How many years lease would you sign?

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LBS03
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How many years lease would you sign?

Post by LBS03 » Thu, 05 Jul 2007 10:32 am

Am now on the verge of signing a lease for a place in the East Coast. I like the property - but rentals are (I believe) about 40% higher than what it was about 18 months back. Currently am debating whether to sign a 1 year or a 2-3 year deal. The landlord is flexible.

Any ideas / thoughts would be very welcome....

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HunBunny80
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Post by HunBunny80 » Thu, 05 Jul 2007 6:30 pm

In east coast too. We signed a 2 years lease a few months ago just to fix the rental for longer period in case the amount keeps going up. That's just my thought. :)

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Post by seasider » Thu, 05 Jul 2007 10:44 pm

I think 2 years is the norm here. You may well pay a premium for a 1 year lease (LL's reasoning being he will have the trouble and expense of reletting in a year) and I don't know anyone with a 3 year lease.

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sundaymorningstaple
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Post by sundaymorningstaple » Thu, 05 Jul 2007 11:19 pm

Before the bubble burst in '97 you used to find 2 +1 leases, 2 years with an option of one additional. Don't know if any are offering those today or not. Market is probably to volatile for that today though.
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LBS03
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Post by LBS03 » Fri, 06 Jul 2007 1:53 pm

Thanks everyone for your responses. Landlords of each of the property that I was looking at have got back - saying they want a 2 year lease (non-negotiable).

Rentals seem exorbitant (e.g., 5.5 for a 3BR at Costa Rhu) ... which was making me uncomfortable signing-up to a 2 year deal. Ofcourse, i would be at risk if the rentals keep going up! However, reading this forum - the consensus appears to be that prices would keep going up atleast for the next 1 or 2 years?

Are there any good analysis of the rental situation that one could refer to - i.e., not from the real estate people themselves ...maybe from the central bank etc?

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ching
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Post by ching » Sat, 07 Jul 2007 9:17 pm

Rent trends aside, I've been going for 2-year leases for the condos I've stayed in because it's such a pain to keep moving :(

My friends who don't have any furniture are happy to move every year, but those of us who have a good bit of stuff... well... I figure with a longer lease we save the time it takes us to house hunt, pack, do the actual move, and change addresses; and we save a little on moving costs.
Tips from expats living in Singapore - http://www.livinginsingapore.org

LBS03
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Post by LBS03 » Tue, 10 Jul 2007 2:03 am

Thanks everyone ... have gone-in for the 2 year option.

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Post by ksl » Sat, 14 Jul 2007 4:04 am

LBS03 wrote:Thanks everyone for your responses. Landlords of each of the property that I was looking at have got back - saying they want a 2 year lease (non-negotiable).

Rentals seem exorbitant (e.g., 5.5 for a 3BR at Costa Rhu) ... which was making me uncomfortable signing-up to a 2 year deal. Ofcourse, i would be at risk if the rentals keep going up! However, reading this forum - the consensus appears to be that prices would keep going up atleast for the next 1 or 2 years?

Are there any good analysis of the rental situation that one could refer to - i.e., not from the real estate people themselves ...maybe from the central bank etc?
I posted one on here a while back from one of the banks, about rental properties expecting to increase by 60% over the next 18 months, so I've been eyeing up Keppel to invest!

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