As an expat in Singapore, it can be challenging to find good housing for rent. This challenge is mainly brought up by the fact that most expats have no knowledge of the local real estate market, public housing regulations, brokerage firms, and cost of living based on communities. Below is your ultimate guide to renting like a boss in one of Asia’s rising economic superstars.
Decide the Right Property
Know what type and size of property rental in Singapore you need. How many people are you moving in with? And what living arrangements are you most suited for? Determine the number of bedrooms, bathrooms, and kitchens you’ll need. Aside from indoor features, decide what amenities you wish to have access to. For example, a spacious backyard or a driveway for your car may be necessary.
Evaluate the Neighborhood
A safe and welcoming environment is key to an easier transition to your new life in Singapore. Find a neighborhood you can relate to in terms of culture and demographics. Review places that have low crime rates and unemployment rates through unbiased websites and blog posts of locals who actually live there. You can also read local newspapers to learn about median prices of houses in certain areas.
Arrange Your Finances
The cost of an HDB for rent exceeds the monthly payments. You will also have to deal with security deposits, which cost as much as a full month’s worth of rent, and broker fees. Some apartments aren’t fully furnished, so you also have to account for items that will come directly from your pocket, such as furniture and appliances.
Apply for a Loan
In the event that your personal finances cannot bear the brunt of the transition, applying for a loan is your next best option. As an expat, however, you might not afford the luxury of low interest rates offered to local borrowers with established credit scores. Nevertheless, you can apply for a loan through your bank’s Relationship Manager.
Choose an Agent
An experienced property agent in Singapore can help you find a good home and protect your interests while doing so. They also have greater knowledge of property rental Singapore so they are in a better position to suggest specific properties and areas. Your realtor will also be handling all related documents to make sure that the transaction complies with legal standards.
Review Your Leasing Contract
The standard leasing contract in Singapore exceeds more than 1 year with some granting the option to renew the contract. The renewal usually grants another 1 to 2 years. To be granted this option, tenants are required to inform their landlord at least two to three months prior the contract’s expiry. Most landlords will not entertain contracts that are less than 12 months.
Renting can be intimidating, but the 6 guidelines outlined above can instill confidence in inexperience expats who are planning to start fresh in Singapore. Take the time to absorb key information and work with a professional realtor to get the best possible results.