There’s plenty of uncertainty that comes with both ownership and renting. Some believe that renting makes more sense financially, while others believe that buying is the way to go. The same thing applies when it comes to furniture.
The truth is that there’s no right or wrong answer. It all boils down to which makes more financial sense for a particularly individual or family.
Having said that, if you’re torn between having to buy or rent furniture in Singapore, you might want to consider these pros and cons first.
Why Buy Furniture?
When you buy furniture, that’s a sign of financial stability. That means you can afford to buy something upfront. It’s almost always a good long-term decision, because paying off your furniture means that the pieces are yours and yours alone to keep. But, the problem with that is it’s all about the long-term, so your short-term utility is put to the side.
What happens if you’re going to be moving after a few months? Or a year? Sometimes, there are things that are out of our control that force us to move out of the places that we thought we were going to live in for the rest of our lives.
By buying furniture, you’re making a permanent decision. It might make financial sense now, but what happens if you have to move? Or, what do you do if you want to change furniture? You can’t just return it, after all. If you do decide to sell your furniture, you’d be lucky to get even half of the price you bought it for – you’ll most likely only get a fraction of the price you paid for the furniture, and that’s not considering the amount of time you’d have to spend looking for a buyer.
If you’re 100% sure that you’re not moving anytime soon, or you’re okay with dealing with the hassles of moving furniture or selling them when you do transfer to a new area, then, by all means, buy furniture.
Why Rent Furniture?
Renting furniture is expensive in the long term. It might not cost you a lot of money up front, but in total, it’s not unusual for you to pay as much as the actual price of the furniture (if not more) once the lease ends.
But, if your living situation is not exactly permanent, that’s okay. You get the added benefit of being able to furnish your new place properly for virtually zero costs upfront. Plus, delivery and set-up are almost always free. Some rental companies even throw in a free return option as well as an added bonus.
Finally, for a small premium, you can opt to buy the furniture instead if you really want to keep it for yourself once the contract ends.
Whether you decide to buy or rent furniture in Singapore is completely up to you. What’s important is that you weigh out all of the pros and cons first. Your decision should always be the one that makes the most financial sense for you and your family.