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Guide in Renting a Property in Singapore

There are different potential renters such as those couples who want to save to buy a new home, single people who want to have privacy, and those people who are usually stationed overseas for a longer period. There are also things that they need to consider in renting a property and these include the following:

  1. Place where the rented property is already established. This decides whether the property is convenient or not for you and your family. The area where the property rented is usually found decides the monthly payment of the property.
  2. You should also decide if the property’s size, duration of lease, facilities, level of furnishing, and budget are all right for the rented property.
  3. You should also consider the neighborhood. You should consider the accessibility to different establishments such as distance to your workplace, schools, public transportation, and others.
  4. Some of the rental properties are either partial or fully furnished. You should make sure that the level of furnishing suits your needs.
  5. You also need to check your budget if you are able to finance the monthly rental payment of the property and if it is right for you.
Guide in Renting a Property in Singapore

After considering these things, you need to offer to rent the property by giving the landlord a “letter of intent” for formality of the offer. This is where the landlord will officially accept the offer upon signing the letter.

The letter of intent is a proposal between you and the landlord stating the intention to lease the property along with your requirements. Some landlords need to have the requirements verbally before the property’s lease. Most of the rental properties need at least an advance payment for 1 month rental as a deposit for the property.

The letter of intent includes the following details:

  1. Lease term – The lease for a property is usually 12 to 24 months and has a choice in renewing it for another 12 to 24 months upon end of the lease term; however there are some possible adjustments in the rental price at the landlord’s discretion basing on the market rates.
  2. Booking deposit or good faith deposit – This is the one month’s amount of rent. This is also considered as the deposit when the landlord signed the letter of intent.
  3. Security deposit – This is the amount kept by the landlord as security and is not to also be paid until the Tenant signs the tenancy agreement.
Guide in Renting a Property in Singapore