When Prime Minister Lee Hsien Loong listed the various ways in which a “cash poor” senior can get extra income from his/her home in retirement, he said, “It is better if you keep your property. Even if you rent out the whole flat. It does not matter, it is yours. And you can fall back on it for your old age, just in case anything happens.” Here’s why I disagree, and why I think selling then renting is a viable option. (more…)
Category: Housing & Property
Singapore versus the United States: How does the cost of housing compare? The housing scene is very different in the US. And it varies greatly depending on the location, and whether you are in a rural, suburban, or urban community. I’ve lived in both nations, as well as in various US communities. But for the purpose of this comparison, let’s just look at urban settings. Here are some thoughts from my own personal (though limited) journey.
Owning versus renting – which should you choose? And what are the costs associated with each choice? Here is a more detailed explanation of the example and various calculations from the previous article. (more…)
Although I own properties overseas, I am a renter here in Singapore. People keep telling me that “renting is just like flushing your money down a toilet”. When I ask these people whether they rent or own, they proudly proclaim “own, of course!” But do they really own their home? Most people who purchase a home, do so with a mortgage. This is the same as renting, but instead of renting from a landlord, you are renting from a bank. And do you know what the word “mortgage” means? (more…)