You’ve decided that it is time for a change. Your environment is getting old and moving to somewhere different seems quite appealing. Buying a house is out, as it is not only expensive to maintain: but, you don’t want to deal with all the upkeep. This leaves you with two choices-an apartment or condominium. Now that you are down to those two choices, you’ll need to see which is the best investment in regards to long-term living. Let’s compare the two.
When you move into an apartment, what usually happens is that you’ll need a security deposit up front. Security deposits vary in cost, as it depends on the landlord you are dealing with. However, security deposits typically equal to the amount of your first month’s rent. Some places also require an application fee that you’ll have to pay when applying. It is imperative that you have this money: or, your application will not be accepted. Check with the apartment complex you are interested in to see if a fee is required.
Now that you know what you’ll need up front for your move into an apartment, it is time to look at the investment side of things. If you’d like my true opinion, an apartment is not a good investment for you: yet, it is an awesome investment for the landlord from whom you are renting. Why do I say this? Well, I say this because when you are paying rent, you are not storing anything away for yourself. You are not gaining. Your landlord, on the other hand, is taking your rent payments and storing them for something that may come down the line. He may be saving up for retirement. He may be preparing to invest in another complex or property for further financial gain. Or, he may already be retired and living off your rent payments. You, however, will be paying rent for the rest of your live for the duration of you living in that apartment. It is not like you’ll pay rent for a certain amount of time, and then you can stop once you get to a certain point. It simply doesn’t work that way.
The Pasir Ris Central price will be beneficial in making the selection of property for investment purpose. The rates will be different for apartments and condominium. The affordable prices will be useful for the person to purchase the property.
When you move into a condominium, you’ll pay the same things up front as you would when purchasing a house, such as a down payment. If your credit is good, chances are that you will not need a down payment, as some with good credit can get away with moving in free of putting any money down. Then, once you’ve moved in, all you will have to do is continue to pay your mortgage until the place is paid off.
Looking at the investment side of things, the condominium is the best investment out of the two choices in my opinion. The reason I say this is because once your mortgage is paid off, the condominium is yours. All you’ll have to pay is some condominium fees, which are not much at all. They are the equivalent to association fees that you’d pay in most neighborhoods, and you’d pay those even if you own the house. Unlike the rent that you’d pay your landlord on a continuous basis, your payments towards the condominium will cease once it is paid off, and it is yours to do whatever you’d like. Should you decide to move somewhere else in the future, you could turn it into an even more valuable investment, as you can rent it out to someone else and collect rent payments for additional income.
Since you’ve now been given information concerning both options, it is time to make your choice. Of course, it would all depend on what you feel is best for you financially. Not to mention, your credit will determine whether an apartment or condominium will work best for you. All I can say is to do your homework, plan everything carefully, and embark on your adventure to your new beginning.