I am going to be a 1st time landlord.
What the areas that I need to look out for?
Appreciate your advice.
I am going to be a 1st time landlord.
What the areas that I need to look out for?
Appreciate your advice.
Hahaha!Originally Posted by ymgsterling
U need to pray for a good tenant!
Documentation v impt.
All inventory and conditions on paper.
Photos of yr condo condition before it gets wrecked are helpful.
Good luck!
Luck is v impt!
you may pick up some tips from these discussions here:
http://forums.condosingapore.com/showthread.php?t=9628
http://forums.condosingapore.com/showthread.php?t=9472
Docu only can protect u tat far.... Try to have 2mth deposit n choose tenant wisely....Originally Posted by sfwoo
good tenants are an asset indeed. I will rank Japanese with family 1st, Caucasians with families 2nd and Koreans with families 3rd.
Originally Posted by devilplate
Thread title quite misleading leh. I thought you asking about a virgin doing it the 1st time
1 year lease - 1 mth depositOriginally Posted by devilplate
2 year lease - 2 mth deposit.
furniture and aircons. know what constitutes wear and tear, and what parts need to be replaced by landlord/tenants respectivelyOriginally Posted by ymgsterling
Other than tenants, look out for the agents too.
They will usually include a clause in the contract that you will have to pay them 1 mth commission if the tenant renews the contract, as part of their "standard" contract. Ask them to remove that clause. Why should u have to pay them again
PRC tennants can be a nightmare.Originally Posted by Regulators
A friend of mine tenanted to a group of "so call" PRC foreign talents, about 8 of them.He is shock to see "6 rice cookers placed in his kitchers. Also, there are about 4 portable stoves too. With so many cooking happened in the kitchers, my friend almost fainted when took back his unit with extremely oily kitchen. Spend a few thousand to redo the kitchen.
Apart from Kitchen, he found the rooms with lots of holes. In particular, he found a thru hole (about 4cm wide) between Master room and an adjcent room as tenants want to pull thru network cable from a point in Master room.
The worst is yet to come. Eventually, the tenants delay payment for about a month. My friend went up to his unit to check out and was shocked to discover that this group of Foreign talents had fled without informing nor contactable (maybe back to China?)
At the end, the two months deposits also not enough to cover my friend's loses. Find the agent also no use as the agent has quited from property job. Damn suay!
1 year lease, also ask for 2 months deposit. U never know how much damage can be done in just 1 year. Better b safe. Tell them to fly kite if they do not agree.Originally Posted by Douk
Usually, I wouldn't agree to 1 year lease. There's too much cost incurred when a new tenant comes in. Also consider the time down while waiting for the next tenant, just after 1 yr.Originally Posted by patricia
Unless the rental for the 1 yr lease is significantly higher than a 2 yr lease.
Hdb or condo? Actually I rank PRC at the bottom rank...., heard too many stories, even if they want to pay slightly higher price, I also dun rent...., just me. Don't want to worry day and night after that.Originally Posted by westman
if agent provides good service, throughout tenancy, especially at handover of apt after tenancy is over, i definitely will not mind paying them for their services ie agent looks after LL's interests at all times and i have had the pleasure of having a very trustworthy agent handling the rental of my apt.Originally Posted by sh
condo near woodland...Originally Posted by land118
I have no issue with paying agents their commission.Originally Posted by duckweed
But I don't see why i have to pay them for the renewal of the contract. Don't forget that they take 4.1% of your total rental as their commission already in the 1st tenancy contract.
because my agent continues to handle all issues raised by existing tenant and gets the unit ready for the new tenant if current tenant moves out.Originally Posted by sh
there are some agents that get you the tenant and totally disappear thereafter while some will continue to provide service throughout the entire tenancy and ensures tenant does a proper handover when tenancy ends. in the latter case, i am most happy to pay them for the renewal as i am freed from handling any tenant issues.
Having cold sweat!
But wife preferred to keep unit for rental than
sell cause of sentimental reasons.
Some advice needed;
1) Rental deposit; based on market practice or
governed by law? 1 year 1 month deposit?
2) Possible to include in the lease that landlord
can make visit to check the place by giving
advance notice?
1)yes...2yr 2mthOriginally Posted by ymgsterling
2) nvr do tat b4...wat for...nvm one la....relax la....choose tenant wisely lor
To check on the conditions of the apartment,Originally Posted by devilplate
and most importantly the tenant is still around.
Haha! My 1st, very nervous!
Do not have too high expectation and always mentally prepare for the worst. One will not be so upset when something happen.
haha...anything always got 1st time....heheOriginally Posted by ymgsterling
Don't ever get Nigerian. Heard a lot of problem. Chinese may be slightly better than Nigerian. French, British, Australian, Japanese, Indian (from US) and USA seems alright.
Afterthat, will be known as non-virginOriginally Posted by devilplate
If you want your house to remain in a good condition, then rent only to the caucasians, filipinos or koreans.
If you rent to indians and china folks, be prepared to kiss your good clean apt goodbye. Do it only if you are looking at the rental yield and nothing else
I bought my unit from a local who has had tenanted to a japanese couple. I'm extremely lucky as the jap's couple maintain the condo unit.
When I took over the unit from the tenants (conincindentally, the Jap also end the contracts two days before I took over), the Jap's wife washed and ironed all sofa's covers and curtains. She even vacuum and wash the whole house. She also arranged the aircons serviced and she even leave a note informing us that she still have two more services left with her contract with Gain City (me save $$$) and has had asked me to contact Gain city for service arrangement when service due.
When I took over, it's totally dust free. Jap's couple would be my first choice wor...
Yeah, Japs are an excellent choice too. But never, ever the china and ah nehOriginally Posted by westman
Agent's com; 1yr lease-1/2 a mth, >2yrs-2 mths?
Does the agent duties ends after lease agreement signed?
Or his duties continues till expiry of the lease?
If so, what are his duties?
Appreciate ur advice! Pardon me, is my 1st time.
Contractually, the agents do not have further responsibilities. Though they will facilitate the handover. They are not party to the tenancy agreement between u and the tenant.Originally Posted by ymgsterling
However, the agents are useful as a go-between if required. They are not obliged to, but will usually oblige, perhaps to continue the relationship with u and your tenant in the hope of future business....
TA is between owner and tenant. Agent is redundant. If you know well the leasing process, you can easily do without the agent. However, agents do play a role if you do not have many sources to find tenants, and as the go between if you do not want to be bothered by the tenant at all (e.g. leaks, aircon, fridge, washing machine, water heater problems etc).Originally Posted by ymgsterling