Every year, real estate agencies notice an increase in demand for rental housing. For many Singaporeans, renting a condo has become a matter of life or, at the very least, a good passive income.
If you are planning to rent a condominium for the first time, it will not be superfluous to learn about the most common problems to avoid them in your own practice, as in this case it is better to learn from the mistakes of others. For convenience, experts have compiled a list of major mistakes of the landlord that beginners make. Ambersea condo is the one of the new condo you can consider to rent .
- There is no signed lease agreement.
It is not appropriate to work on an honest word here. You can sign a contract with the help of a lawyer or by contacting a real estate agency. It doesn’t matter if you know the person or not – be sure to sign a contract. Otherwise, you run the risk of running into irresponsibility and unnecessary costs.
- Lack of collateral value.
Do not be afraid to scare potential residents by offering them to leave a deposit equivalent to the amount of the monthly rent. Payment of rent is taken from the tenant in advance for each subsequent month of residence.
- Lack of a clear list of property.
Be sure to make a list of all that in and hand over the condominium together. That is, register on point x in the contract all that property which at the time of delivery is in the apartment and take a photo. This step will insure you against the dishonesty of tenants.
- System of conditions and fines.
This is also stated in the contract. For example, a fine for late rent. Or if the contract does not allow pets and your new tenant buys a dog, collect a fine. After all, if tenants realize that you have a weak attitude to the terms of the lease, they are likely to often have problems. Set rules – and follow them.
- Premature eviction of unscrupulous tenants.
Experts advise you not to start the eviction procedure as soon as possible, as from a legal point of view this can be a very expensive mistake. Do not rush to change castles and evict residents without their knowledge. If you have problems with the tenant and you are not sure how to proceed, contact a lawyer as soon as possible.
- Repair and interior design ‘ EMU in neutral colours.
Landlords often treat renovations in a condo as if it were their own home and make decisions based on personal preferences. You may be a fan of red walls and yellow carpets, but there is a good chance that future tenants will not share these views. Given this, specialists recommend decorating the apartment in neutral colours (white, grey, beige, etc.). Choosing neutral colours and classic or modern furniture will increase your chances of renting a home faster.
Don’t forget about maintenance costs. They are an inevitable part of any rental process, so you should always set aside some portion of your income to restore obsolete or damaged items, furniture or appliances. This usually happens at the most unexpected moment, so you need to be prepared to deal with this problem in a short period of time.