Procedures To Expect From Renting an Apartment in Singapore
Renting an apartment in Singapore can be challenging and sometimes even downright frustrating. However, it is important that you take time and energy to undergo proper procedures for renting in order to get the fairest leasing contract possible. Below is a walkthrough of what to expect.
Consulting a Realtor
A professional real estate firm should be your first stop. Working with Singapore-based realtors who are familiar with the market can save you precious time and effort. Realtors will have different fees and property listings on their books, so be sure to consider these factors when looking for one.
Also, avoid working with multiple agents since most professional real estate agencies share the same database of property listings, so you just end up paying more fees to view the same property listings if you do choose to work with 2 or 3 agents at a time.
Deciding on the Right Property
Price and location are two important factors to look at when deciding on the right rental apartment. How much can you comfortably allot to monthly rent without sacrificing basic needs? What sort of environment or culture do you prefer to be surrounded with? Is the location safe and convenient for your family and yourself?
One other factor to look at is the interior of the room or HDB for rent. Do you have enough space indoors to live comfortably? If you work from home, does the building have reliable internet connection? Observe signs of rodent infestation, structural instability, and poor ventilation.
Dealing with Paperwork
Once you’ve decided to rent an HDB or room for rent in Singapore, you’ll have to prepare a photocopy of your passport, proof of employment, and 1-month’s rental as good faith deposit. The latter is not standard and may vary depending on the landlord’s or property manager’s terms.
Your real estate agent will prepare the required paperwork for you including a Letter of Intent and Tenancy Agreement. A letter of intent serves as your proposal to lease the property and should also include any conditions you have to the landlord.
Preferably, your lease contract should have a Diplomatic or Repatriate Clause that protects you in case your employment is terminated or you are moved to a different country. You can cancel the lease after 1 year, provided that you give your landlord 2 month notice. Following premature termination of your lease contract, the security deposit will be refunded to you.
Maintaining Your Rental Apartment
The tenant is held accountable for maintaining the leased property including paying for minor repairs. However, major repairs and maintenance fall in the landlord’s responsibilities. In a standard term, the tenant will only be held accountable if the cost of repairs do not surpass a present amount, usually around S$150.
Understand the aforementioned procedures and know what to expect from both your property manager and real estate agent. Only work with professionals you trust and feel comfortable with since you will likely need to contact them in the future when you need to move to another apartment.