A Singapore condo rental can be expensive, but there is a high supply of condos. The large supply of condos means that many developers are willing to take less money to fill those units. It is excellent news for anyone looking to rent a condo, especially for those who want to upgrade.
While the market is starting to recover, there are plenty of condos available to rent throughout the Singapore area. Every district has lowered prices to entice people to rent a condo in Singapore. If you are looking to rent, here are some facts you will need to know before you go looking for your next condo.
What a Condo Includes
Condos have a variety of sizes available. They are privately owned buildings that have anywhere from one bedroom to a penthouse. They have various amenities including parking, security, facilities like swimming pools and gyms, and other accommodations. The stylish exteriors provide an attraction to the eyes of anyone living around the area.
Condo is extremely popular for expatriates, and their price ranges vary. The new condos are more cost efficient and need less upkeep than older condos. Older condos do have their charm, and they are bigger than the modern condos. If you want to rent either one, you are getting an excellent condo, especially with prices dropping.
Condo Facts for Investors
Any property investor can appreciate a Singapore condo, and they seek the newer ones that are smaller. They are easier to rent out to people and have a better resale than the older condos. It is great news, as developers are starting to build condos in smaller sizes. Some of the development projects have created themes for their condos, resulting in a different way of living. Some condos have a retirement theme to entice the retirement community to rent the condo. Depending on the square footage of the condo, it can either be a blessing or a curse. Both an investor or a renter should take into account what they are buying. As the market starts to turn around, investors are looking at purchasing condos at a lower price than in years past.
Some condos have a retirement theme to entice the retirement community to rent the condo. Depending on the square footage of the condo, it can either be a blessing or a curse. Both an investor or a renter should take into account what they are buying. As the market starts to turn around, investors are looking at purchasing condos at a lower price than in years past.
Watch out for Fake Salespeople
While the flux of the property market has left concern, some people may take the opportunity to con people out of their money. You can find out if a salesperson is qualified by making sure they are licensed by the Council for Estate Agency (CEA).
You can get this information to determine if your salesperson is qualified to be selling real estate. The primary target for fake salespeople is for foreigners coming into Singapore. They will do all the footwork and talk to a target, before disappearing once they have secured the deposit. If an agent does not have their identification tags on display, turn down their offer.
Take Pictures of the Condo
Before you start to move into your rented condo, you will want to take pictures of it. Taking pictures will help protect you in case there is a discrepancy. You can also request that if there are any issues before moving in, they will be fix.
It is a safe way to ensure you are not stuck paying for any damages that were there when you moved in. If you can protect yourself by taking pictures, it will be worth it. Dylan can give you advice on how to proceed with any issues in the condo.
If you are looking at signing a yearlong lease, you will need to put up a month's security deposit. This ensures that any damage that happens to the condo during your stay will be paid for and covered. You can receive your deposit within seven days after you have moved out. Unfortunately, the security deposit cannot use as the last month’s rent payment. The deposit is for the landlord to hold while the condo is being rented and returned in proper condition after you leave, and the deposit returned after the landlord found all in order.
That is where taking pictures when you move in will be beneficial. You can dispute a claim if they say there’s damage. As long as you have the pictures, and no further damage occurred, you will receive your deposit.
You should be aware of what the condos include and how renting a condo can be a pleasant experience. Applying the knowledge before going in and finding a condo will help prevent you from getting into a terrible leasing agreement.
Being prepared is something that should always be at the forefront of your mind when you are looking at renting a condo. Dylan can help you find your ideal condo rental for the right price. He will assure you that your best interests are at heart. If you have any issues, he will be happy to help you with any questions you may have.