Upgrade to Luxe Living Without the Loan Stress!
Ready for the ultimate condo living experience? Let’s dive into this condo rental guide.
Set Your Budget
Know your housing budget. Make sure you can cover daily expenses too, like food, utilities, and transport. Keep it real before diving into a rental agreement!"
Remember, Renting's Not Just About the Monthly Rent!
When budgeting for your condo, consider:
Stamp duty fees (0.4% of total rent)
Security deposit (determined by landlord and tenant)
Utility bills (depends on your usage)
Stay ahead with a smart budget!
Scout Your Ideal Spot
Choosing the right location is key to your condo quest. Think about work, amenities, and transportation. If you have kids, schools matter too. Keep in mind that prime spots near businesses can be pricier.
But don't stress the search! https://www.commercialguru.com.sg/ is your all-in-one condo hunting tool. With legit listings from trusted agents, just set your filters (town or MRT station), and let the website do the hunting for you!
Your Condo Quest Companion - The Pro Agent!
You've got your condo in sight, and now it's time to bring in the expert. But not just any agent will do!
Check Those Credentials: Make sure they're legit before sharing your deets.
License Locked: A pro agent holds a valid license.
Area Ace: They know the local rental scene inside out.
Future Focus: Keep an eye out for agents clued in on upcoming developments.
Choose an agent with these qualities, and your condo journey is in good hands!
Get Up Close and Personal!
Time to see your potential new condo in action!
Chat with the owner: Get in touch and schedule a viewing, whether in person or virtually.
Plan Ahead: Book in advance so the landlord has time to prep the place.
Get ready to meet your future home face-to-face (or screen-to-screen)!
Ready, Set, Paperwork!
Time to get your tenancy requirements in order. Here's what you'll need:
Copies of your Singapore Pass Card and travel document (originals too!)
The first month's rent in advance, the security deposit, and the stamp duty
Local contact number and email for easy communication
With these essentials, you're all set to make your move!
Make It Official with an LOI!
Ready to commit? Draft a Letter of Intent (LOI) to show the landlord you mean business. Once they get it, they'll stop advertising the unit!
Here's what to include in your LOI:
Reservation Deposit: A "good faith deposit."
Good Faith Deposit: This becomes your security deposit, usually one month's rent.Three months is the bare minimum for a lease.
Lease Term: Specify a minimum tenancy period of six months.
With this LOI, you're making your condo dreams official!
The Pact of Condo Life
Time to lock it in with a Tenancy Agreement (TA)! This document spells out what both you and the landlord can expect during your tenancy.
Some key points:
The landlord will draft the TA based on your LOI details.
If you back out before signing, the landlord can keep the deposit. Likewise, if they change their minds, you get a full refund.
Remember, the minimum condo lease in Singapore is three months. Anything shorter is a no-go!
It's Signin' Time!
You've reached the climax—signing that Tenancy Agreement (TA)! You've got a week to get it done, and don't be surprised if the landlord asks for an advance one-month rental fee.
Stamp Duty
Within 14 days of signing the TA, be sure to pay the stamp duty. No procrastinating here!
Admin Adventure
Before you take over the keys, here's what you should do:
Request an inventory list and sign it to avoid deposit disputes.
Snap photos or take a video as a property record.
Register for a Singapore Power (SP) e-Services account for utility changes.
Step 11: Home Sweet Home!
The moment you've been waiting for—taking over your rental unit! Here's how to make the transition smooth:
Go through the inventory list and ensure everything works.
You'll have a one-month warranty from the move-in date.
Report any faults or defects you notice during the home viewing to the landlord or agent.
After the warranty period, you'll be responsible for repairs up to S$150 or SG$200 per item (as per your Tenancy Agreement).
As a safeguard, create a Home Condition Report and have the landlord acknowledge it. This helps prevent disputes when your lease ends.
Now, it's time to relish in your new digs and make a splash at the pool!