Tips To Take Note Of When Renting A Home!
Regardless if you are renting a home for a short-term stay (< 1 year), or a long term stay ( > 1 year), nobody wants to live in a home that’s substandard. There are many factors to consider when choosing a place to rent, be it the price, accessibility, amenities, etc. Apart from these external factors, it’s also extremely important to make sure that the rental units you have shortlisted lives up to your expectations. (Who likes to be cat-fished!) To protect yourself against any unwanted surprises when moving in, we will be sharing tips to take note of when you are renting your humble abode.
Before the viewing
Consider if you should engage an agent
As Singapore is a small city and homeownership is high, the renting culture is not very strong among locals. This is why most of us are not very familiar with the procedures. Likewise, for those who are new to this city and find these rules and regulations foreign, a real estate agent can make your job easier. He or she would help you to filter out unwanted units based on your requirements, schedule viewings, negotiate for the best terms and even ensuring that everything goes well throughout your stay. Even though agent fees may set you back half a month’s rental for a year’s lease, it can help you get a peace of mind. For those who have decided to DIY, the below tips will be able to give you a better idea of what you need to look out for.
Always research on the neighbourhood
Depending on your priorities, the distance to certain amenities or public places from your home will matter. Naturally, a unit that is more accessible to the MRT station and shopping malls will be more expensive. Decide on how much more you are willing to fork out for the convenience. Many times, we don’t get the best of both worlds. A unit with a peaceful and tranquil environment will most probably be less convenient. Also, it’s crucial to know the past rental transactions in the neighbourhood to prevent any unreasonable landlords from overcharging you. For those looking to rent an HDB flat, you can check out past rental transactions over here. As for those who are looking to rent a private property, check out the link here.
Shortlist the units on property portals
With each property portal’s extensive and efficient search system, you will able to filter out houses that are not within your requirements. For example, you can set your filters to the number of bedrooms, the size, the price range, and even the distance away from specific landmarks. In this way, you will be able to streamline your search and avoid spending multiple hours looking at listings that do not suit your requirement.
During the viewing
If you are afraid of missing out anything, it will be good to engage another pair of eyes for help! Do not be afraid to inspect all the nook and cranny, or even ask for multiple viewings if necessary.
Be specific and ask the right questions:
Instead of getting into future disputes or disagreements, this will help to align both the landlord and tenant’s expectations of each other. Here are some other questions that you can consider asking:
Is the price negotiable? If yes, can I get a better price if I sign a longer lease?
Is the lease renewable?
Are all kinds of cooking allowed as long as I return the unit in the same condition?
What kind of pets are allowed? I have a [XXX] breed that’s [XXX] sized.
Who’s liable for maintenance and repair?
Does the unit come fully furnished?
Of course, the list goes on. The bottom line is for you to do your homework and be prepared to see if a certain unit fits your requirements or not.
View for a second time
Certain areas can be very different during day and night. In particular, the noise levels and natural lighting. You may also choose to view the property once in the day and once at night, to get a better feel of the environment. Also, it’s good to get a gauge of the traffic situation during different timings, especially if you are driving most of the time!
After the viewing
Tenancy Agreement (TA)
Now, it’s finally time to get down and decide which unit suits you the best. If you are planning to rent an HDB unit, keep in mind that they are bounded by more rules and regulations. Be sure to find out whether your landlord is permitted to rent out his unit before signing on that dotted line. Look through the Tenancy Agreement (TA) thoroughly and keep your eyes peeled for any hidden costs. You should only be asked to pay things that both parties have agreed on. For example, the monthly bills for water, electricity and gas supply, residential telephone lines, maintenance fees, as well as your broadband internet access. If you are a good negotiator, who knows, you might be able to get that included in your lease!
Make sure to do a walk-through of the unit together with your landlord, with the inventory checklist in your hand. Go down the list one by one, and ensure that everything has been handed to you in the same condition.
To prevent any future misunderstandings, we recommended taking pictures to document the current situation. Clauses such as early termination and the option to renew should also be clearly included clearly in the TA. For expats, double-check that a diplomatic clause has been added to protect your own interest.
PS: Remember to pay your stamp duty! If you are leasing a unit for less than 4 years, payable stamp duty is 0.4% of the total rental amount. However, if the lease is longer than 4 years, payable stamp duty will be 0.4% of 4 times the Average Annual Rent (AAR) for the lease period.
Good luck in finding your ideal rental home! Let us know if there are any other tips that you would like to share with our community.
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