Owning a home has got to be on top of my lifetime wishlist and to-do list. Nothing beats the warmth and feeling of stepping into your dream home, seeing images of you and your partner, and getting welcomed by kids. Picture this: a two-storey abode with a garden full of lush, white fences and a cute barking dog. What an eye-pleasing and cosy view!

But since I’m still young and cannot afford a house, I opted for a much more affordable alternative—a serviced residence in Singapore. A studio loft is much more suitable for the lifestyle I can only afford.

If you’re planning to rent an apartment in Singapore, consider the expenses and monthly dues. Read on to discover the five fees you need to prepare for and spend on rent.

1. APPLICATION FEE

Whether in Sentosa, at the heart of Siloso, or Orchard Road, a serviced apartment comes with an application fee for all prospective tenants. It can vary depending on the location, but generally, it could go up on the busy streets in the country.

2. SECURITY DEPOSITS

A service apartment in Singapore and its price often ranges from S$1,780 to S$ 11,650, depending on the size, room capacity, and renters. But apart from the entire monthly rental payment, you will need to pay a security deposit to the landlord. I asked them what security deposits are for, and they told me that it works as collateral in case I damage anything within the premises, break the lease agreement, or get evicted by them for not paying.

If you have a pet, I highly suggest informing your landlord before moving in with your furry friend. Some serviced flats require additional pet deposits.

3. MOVING COSTS

When you move into the apartment for rent in Singapore, you will also have to prepare a little cash and deal with the moving costs. I lived in Vivo City and had to move to Sentosa. Because of its distance and all my personal belongings, I hired professional movers and used a truck to kickstart my moving day. Besides the moving services and truck, I also took other costs into consideration, such as taking time off work, providing tips for the movers, and eating out.

4. INSURANCE FEES FOR RENTERS

Another on my expenses list is the renter insurance. If you plan to rent an apartment in Singapore, consider paying the insurance fees. These costs can help protect your own stuff. It provides liability coverage for your own personal protection and belongings. It means that if someone, a friend, perhaps, gets injured in your home and sues you, your insurance covers you. The same thing happens when someone breaks in and steals your valuables.

5. UTILITIES AND INTERNET

Living in an apartment for rent in Singapore also means being responsible for your monthly internet and utility bills. Some flats offer free WIFI connection, but it is still best to be sure! Also, it pays to ask. Consider asking your landlord if you are in charge of the water, electric, gas, cable, and trash pick-up.

Find the best serviced residence in Singapore near you with Great World Serviced Apartments. Drop by their site today!