{"id":19152,"date":"2021-03-08T08:25:02","date_gmt":"2021-03-08T00:25:02","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=19152"},"modified":"2022-07-01T04:58:04","modified_gmt":"2022-06-30T20:58:04","slug":"singaporean-millennial-rent","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/singaporean-millennial-rent\/","title":{"rendered":"Why every Singaporean millennial should rent their own place"},"content":{"rendered":"
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At one point or another, the Singaporean millennial would have harboured thoughts of renting his\/her own apartment or room; mainly because of the allure of having your own pad (i.e. true personal space). This is often decried as a waste of money, since a large chunk of their income goes toward paying the landlord\u2019s mortgage. There is also a stigma that young Singaporean renters must’ve fallen out with their parents, or gotten into some sort of trouble; we reject this stereotype and feel that agents and landlords should, too. <\/span><\/p>\n

In fact, if you’re a Singaporean millennial, there are plenty of important lessons you can learn by striking out on your own:<\/span><\/p>\n

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    You learn not to live from paycheque to paycheque <\/b><\/h3>\n<\/li>\n<\/ol>\n

    When it comes to money, living with parents creates a sense of complacency. The reason is that, however broke you get, you always have the option of just staying at home. <\/span><\/p>\n

    The fridge will stay stocked, the clothes will be washed, and the toiletries will be replaced — even if you don\u2019t have an income.\u00a0<\/span>When you live on your own, this isn\u2019t an option. Running out of cash means literally starving, or having to wear the same clothes three days in a row (washing detergent costs more than you think). There is no \u201cstaying at home\u201d to wait out the dry spell.<\/span><\/p>\n

    This means young Singaporeans who strike out are forced to learn better money management. Concepts like zero based budgeting (planning based on money you currently have, instead of next month\u2019s projected income), building an emergency fund, and buying insurance all becomes a necessary life skill. <\/span><\/p>\n

    It\u2019s good training for later stages in life, where they have to pay a mortgage or raise a family of their own. So don\u2019t be too quick to dismiss your 19 or 20-year old son or daughter if they want to try out renting their own place.<\/span><\/p>\n

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      You\u2019ll rethink your assumption that you can pay the mortgage by \u201cjust renting out a room\u201d later.<\/b><\/h3>\n<\/li>\n<\/ol>\n

      A lot of young Singaporeans like to stretch their budget, to get the biggest flat or condo unit possible. A common line of reasoning is that an extra room = rental income. And they\u2019re not like their stuffy old parents; they can easily handle a third party living with them, right?<\/span><\/p>\n

      Well, the quickest way to dismiss this assumption is to let them stay in a rental property. Preferably, one where they\u2019ll be sharing with unrelated tenants. <\/span><\/p>\n

      They\u2019ll soon learn that \u201cletting out the spare room\u201d isn\u2019t a cakewalk. They\u2019ll meet room mates who blast the air-conditioner all day (even though the power bill is evenly split between them), or tenants who make them late for work by taking 90-minute showers in the morning. \u00a0<\/span><\/p>\n

      We find that people who have been tenants are far less na\u00efve, and have a better grasp what it means to rent out a room. \u00a0\u00a0\u00a0<\/span><\/p>\n

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        You\u2019ll learn if you can or can\u2019t live with your significant other<\/b><\/h3>\n<\/li>\n<\/ol>\n

        If you\u2019re not married yet, do yourself a favour: spend some time living with your significant other (if your SO and your parents are agreeable). We don\u2019t mean in your parents\u2019 house; we mean with each other.<\/span><\/p>\n

        Habits that seem like small quirks can prove to be major issues. Typical examples are:<\/span><\/p>\n