The pros and cons of owning a home and renting

The Pros and Cons of Owning a House vs. Renting an Apartment by Ian Johnston For many, buying a house is part of the American dream and essential to personal and financial success. The security and satisfaction that comes from owning their own house outweighs other considerations. However, homeownership brings with it advantages and disadvantages compared to apartment renting.

The pros and cons of owning a home and renting

However, as serial expats can attest, all places have their own pluses and minuses. For those expats who still need to make a decision about relocating to the Lion City, here's a list of some of the pros and cons of moving to Singapore.

Accommodation in Singapore Much of the housing in Singapore comes in high-rise condo or apartment form.

The pros and cons of owning a home and renting

Even those that live in a freestanding home will find that backyards are rarities, but there are lots of green spaces and parks around the island to make up for it. High-rise developments are springing up all over Singapore. Most of the privately owned condos and apartments, especially the new ones, have amenities such as pools, playgrounds, gyms and function rooms included on site.

Landed homes similar to single family homes in the US can be found in the suburbs. Expect to pay more for a place closer to the city centre, Orchard Road, Holland Village, and other desirable neighbourhoods.

Expats willing to move farther away from the central parts of town just might score a good deal. Transportation in Singapore Singapore might be a small country, but its road network and transportation system are extensive.

Whether one drives, takes the train or rides the bus, it's easy to get around the island. Public transportation is cheap, too. More train lines are expected to be built over the next decade, making even the farthest corners of the island easily accessible.

Cabs, which are also extremely affordable, are an alternative mode of transportation. Cars are costly Owning a car in Singapore is a seriously expensive undertaking.

Between heavy customs duties, taxes and insurance fees, as well as the price of tolls and parking, the convenience of owning a car comes at a high price.

All growing small businesses may someday face the question of leasing versus buying office space. This question has many pros and cons, and a small business owner needs to carefully weigh the pros and cons of leasing or buying office space. Buying has the advantage of owning the most valuable asset that you would ever buy, but with it comes mortgages, taxes and more. learning truly what are the pros and cons to renting versus buying can help you follow the right pathway, which is as unique as you are. pros to buying a property, pros to renting a home, pros to renting a. A timeshare is a way for a number of people to share ownership of a property, usually a vacation property such as a condominium unit within a resort area. Each buyer usually purchases a certain period of time in a particular unit. Timeshares typically divide the property into one- to two-week.

Travel from Singapore Getting to Singapore might be a long and arduous flight for most expats, but once settled here, the vacation spots in the area are just a short, and very affordable, plane ride away.

Cheap, accessible travel If expats are looking to get away for a weekend, Singapore is an ideal jumping-off spot for travel in Southeast Asia. Several budget airlines offer affordable fares to neighbouring countries such as Thailand, Vietnam and Malaysia. Sometimes planning a trip at the last minute can result in extremely cheap airfare.

Safety in Singapore There are some issues with road safety, but on the whole, Singapore is an extremely safe place to live. Low crime rate Singapore is a very safe country with low crime rates and a zero-tolerance policy when it comes to drugs. Poor pedestrian and cyclist safety Pedestrians do not have the right of way in Singapore, so it's a smart idea to use crosswalks whenever possible.

Sometimes bikes share the sidewalks with pedestrians, but sidewalks tend to be really small so this can be dangerous. There is limited cycling infrastructure in Singapore and most cars and trucks do not look out for bikes on the road.

Anyone who is going to ride a bike should wear a helmet and be as predictable on the road as possible. Use the Park Connector pathways when possible to avoid the dangerous roads. Social scene in Singapore It won't take long to make a group of friends, either expat or local, in Singapore; meeting people is usually easy and fun.

Easy to make friends There are several online forums and Facebook groups that provide both expats and locals with the opportunity to come together over shared interests.

Otherwise, be on the lookout for organisations that hold social events, as these are great places to meet others.

Expats can also consider taking a class, volunteering, or starting a blog about life in Singapore. These are all great ways to meet people. The nicer clubs and bars sell drinks at a premium.

The Pros and Cons of Owning a House vs. Renting an Apartment | Pocket Sense

Healthcare in Singapore Quality healthcare in Singapore is affordable, whether one has insurance or not. Even if one does not have access to the city-state's socialised healthcare system, healthcare in Singapore is still reasonably priced as long as expats are insured.

Lots of doctors and facilities to choose from There are a number of private hospitals, public hospitals and outpatient clinics throughout the island to choose from. Those who have insurance can contact their provider for a list of recommended doctors and clinics.

Possible upfront costs An unexpected trip to the doctor can be a bit expensive if they do not accept direct bill settlement from the insurance company, and the patient is left having to pay the bill on the spot. If the doctor does not accept direct bill settlement, the patient is expected to pay for the consultation and any other services provided at the time of visit, including prescriptions for medication.

These medical bills can usually be reimbursed by the insurance company, but that surprise medical bill can come as a shock if one is living on a budget.Apr 20,  · When making the decision to buy or rent, there are many things to consider. Many of us have been renters our entire lives, but are ready to make the leap and become a .

Debating whether to buy or rent a home? See the pros & cons of each, and find out the questions you must ask yourself before making a decision.

and drawbacks of owning versus renting your home. Costs of Buying & Owning Your Home Upfront & Closing Costs. Buying a home entails numerous upfront costs. Some are paid out-of-pocket after the. Pros and cons of gas and electric pressure washers Electrics are good for small jobs but gas models provide more power.

Retirement Planning: A free and clear home takes on additional significance for near you are entering retirement with a fixed income (Social Security, pension, fixed annuity), then it can be a real benefit to pay off all debt rather than put money in fluctuating investments.

Owning a house might be an appealing idea, but it may have a lasting impact on your lifestyle. Learn more about other implications of rent vs.

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