If you are looking to rent a residential property, either private or HDB, make sure that you know all the pitfalls before you sign on the dotted line. Here are some of the major things you should look out for to avoid getting into a legal or financial tangle during the rental transaction.
Selecting an Real Estate Agent
You need to select an agent to service you. Find one who is familiar with the location and type of property you have in mind. Make sure the agent is from a Listed Housing Agency and also a member of the Institute of Estate Agents (IEA). Discuss your requirements with him and be specific. This will allow him to advise and service you in a professional manner.
Considering Factors
Decide beforehand on a few likely locations that you'd like to live in. Take into account things like the distance to work places, schools, transportation and places that you visit frequently with your family's lifestyle in mind.
- Size - How large a home do you need? How many bedrooms do you need? Do you need a private enclose space or a garden for your children to play?
- Facilities - Would you like the advantage of a swimming pool, tennis courts and other condominium type facilities? Or, would you prefer to join a recreation club and enjoy a wider variety of leisure?
- Amenities - Are shops, banks, and markets within a short distance away?
- Duration of Lease - Normally landlord prefer the lease period to be at least 12 months or more.
Furnishing of the house - Do you need the house to be fully furnished, partially furnished or unfurnished? - Budget - Once you've decided on a location and size of home that you'd like, think about how much you'll be willing to spend. Bear in mind other monthly expenses that come with renting a home eg. utilities and telephone charges.
Ownership
Always ensure that the Landlord is the actual owner of the property. You may wish to request for proof when you are making the rental.
Eligibility to Rent - HDB Flats
Whole Flat : HDB flat owners who wish to sublet their whole flat must seek approval from the HDB Branch Office managing the flat before subletting their flat.
Bedrooms : The number of bedrooms which flat owners can sublet and the maximum number of occupiers* allowed in each flat depends on the flat type.
Always ensure that the Landlord is the actual owner of the property. You may wish to request for proof when you are making the rental.
Eligibility to Rent - HDB Flats
Whole Flat : HDB flat owners who wish to sublet their whole flat must seek approval from the HDB Branch Office managing the flat before subletting their flat.
Bedrooms : The number of bedrooms which flat owners can sublet and the maximum number of occupiers* allowed in each flat depends on the flat type.
Owners of 1 and 2-room flats are not allowed to sublet bedrooms.
Viewing Etiquette
Once you have decided on the type of home to rent, your agent will arrange for you to view all available homes matching your criteria. Bring a small notebook and take notes for later comparison. Put down the positive and negative points about the property. This will help you make an informed decision later. Be punctual for viewing appointments. Dress casually but smartly.
Before you enter any prospective home, always take note of the surrounding areas. Don't forget, you can always redecorate the interior of a home but there's no way you can change the surroundings! Also, don't be distracted by a home that looks just the way you would have liked, get carried away and forget to check for things like cracked tiles and fittings that don't work.
Avoid making any negative comments if the landlord are present to avoid offending them. Always try and make a friend. Remember, you may decide to rent their home after all !
Making an Offer
Once you find a home that you like, discuss with your agent with regards to the asking and market price for the property. Compare that property with those that you have viewed. Refer to your notes about the property. Your agent should be able to help you to decide on an offer price.
Remember, you're not the only one looking around for a home. By all means don't rush into making a hasty decision but, if you don't decide soon, some one else will! And above all, always remember that no matter how many homes you look at, there's no way they're going to be 100% perfect. It's best to have an open mind and be prepared to adjust your expectations a little.
Commission
The Institute of Estate Agents (IEA) has finalised and published the recommended commission / fee for real estate transactions.
References: The above tips are cited from http://www.8links.com/property_rentingtip.htm
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