If you are planning to live in Singapore and you have yet to buy yourself or your family a house, renting seems to be the best option for you. Also, as the number of expatriates coming to live and work in Singapore continues to grow, renting a condominium like Martin Modern is a viable option for them. In Singapore, there is a protocol that needs to be followed before one can rent a condominium. This article gives you tips on what you should do when looking for a condominium to rent.
Consider your budget
There is no doubt that many of us want to live in spacious and beautiful condominiums. As good as this may sound, it is important to be realistic and consider how much you can afford to pay for your accommodation. There is no need to put a heavy financial burden on yourself by renting an expensive property.
Once you know how much you can afford for your accommodation, it’s time to go for property hunting. Talk to people or check listings in newspapers. Head down to the condo itself to check the area out. If you are looking for a place to rent in the future, you can also head down to condo showflats like the Martin Modern condo showflat location to find out more about the condo and when it will be ready. This way, you can find an attractive condominium that offers the necessary amenities and facilities you require.
Paperwork and legalities
When you have found the perfect condominium for you, it’s time to move to the legal side of things. It is advisable to rent directly from the property owner rather than a property agent. This helps you to minimize costs.
Your landlord will need to prepare a letter of intent or tenancy agreement. Do not be alarmed by this lease agreement as it is simply a written agreement between the tenant and the landlord. The lease agreement indicates that the landlord has agreed to rent his or her property to you. It also stipulates how much you will pay for the accommodation.
The lease period or the term that a tenant can rent a property is also included in the lease agreement. In most cases, the period lasts between one and two years and can be easily renewed if both parties are still interested. Most landlords in Singapore do not agree to a lease period that is less than a year.
The tenancy agreement should explicitly point out how much and when the tenant should make payments. This protects both parties from any disputes that may arise in the future. You are required to pay what is known as a security deposit. It is equivalent to a month’s rent and is normally paid after you have signed the lease agreement. You should not consider this as your rent for your first month. It mainly serves as a surety that you will keep your landlord’s property in good condition. You only get your security deposit back at the end of the lease agreement and only on the condition that you have not damaged the landlord’s property.
Your duty as a tenant
Once you start to rent a condominium, it becomes your primary responsibility to take care of your landlord’s as if it is own. If there is any breakage or damage, you ought to report that immediately to your landlord. You are also entitled to make requests to your landlord such as new kitchen cabinets. However, there is no guarantee that your landlord will heed your call. This also largely depends on what is written in your lease agreement.