9 Situations Serviced Apartments Are Ideal Finance Decisions

If you have been looking for a place to stay in Singapore, you must have realised that cost of purchasing and rent is not cheap. Whether you’re considering an HDB or a condominium unit, it comes with a hefty price tag—and it’s even more expensive if you don’t want any housemates.

This is where the advantages of serviced apartments come in. Here are some situations where serviced apartments are the ideal financial decision you can make.

Built-to-Order (BTO) flat is delayed

Unfortunately, the waiting time for BTO flats has been delayed due to the COVID-19 pandemic hindering construction projects. As a result, the median waiting time for current projects sits at about 4 to 5 years.

One option is to partake in the HDB interim housing scheme, which helps temporarily house BTO applicants as they await the completion of their new flats. However, the demand for these housing options is high. Hence, there is a chance that you do not get a place.

In this case, serviced apartments are a good alternative as you can book a unit relatively quickly and stay for as long as needed. 

You don’t want to be tied down with mortgage

Getting a house means you have to pay for a mortgage, and you will likely have to clear out your Central Provident Fund (CPF).

However, if you want to save your CPF money for retirement, you may want to avoid being tied down with a mortgage. Hence, renting a serviced residence may be a better option.

You want to spend less time commuting

ST Residences offers serviced apartments located across many convenient locations in Singapore. These apartments are a walking distance from public transportation, food and shopping malls, with easy accessibility around Singapore.

You want to rent out your current property

Having a steady stream of passive income is always helpful as it contributes to your savings and provides you with greater security in retirement. Thus, for those who have private property, you may consider renting out your home for an additional source of revenue.

Meanwhile, you can stay in a serviced apartment. If the revenue from renting out outweighs the cost of staying at a serviced apartment, you can earn some passive income.

You need an interim place to stay after selling your home

If you have recently sold your home and are looking for a temporary place to live, consider serviced apartments, which are more flexible options than renting.

The minimal rental period for HDB flats, landed houses and condominiums can be generally inflexible for such instances. On the other hand, serviced apartments allow you to choose shorter-term durations; ST Residences Novena only requires you to stay for a minimum of six nights, and other units a minimum of 3 months stay.

Therefore, if you are not looking for an extended stay, serviced apartments are the way to go.

You’re renovating your home

Not only do serviced apartments allow you to stay for a shorter duration, but they also let you extend your stay whenever needed. This flexibility makes ST Residences a good option for those dealing with renovation delays, who do not know how long they need to stay.

You want a separate home office

Serviced apartments are the perfect place for you if you’re looking for a home office away from home.

Serviced apartments are fully furnished, thus eliminating the need for you to set up your workstation. They also feature high-speed Wi-Fi so you can remain connected throughout the day.

Furthermore, you’ll have access to different areas of a regular home, such as the kitchen, bedroom, and dining room. Thus, there are spaces for you to work, eat, and rest, creating a home-like environment without the distractions of other housemates. 

You want to experience living on your own

For those looking to live alone, there are a few things you have to consider, like your budget and your preferred locations. A serviced apartment is a good choice because it is affordable and comes fully furnished, allowing you to save on furniture. Moreover, ST Residences offers studio apartments in the Central Business District (CBD) and the heartlands, so you can easily pick a location that best suits your needs.

If you decide living alone is not for you, you don’t have to worry about termination fees or binding contracts.

You want to spend less time on chores

ST Residences offers housekeeping services regularly. Hence, you do not have to spend much time organizing and keeping things clean and can devote more time to work and leisure.

Conclusion

Serviced apartments are not just for expats and travellers but a wonderful option for locals as well. If you find yourself in any of the above situations, consider staying at a serviced apartment, which is convenient, affordable and flexible.

ST Residences offer studios for rent at Novena, Balestier, and more. The studio apartments at Balestier and Novena are close to the MRT station and medical hub in Novena, making them the ideal choice if you are a health professional. If you’re interested in learning more, head over to https://stresidences.com/sg/serviced-apartments/ today!

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