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How to Plan Your Budget When Investing into a Condo

How to Plan Your Budget When Investing into a Condo
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Are preparing to invest into a new launch condominium but you are worried that you might not be able to manage your finances?You have come to the right place as this article is all about assisting you get through any trials that come with budgeting your rental fee. Let our expertise in leasing condominiums be your guide so you can easily transfer to your new launch condo. List down the guidelines below to know how rental fees are controlled. Bookmarks this post for more points on how much you can spend per month on rent.

Check your income per month

You can begin by knowing how much you earn on a regular basis. Once you know the budget, it will make it easier for you to see where parts of your budget are going every month. Compare your income as well as expenses and then you can begin drafting your monthly budget. In case you cannot remember everything in one sitting, you may use an online budget worksheet to have a record of your daily expenses. Make the most of the different online resources you can customize to make the task easier for you. Once you’redone, see how much you have left if you are going to have to take away your expenses from the income. In the event you don’t have enough fund left, go through your budget again and see where you can change. Maybe you can cut down on your weekly shopping budget just to have enough money for your rental fees.

Investing into a Condo

Look into any other expenses involved in renting an apartment

Keep in mind that your expenditures do not stop at your rental responsibilities. You must also consider that you have to pay for the tenancy deposit and also rent in advance in order for you to get the condo that you prefer. Another thing you need to consider is the budget for movers. They will be responsible for moving your personal belongings from your old home to the new one. Moreover, you will need budget to buy a new set of appliances or furniture if you happen to lease an unfurnished condo.

Make sure that the rent figure on the contract is followed

Check the rental fee and then inquire if you think that you are being overpriced. There are landlords that set the rental charges based on what the current market can bear. They will consider other comparable condominiums around the area to see if the rental fee can be regulated. Plus, the rate will increase if their community is in a popular location, offers exclusive facilities, or any recent upgrades and renovations. Regardless of whether one is using these facilities or not, it can still affect the rental fee.

Ask for expert’s advice

Are you still concerned that you could not afford a new condominium? Maybe all you must do is inquire for a professional advice even before you decide to sign any contract. According to many financial experts, you can only allot no more than twenty-fiveup to thirty-five percent of your budget on leasing fees. With this budget in mind, you may have enough money for your rental charges, while still being able to live the lifestyle you prefer. Just make sure that you will have money left for your other expenditures after you send your landlord the rental fee.

For more facts about new launch condominium in Singapore, be sure to get in touch with the staff at SOL. Visit their website now for more information.


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