To rent or not to rent -- Sommerville Park

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rainyday
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To rent or not to rent -- Sommerville Park

Post by rainyday » Sat, 22 Nov 2008 6:08 pm

Hi there,
we will go to Singapore mid of this December..we used to stay in Singapore like 10 years ago, so we have a tiny shoebox in downtown. However, my family is since expanded. Now we have 2 children ( 7 & 8) with us.

As such, we looked for a lower Mansionette in Sommerville Park (2000+ sq feet) .. my hubby sighted quite a few projects and like this one the best.. we have seen a unit that we both liked.. but the rental is still quite high..

We have seen one that we like and consider to offer.. however, yesterday's newspaper just mentioned that there likely to be a 7-15% drop in rental next year ( alas.. next year has 12 months!! so when??)

Could someone provide me a current scene of expatriates there.. heard that there were quite a few retrenchment happening..

So my question is should i stay in the tiny shoebox for the next 1-2 Q and wait for the market to bottom to save the 7-15%?

Also, could anyone enlighten me if I need to pay any agent fee? my agent told me that if I sign for 1 year, I have to pay her 1/2mths rental.. but nothing for 2 years.. but I checked the IEA ( institute of Estate Agent) site and apparently the suggested 1/2 mths commisson only applies to HDB flat with rental <2,500sgd.

And one last one, what is the general thing that I should watch out for as a tenant?

Thanks mate..

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sundaymorningstaple
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Re: To rent or not to rent -- Sommerville Park

Post by sundaymorningstaple » Sat, 22 Nov 2008 8:16 pm

rainyday wrote:
And one last one, what is the general thing that I should watch out for as a tenant?

Thanks mate..
Exit clauses (must have a dip clause!).

Be sure to take a camera along with the agent to fully document the condition of the ENTIRE UNIT from floors to ceilings, documenting anything and everything that doesn't look brand new. This is essential as a fair number of landlords are not above trying to keep your deposit with is normally 2 or 3 months rent. They will used any means to keep from refunding it including cooking up some elaborate repair schemes. When you turn over the keys back to the landlord ensure that something is signed on the spot at the inspection confirming return in what condition and/or what requires attention. Otherwise, they will come back after you are not there and then claim all kind of things were not looked at.

Ensure that, if airconditioned, you have it serviced regularly and also require that it is serviced just prior to your taking possession with the date of servicing noted. You should have it serviced quarterly at a minimum.

This is just a couple of things to beware of, I'm sure there are more here who will chime in with a more complete list. Matter of fact, do a search using the search function and there were a couple of good threads here on this exact topic.

sms
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

rainyday
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Post by rainyday » Sat, 22 Nov 2008 8:28 pm

Thanks for your kind reply.. I thought this one will be flushed away by other new posting..

'' sure to take a camera along with the agent to fully document the condition of the ENTIRE UNIT from floors to ceilings, documenting anything and everything that doesn't look brand new.''

But the unit is still tenanted out, how could I take pictures of the condition of the house? Do you mean upon handover?

Also, how's exit clause generally works? Cos owner refuse to sign 1 year lease now and my husband may not be transferred out of Singapore.. But giving the current market situation, I wonder if we should sign for 2 years.. is there anyway that I could have an exit clause after say 12months upon giving 1- 2 months notice..

rainyday
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Post by rainyday » Sat, 22 Nov 2008 8:30 pm

One more question-- if i sign for 2 years' lease but exercise the exit clause upon something unexpected, do I have to compensate the owner for the paid agent fee?

is it a market practice for agent to charge me 1/2month rental if i only sign for 1 year? my rental is above 2.5k..

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