Some Hidden Costs of Owning a Condo in Singapore – Part 1 – Buy vs Rent

Purchasing a condominium is a big thing. Among many considerations, Parc Central Residences will share with you some Hidden Costs of Owning a Condo in Singapore.

High Demand of properties in Singapore

I know if you are reading this as a blog post, you are probably excited about buying some property in Singapore. You are hardly alone. All over the world, many multinational corporations, and we are talking about businesses here that employ more than 500 people, have chosen Singapore, the Lion City in Southeast Asia, as their regional headquarters.

It is easy to see why. Singapore is in close geographic proximity to all the major cosmopolitan hubs in Asia. More importantly, it is one of the most stable and safest places to stay in Southeast Asia. On top of that, it has a very developed financial infrastructure, and it offers all of the first-world living amenities that foreigners have come to expect.

Not surprisingly, condo units in Singapore’s many different districts are in high demand. Whether you are looking for a freehold domain or something less, please understand that there is a lot more going to your cost profile than just the amount of Singapore dollars you are going to have to shell out for your new place in this remarkable city.

Hidden costs in addition to the Purchasing cost

It is not just about the purchasing cost. Sure, you might be thinking, “Okay, in terms of hidden costs, maybe I have to chip in some cash for appraisal,  real estate broker fees, legal fees, possibly even some cash for legal paperwork.” You are definitely in the right ballpark if you have considered those additional costs.

However, there are a lot more that you need to pay close attention to because these are the costs that crop up after you buy your property. Believe it or not, you pay before, during and after.

None of this information is meant to discourage you. Instead, I want you to get a complete picture of what it is like to own a condo unit in Singapore. Chances are, if you are an expatriate sent by a multinational corporation, you have considered and prepared for whatever housing costs you are going to incur. Nevertheless, it is a good idea to always keep these additional costs in mind, so you can weigh your options more wisely.

Own a condominium vs. Rent one

Maybe in certain cases, it is much better just to rent a place. On the other hand, if you are going to be on a long-term assignment or maybe you have even been named or promoted to be the country or regional manager of your company, buying a place would be the better way to go.

Regardless, keep the following hidden costs in mind. They have shocked so many people moving to this part of the world. You do not want to find out in the worst way possible. You do not want to discover these hidden costs as you go month to month having moved into your new digs.

Here are just some of the most basic costs depending on where you live and depending on your housing arrangement. There might be other related costs. Still, consider these as starting points in your further investigation.

Stay tuned for Parc Central Residences price. Interested buyers can now look at the CPF Housing Grants for EC /EC Eligibilities and book appointment to view the Parc Central Residences showflat which will be ready in H2 2020. Meanwhile, you can check out more information at CPF website if you plan to use CPF for down payment  or installment.

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