Singapore has always been known to have one of the most expensive costs of living not just in Asia but also in the world. The cost of living in Singapore is always ranked in the top five most expensive cities to live in.
The necessities, transport costs, and housing costs are all expensive compared to its neighboring countries. There are many things that contribute to this. However, one of the greatest factors is that there is a high demand for these things in Singapore.
The high and still rising number of residents in Singapore makes the demand for necessities and commodities high. This makes the competition tighter, driving the prices of these commodities to be more expensive than others.
Costs of living in Singapore
Out of all these goods and services, the most expensive one is the cost of housing units. It is rare to find a cheap apartment for rent in Singapore. This is still a direct effect of the high demand for housing.
The competition for housing is even more notable than others because Singapore has a limited land supply. Compared to other commodities such as food which can be easily supplied through manufacturing and importing, the land supply is constant.
That is why there will always be a limited supply of land in Singapore. This makes the costs of housing even more expensive. This is also why housing types like The M Condo is popular these days. These housing types maximize land.
If there is a limited supply of cheap apartment for rent in Singapore, is it possible to save money? This may be the question that is commonly asked, especially by renters. The answer is yes. There are many ways one can save from rent.
How to save on rent?
Let us talk about the 3 ways you can save on rent in Singapore.
Choose a cheap apartment for rent
One of the best ways to save rent is to opt for a cheap apartment for rent in Singapore. There are a lot of housing options in Singapore, therefore you should be smart about your choices of housing units.
Cheap apartment for rent in Singapore units are available for those who cannot afford condo units. Condo units like The M Condo are definitely more expensive than apartments since they are more luxurious.
Do not be afraid to rent cheap apartments over condo units at The M Condo. Renting doesn’t necessarily mean that you are settling for less. There are a lot of decent and above average cheap apartment for rent in Singapore. You just have to spend time and effort to land these units.
Consider the location
One of the main factors that make property expensive is its location. Properties that are nearer business districts are called prime locations. These prime locations are those areas that have different industries, buildings, and infrastructures around them.
They are usually more expensive because it provides convenience and accessibility to important institutions. It is more expensive because people usually fight over these properties.
You can opt to stay outside the urban areas so that you can find more properties that are less expensive. If staying outside the city is not possible, then a property agent might be able to help you look for properties for rent that are not too expensive.
For example, the M Condo offers modern and top-quality units that are relatively less costly than other options. You just have to be open to other options to be able to save more.
Look for an all-in contract
Another way to save on rent is to look for properties that offer contracts with the most inclusions like the M condo. These inclusions can be maintenance fees and furniture. When it comes to maintenance fees, they usually charge this at the end of the month.
In some cases, this can vary from time to time as there are things around your property that need fixing or improving. These kinds of improvements are shouldered by the tenants.
When you sign in a contract that is inclusive of these fees, then it will be consistent every month. This way you will not be surprised with expensive maintenance fees.
Properties in Singapore are affordable if we know how to save and budget our finances. You just have to find the right deals to make ends meet. It would be better to know everything before you dive into acquiring a certain property. It would save you time, effort and money. Choosing wisely is the key.
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