How to Budget When Investing into a Condo

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If you are planning to invest into a new launch condo but you are worried that you might not be able to juggle your finances, then you have come to the right place! This article is all about helping you get through the challenges of budgeting for your rent and other finances. Let our expertise make your move to your new launch condo a breeze. Jot down the tips below to understand how rental fees are handled. Through this article, you will further know just how much you can comfortably spend per month on rent.

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How much do you make per month

Start budgeting by knowing how much you make on a monthly basis. Once you have the numbers, it will be easier to see where portions of your budget are going monthly. By comparing your income and expenses, you can start drafting your monthly or weekly budget. If you cannot recall everything in one sitting, use a budget worksheet to record your day-to-day expenses. There are numerous online resources you can customize to make this task easier. Once done, see how much you still have left if you take away your expenses from your income. If you don’t have much money left, go through your expenses and see where you can cut down. Maybe you can adjust your monthly shopping or food budget just to have enough cash for your rental fees.

Consider other expenses that come with renting an apartment

Remember that your expenses don’t stop at your rental fee. You also have to pay for a tenancy deposit and rent in advance to secure that the condo will be rented to you. Another factor to consider is the budget for moving your stuff from your old home. You will even need money to buy new furniture or appliances in case you happen to rent an unfurnished condo.

Make sure the rent figure is followed

Always check the rental fee and complain if you think that you are being overcharged. Landlords set the rental rates according to what the current market can bear. They will consider other comparable apartments in the area to see if the rental fee should be adjusted. Moreover, the rate will go up if their community has unique amenities, a popular location, or any recent upgrades and renovations. Regardless of whether you are using these amenities or not, it will still affect your rental fee.

Ask for an expert’s advice

Still worried that you cannot afford a condo? Maybe you need to ask for a professional advice before you sign any leasing contract. According to many financial experts, you can only spend no more than 25 to 35 % of your income on rental fees. With this budget, you can have enough funds for your rent and still be able to live within your means. Just see to it that you’ll have money left for other expenses after you give your landlord the rental fee.

For more information about new launch condo in Singapore, don’t think twice and get in touch with SOL. They have the experience and know how to help you find the kind that matches your financial requirements. Visit their website now.