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Thread: When you rent out your house.

  1. #1
    Join Date
    Jul 2013
    Posts
    40

    Default When you rent out your house.

    Hello all, Can I ask you what do I have to do when I rent out a house I used to be staying at? I am going overseas, so no point for me to leave the house empty.
    1. How do I make sure tenant don't destroy my place?
    2. What about internet, cable TV and house phone? Do I have to cancel them? Will the tenant take up a contract under my address (the rented place)
    3. What about the letter box? Who uses the key?
    4. Any other concerns I need to take note?
    Thank you.

  2. #2
    Join Date
    Aug 2010
    Posts
    375

    Default

    My two cents woth below

    Quote Originally Posted by Stockbroker
    Hello all, Can I ask you what do I have to do when I rent out a house I used to be staying at? I am going overseas, so no point for me to leave the house empty.
    1. How do I make sure tenant don't destroy my place?
    You can never be sure but it helps to choose your tenants carefully. Interview them and get a sense of who they are, their occupation, are they a family and whether you feel comfortable renting to them. Nothing scientific. Hire a good agent whom you can trust to keep tabs on things while you are away.

    2. What about internet, cable TV and house phone? Do I have to cancel them? Will the tenant take up a contract under my address (the rented place)
    Cancel all subscriptions.

    3. What about the letter box? Who uses the key?
    The tenant also receives letters. Give them a copy of the key. Redirect your mails to somewhere else. Make an agreement with your tenant to keep all your mails for you and ask your agent to collect from them regularly.

    4. Any other concerns I need to take note?
    If possible, have a relative or someone you can trust to keep tab of the rental payment and take action if default. Have your tenant pay to bank acct where you have internet access.

    Take plenty of pictures/video of your house before renting out. This will help support any subsequent damage claim later. Good luck!


    Thank you.
    hungry eat sleepy sleep

  3. #3
    Join Date
    May 2012
    Posts
    2,429

    Default Dark clouds ahead for rental market?

    http://www.tnp.sg/content/dark-cloud...-rental-market

    July 4, 2013 - 1:19am

    By:
    Linette Heng

    After seven rounds of cooling measures and last week's new loan limits, the property market may finally be showing signs of slowing down.

    With a glut of supply and a slowdown in foreigner inflow, the decline is especially felt in the rental market.

    Potential tenants have more options now, and landlords are finding it increasingly difficult to command high rents, according to property agents.

    In 2006, property agent Harold Teo would regularly have about 15 groups of people viewing a condominium unit for rent. Out of that, 5 would try to outbid each other to rent the unit.

    Now the game has changed. He said: “Now it’s 15 landlords looking for that one elusive tenant. And those who are less stubborn will even slash prices to secure a tenant.”

    Read the full story on The New Paper on Thursday (July 4).

  4. #4
    Join Date
    Jul 2013
    Posts
    40

    Default

    Quote Originally Posted by acidic.straw
    My two cents woth below
    Thank you acidic straw. Very grateful.
    1.)So when the person stay at my place and he needs a fixed line and internet, will he be able to apply for it? What if he signs a contract with Singtel for 2 years and he only rent for 1 year? Who pays the remaining contract?
    2.) If he damages anything and refuse to pay, what happens?
    3.) If he fails to pay, what happens?
    Renting out a house is indeed not easy!

  5. #5
    Join Date
    Aug 2010
    Posts
    375

    Default

    See my comments below.

    Quote Originally Posted by Stockbroker
    Thank you acidic straw. Very grateful.
    1.)So when the person stay at my place and he needs a fixed line and internet, will he be able to apply for it? What if he signs a contract with Singtel for 2 years and he only rent for 1 year? Who pays the remaining contract?
    Telco contract is personal to beholder and not on the house unit. If he terminates contract early, telco will just go after him and he stand to lose any deposit he placed.

    If he wants you to subscribe instead, you need to make sure that it is unlimited usage otherwise you may be left paying for excess. If necessary, you shld impose a security deposit for any damage done to telco equipment. This deposit shld be separate from the rental security deposit mentioned below.

    2.) If he damages anything and refuse to pay, what happens?
    Every rental contract carries a security deposit. Deduct from this.

    3.) If he fails to pay, what happens?
    See above.

    Renting out a house is indeed not easy!
    There's pros and cons. Additional things to consider:
    - You may also want to put in a penalty clause for late payment to "encourage" your tenant to pay on time
    - Very important is to get a good agent who will disappear once he gets paid. Talk to him and set your expectations that he is supposed to be the point of contact with tenant and check with you if there is decisions to be made. Never let your tenant have your contact number else you can forget about having peace of mind. Agent is supposed to front all tenant related matters for you.

    Last edited by acidic.straw; 04-07-13 at 14:08.
    hungry eat sleepy sleep

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