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To Rent or Buy Park Colonial Condo by Unique Real Estate

Singapore – You may be looking at the current market place to decide whether it is the right time for you to buy Park Colonial or rent a condo after the breaking news from our Budget day 2018. The decision that you make will probably depend on a bunch of factors before you finalized your decision. If you are having a hard time trying to figure out the best option for yourself, whether to rent or to pursue a private home at Upper Serangoon, we are pleased to help you along with your journey from here as a consulting firm.

Identify your needs for renting or Park Colonial condo

Before finalizing your decision to rent or purchase a condo you’ll need to identify your specific needs for doing so. Are you buying or renting a condo to get more space? Do you want more freedom of space? Do you need a space that you can tailor to your specific needs? Buying a condo allows you to make any changes that you want to the condo. By being the owner of Park Colonial Condo, it gives you the freedom to make invasive changes to the interior of the unit, such as renovating and expanding the space to your taste.

If you are renting the space, you’re only moving into the space as a tenant without the right to make any changes to the condo, except for decorating it. Management Committee Members won’t allow tenants who lease the unit to make any significant permanent changes to any interior spaces within a condo. Depending on your need for this, you probably would want to find out more on what you can do in the condo to make a better decision towards renting or owning it forever.

Determining your household budget

Considering that buying Park Colonial or renting a condo somewhere else can significantly impact your budget both ways, you’ll need to be fully aware of your budget in all financial aspects. Buying a condo should be within a comfortable purchase price point for you. Also renting should be within a comfortable renting budget as well. As a rule of thumb, we want to purchase a condo where the purchase price doesn’t exceed our four-year combined salary that you’re gonna make yearly. If purchasing the condo exceeds your four-year combined salary, then it may be more affordable for you to rent the condo as opposed to purchasing it. If you really want to purchase it, Park Colonial location at Woodleigh Lane might fit into your budget as they have 805 apartments for you to choose from.

Compare the long-term costs of buying and renting

Although you can pay just about the same amount to rent or paying via mortgage loan, you probably want to choose the option that is most affordable and gets you the most advantages. If you plan on living in the same area for a longer length of time, then buying Park Colonial condo will be the best option for you.

You can build equity in the condo unit after you purchase it, where your ownership will then pay it off largely. Otherwise, renting is more geared towards a short-term stay, but many people do rent for lengthy amounts of time as well.

Posted in Condo

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