate agent by your side is a significant advantage in a competitive market. A skilled agent who is well-versed in the Calgary real estate scene can help you find suitable properties quickly and negotiate on your behalf. They can also provide insights into market trends, pricing, and property valuations.

Be Flexible with Negotiations

While it’s essential to stick to your budget, being flexible in negotiations can give you an edge in a competitive market. Consider offering a fair price and be open to minor concessions to make your offer more appealing to the seller. However, avoid getting into bidding wars that can lead to overspending.

Don’t Overlook Fixer-Uppers

In a competitive market, you may find that move-in ready homes get snatched up quickly. Don’t dismiss the potential of fixer-uppers if they fit your budget and location preferences. With a bit of renovation and TLC, you could turn a diamond in the rough into your dream home.

Stay Informed about New Listings

In a fast-paced market, staying informed about new listings is crucial. Work closely with your real estate agent to receive updates on new properties that match your criteria. Set up alerts on real estate websites and keep an eye on social media platforms where agents often share new listings.

Be Prepared for Multiple Offers

In a competitive buyer’s market, multiple offers on a property are not uncommon. Mentally prepare yourself for this possibility, and have a strategy in place with your real estate agent on how to handle multiple offer situations. Consider offering a slightly higher price or other favorable terms to increase your chances of acceptance.

Navigating the competitive buyer’s market in Calgary may require patience, flexibility, and a well-thought-out approach. With the right preparation, realistic expectations, and the guidance of a skilled real estate agent, you can successfully find and secure your ideal home in this vibrant Canadian city. Remember to act swiftly, stay informed, and be prepared for the challenges that come with a competitive market. Happy house hunting!

 

Read More...

Why It’s Ideal to Buy a Home Amidst the Ongoing Pandemic

Property buying has been a concern of many because of the pandemic. While some proceeded in purchasing their dream homes, there are also some who held back. If you’re one of the people who are still pondering whether to get that dream home now, here are some reasons why you should.

1. Competition is less fierce.

Many of your fellow prospective homebuyers are preoccupied with other things and aren’t looking at properties for the meantime. Consequently, you’ll have fewer people to compete with.

As such, you don’t have to rush your purchase. You don’t need to try outbidding others as well. Moreover, you don’t have to settle for properties that are cheap but in hostile communities.

Be confident at exploring housing options that are in peaceful communities but are still sold at affordable prices. Take your time studying their benefits, too.

2. Sellers offer great deals.

To entice more buyers, developers offer different promos and flexible payments schemes that would be of help for buyers to proceed with their real estate investment.

Consider the homeowners who are selling their properties right now as well. This could be due to financial issues brought about by the pandemic. To get funds sooner, some of them may sell at prices lower than what you would assume. The downside, however, is that the properties may be poorly maintained. This makes newly built homes an attractive choice. Check the house listings online to see the available houses you can choose from. Once you see a property to your liking, inquire about the available payment terms and promos they offer.

3. Impending Price Increases

Sooner or later, various industries have to recover from months of low revenue or even deficits. More often than not, the way to do so is to increase the prices of the goods and services they’re providing.

So, if manufacturers of construction materials raise their prices, the prices of property developments would also increase.

When values of properties increase, your monthly repayments for a mortgage loan may become too high. Another possibility is that the seller may maintain the same amount of monthly repayment pre-pandemic, but the repayment period will be longer.

Before the inflation rate becomes too high, it’s good to study the market now and make a purchase.

4. Home purchasing has become more convenient.

You don’t have to go out of your current home to look for new property investments. If you are an OFW, this is even more convenient for you. Nowadays, real estate developers like Lessandra has offered digital tools to help homebuyers purchase real estate without having to travel back to Philippines. If you are an OFW, you can visit their website or their YouTube Channel to see the virtual tours. You can also reserve your property of choice and make payments online!

See FAQs and Guides to know more on how to buy a property in the Philippines online.

Get a glimpse of the community through the virtual tours

Photo source: Lessandra website

Real estate is a huge investment. Even if you’re looking for an affordable house and lot, choose a reputable developer. For a quality and affordable house and lot developer, check Lessandra homes. Tagged by the London-based website Start Up Pill as one of the best residential start-up companies globally, Lessandra offers quality yet affordable homes worthy of your investment.

Read More...

OrangeTee launches Singapore’s first online property expo; has over 10,000 listings, newly launched projects and free seminars

Find and buy the ideal property

Searching for that perfect home to buy can be long and stressful. Whether it is for your own stay or investment, you want to make sure you are making the right choice.

OrangeTee, one of Singapore’s largest real estate agency and advisory group, will be running their first Virtual Property Expo this weekend. From 17 – 18 October, the online event will walk you through with all the tips and skills for property hunting or investment.

Find your dream home with over 60 newly launched projects, 10,000 resale listings and 40 free seminars covering various topics on properties such as “The Importance Of Diversification“, “Australia – Your Safe Haven” and “How To Be A Smart And Tech Savvy Property Investor“.

Check out the itineraries below:

Join us in this one-of-a-kind event and don’t miss the chance to get the best advice on your property journey.

Visit www.orangetee.com/PropertyExpo for more details.

Read More...

5 Things You Need to Know Before Investing In A Property

A property for the purpose of investment is always good to have; it is especially beneficial if you are the type of person who loves to take advantage of the ever-growing real estate market. There are countless reasons why more people are starting to invest in properties, but it’s mostly due to the fact that property investments are income avenues that only require minimal effort.

But before you even consider embarking on this journey, it is important to understand first what it is all about. Here are things you need to keep in mind before investing in a property.

  1. Consider Flipping Your Investment

Before you invest in a property, it’s best to know all the possible options you have to maximize your earning potential. One of the most common ways of making a profit is by flipping your investment.

Most property owners tend to spend a good amount of time and money performing renovations on unappealing buildings or homes. The idea is to increase the curb appeal and overall value of the property.

In real estate, flipping refers to buying an asset with the intent of selling it as soon as possible. Basically, you’ll sell the property for a quick profit instead of waiting for its value to appreciate over time.

Flipping is beneficial if you are looking to make profit fast. It also serves as a learning experience, particularly in home improvement and construction.

  1. Take the Extra Costs into Consideration

Maybe you’re looking for a longer investment and instead of flipping, you’re going to try your hand at renting. There are several factors involved once you decide to rent out space to tenants. These expenses could be the following:

  • Repairs
  • Maintenance
  • Utilities
  • Insurance
  • Taxes

Aside from that, you will have to anticipate the possibility of footing extra bills for the property or space if you do not get a tenant right away.

  1. Understand Your Purpose

Just like any form of investment, an investment property is not something you should decide on overnight. You have to know and understand exactly what your reason behind it is. You might want to consider the following:

  • Are you looking for a way to make quick cash?
  • Do you see it as a means to move forward with an investment in the long haul?
  • Do you have plans for improving the property?
  • Do you want to have it rented out to tenants or sell it for a bigger profit?

If you do not have concrete knowledge why you are investing in a property, you should not be doing it in the first place.

  1. Know the Market Status

Once you understand and decide to invest in a property, the very next thing you need to do is research about the market. This is important because it’ll give you an idea of what to expect when investing in a property.

Basically, there are numerous factors that could help determine whether or not today is the perfect time to invest. When investing in a property, you want to buy low in order to sell high. It is really simple actually. You do not want to buy a property that would disable you from selling it for a better price. To put it simply, you want to know what exactly you are getting from this property when you put it out on the market. Is it only good for renting or does it have better chances of selling? Would it be profitable if you make renovations first before putting it out on the market?

  1. Know About The Neighborhood

Another crucial factor you need to consider before investing in a property is its location. Most buyers prefer houses that are located in ideal areas.

For instance, a property situated near hospitals, schools, police stations, and supermarkets, is likely to be sold faster because of its convenience. On the other hand, a house located in an area with difficult access to necessary establishments might make it hard to attract buyers.

It is also essential to consider the neighborhood. You might want to check the following:

  • Is the place peaceful?
  • What is the crime rate in that particular area?
  • What is the level of security in the neighborhood?
  • Is the neighborhood too crowded?

Conclusion

Investing in property is clearly an interesting journey to take and there are benefits to doing so. However, it is something that you need to heavily consider since you want to make sure it does not leave you and your family in debt. If you want to benefit from this great opportunity, think about all of the aforementioned considerations carefully. Visit https://SolidIncome.NET for all your property investment needs.

 

 

Read More...