Finding rooms for rent in Singapore can be challenging, what with the multiple options on offer. Depending on personal preferences, there are several factors that one needs to take into account while considering <a href="http://www.propertyguru.com.sg/">rooms for rent</a>:
- duration of lease
- the type of room they want to rent
- proximity to work, shopping options
- kind of furnishing etc.
Offer to rent letter
Once you’ve finalized the place you want after looking at different options in rooms for rent, there are a few formalities that one needs to go through. For starters, you’ll need to give the landlord a formal offer to rent the property through a “Letter of Intent”. Signing this letter means that the landlord has officially accepted your offer. The agent assigned by the property owner mostly helps prepare the necessary documents.
Letter of intent
This is a proposal made by you to the landlord expressing your interest in leasing the room for rent and any requirements that you have. Most landlords tend to verbally agree on the requirements you have. As an expression of good faith, rental agreements start with the Tenant giving the Landlord 1 month’s rental in advance as a deposit.
Term of lease
This normally ranges between 12 to 24 months plus you have the option of renewing it for another 12 to 24 months after the tenure is over. However, it’s possible to get rooms for rent for a shorter period, though the rent may significantly go up. When the market performs well, landlords prefer to have long term leases of 12-24 months to lock-in the good rental rates. You may be required to give a notice at least 1 month advance notice for renewal to the Landlord.
Good faith deposit
Before taking up <a href="http://www.propertyguru.com.sg/">rooms for rent in Singapore</a> one may need to provide good faith deposit which is usually the amount of one month’s rent. Good faith means that the landlord has accepted the deposit and has signed the letter of intent. He will not lease the property to renters until the Tenancy Agreement is signed.
Also, prior to taking rooms for rent it may be necessary to paya deposit amount that is kept by the Landlord as security. The tenant should pay this amount only after the Tenancy Agreement is signed; and will be refunded to the Tenant once the lease term expires and is returned interest free. In addition, the landlord has the right to deduct all costs of damages and expenses that resulted from breach of contract.