Guy A: I think in a few months’ time, I want to move out and rent my own place.
Guy B: Whole house or room only?
Guy A: Of course whole house lah. If room only, I might as well continue to stay with my parents.
Guy B: Then why don’t you?
Guy A: Aiya… I want some independence mah. Like a baby like that, still staying with my parents. I’m going to be 30 soon, you know.
Guy B: If I were you, I’d rather stay with my parents. I have no choice. I’m a foreigner. I don’t have relatives here, so I have to rent. But you, you have a choice. Yet you want to rent. Crazy!
Guy A: What do you mean crazy?
Guy B: Crazy because the rental is crazy high sia. Some more whole house, no need to say.
Guy A: I know, that part also make me think twice. I think my salary sure gone one if I rent.
Guy B: You bet.
The above is a dialogue we overheard recently during an MRT ride. It’s nothing unusual. With the inflationary times we live in today, it’s common to hear ordinary folks talking about bread and butter issues. But since the topic is about real estate matters, it piqued our interest. Here’s how the ensuing conversation went.
Guy B: Why don’t you buy your own house?
Guy A: Can… when I strike lottery lor. I’m under 35, so I can only buy private property like a condo. Do you know how much they cost?
Guy B: So you continue to stay in your parents’ place. Save some money, then when you reach 35, you buy your own HDB lah. You can even pay with your CPF, no need to touch your own savings.
Guy A: Haaii… that means I have to continue being a baby for a few more years lor.
Guy B: Better than crying like a baby when all your funds dry up.
So, do you agree with the second chap? Do you think he’s giving sound advice to his pal? Let’s take a look at the pros and cons of renting a place of your own.
Pro #1: You enjoy your independence
No more naggings from mum. No more craving for space when you’re working from home. Yes, when you have your own place, you get to call the shots. You get to select the furniture. You don’t have to wait for your turn to use the bathroom. You get the ultimate in privacy. In short, you become an adult… at last. But, with freedom comes responsibility.
Finally… your own bachelor (or bachelorette) pad
Cons #1 – 4:
1. You need to pay rent, which takes a chunk off your monthly pay cheque.
2. You need to cook on your own or forage for food outside. No more piping-hot home-cooked meals waiting on the table when you get home.
3. You need to do your own laundry, buy your own washer or take your dirty linen to the cleaners.
4. You need to set up home all by yourself, which means forking out your hard-earned cash from the biggest to the smallest household item.
Along with the upsides are the downsides. That’s life!
Indeed, this is the price you have to PAY for your independence; the operative word being “pay”. Too hot to handle? Then, think twice before deciding to fly the coop.
Pro #2: You get to choose where you want to stay
All of us prefer to stay where it’s most convenient. Maybe mum’s place is just too far from the office. It takes a long commute every day. You have to change two buses and walk a fair bit before you get to punch in. When it rains, it’s the pits. That’s why you prefer moving to that flat just behind the office. How nice it is to sleep in for just that half an hour more. Plus the breakfast choices there are simply delish.
Being able to sleep in that few minutes more can be such a big lure
Yes, we got you. Just think of Cons #1- 4 above. If they’re no biggie, you’re good to go. Rent away!
Pro #3: When you rent, you don’t pay maintenance fees
True, true. As a renter, you get to enjoy all the resort facilities in the development (provided that you’re renting a condo, that is) without paying for it. But is that really true? After all, you’re paying rent.
Everyone loves the resort facilities that condos have
Con #5: There’s no free lunch
Truth be told, you’re paying for every perk you enjoy. You may not be paying for it directly but it comes at a price. At the end of the day, the property is not yours. Every renter knows that. By diligently paying rent every month, you’re in fact fulfilling another person’s home ownership dream (i.e. your landlord’s). Your rent is only good for one month’s stay. Remember that. The place isn’t yours for life.
Pro #4: You can sublet and ease off your financial burden
Well, you can do that on condition that your tenancy agreement does not stipulate otherwise. But then again, isn’t subletting counter to your original aim of enjoying independence? You may get tenants that are worse than your pesky little brother. Yeah, you can evict them but that’s a nasty episode no one wants to get into in the first place.
Pro #5: You get a dry run of independence without making it totally permanent
Yes, you can run back to mum and pop’s place if the going gets too tough and rough. Renting is like a rehearsal. You can opt out if it’s really not your cup of tea.
So there, we’ve given you five pros and five cons to renting your own place versus taking the traditional route of living with the folks until:
– you turn 35 and are eligible to buy your own flat
– you’re married
– you hit the jackpot
Which ever direction you choose, remember that there are always pros and cons in life. Good luck!
In this article, we’ve highlighted some pros and cons to renting your own place. If you want to know more, schedule a visit with us or book a free consultation with our trusted and renowned representatives.
Lastly, don’t forget to like, subscribe and share our articles with your friends if you think our content is useful to you. And if you would like us to write a review for any property projects, have a blast in the comment section below.
