Subletting a condo near Jurong district? Great! or Stupid?

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Is this a great plan or what?

No! A cardboard box with cockroaches is a better idea.
2
67%
Awesome! Can I live with you too?
1
33%
Maybe, but just gimme the beer for now.
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Total votes: 3

Mosteal
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Subletting a condo near Jurong district? Great! or Stupid?

Post by Mosteal » Sat, 31 Jan 2009 2:25 am

Dear readers!

I will be moving into the Jurong/Boon Lay District for a job at NTU in the next week or so. My plan is thus--rent an empty 3+1 condo for around 2500-SGD (I've seen a few on the classifieds). Then sublett the extra rooms for about 1000 a piece to other subletters, thus reserving myself a cheap condo for 500 + utilities.

I dont see too many condo rooms being rented out, so I think these must go fast and be fairly competitive.

For this endeavor I have about 5500 SGD to get started with the future job bring in about that much per month. Would this be enough?

Does this sound like a feasible plan? Or is there many factors out there I am not considering that would put me in the poor house.

Any comments and constructive criticism would be thoroughly appreciated, and could possibly earn you a free pitcher of beer in the future.

Alternative plans for cheap condo living would also be appreciated. Why condos? I like the idea of a pool in this warm and humid climate.

Mo

Singapore Property Search

 

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sundaymorningstaple
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Post by sundaymorningstaple » Sat, 31 Jan 2009 7:07 am

You will need around 7500 just to obtain the unit. Additionally, with rentals starting to fall, it's doubtful you see $1000/mo if all the way out in Jurong. Just don't advertise the fact on this forum and you will be okay. We have a classified section for that. Advertising it here will get you banned.

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jpatokal
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Post by jpatokal » Mon, 02 Feb 2009 4:51 pm

Your rental agreement will also almost certainly prohibit subletting. You can thus get kicked out if you're busted (and you will be, since condo security won't issue keys without the landlords permission), and you're fully responsible for any damage caused by your tenants.
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Post by louy » Tue, 03 Feb 2009 9:50 am

If you can not afford the place on your own, I think you should avoid it. Don't rely on the possibility the you may get someone in. If no one comes in, then you would be in serious trouble.

You may struggle to find someone.

Once you signed the countract, you cost will be fixed. But with the market falling, you may get no where near as much as you think for the empty room.

And like mentioned, you must see if your rental agreement allows subletting. And anyone subletting, would most likely like to see documentation to prove that you are allowed to sublet in order to protect themselves.

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