A standard figure for one year lease is 1 month deposit. If a good faith deposit is involved (typically associated with a letter of intent or in short LOI) then you may have one more month deposit or less (so all together maximum 2 months deposit). The good faith deposit covers later your first month rental.mrjester wrote:1)Would it be 3 months deposit? And if so, does that normally include the first month rent? I read about you deducting your 'good-faith' part...
Expats are expected to pay 3 months deposit, heck a 12 month up front payment is goodmrjester wrote: On the guide on here it implies that I need to pay 3 months deposit (if I want to sign up for a year to start with). Though I can probably afford that later down the line, I don't think I can immediately in the first month of moving. So my questions about this are:
Will not work for non-PR/non-Citizen, though some banks are getting away with it .. if your pay exceeds x $ .. or so .. then again, you need to have 3 months salary slip, and then again they find innovative ways to overcome that too .. they want to give out money .. the more the merriermrjester wrote: 2)If I didnt want to approach my company asking for a loan from them to help me get started, is it easy to arrange a short term bank loan to help with deposit? Given that part of my first month I'd be opening a SG account. WOuld it be a case of heading into a bank with proof of pay and so on, or would I have to build up good credit first?
Oh, a lot prefer 'cash' ... if you deal with Landlords .. Agents don't mind cheque ..nutnut wrote: In regards to credit cards, you will probably struggle to get a credit card straight away unless it's from your bank you get your wages paid into, also, the deposit for your property will likely be required to be paid by cheque, not credit card as it's to the landlord directly.
Agreed, and double agreed on skipping the agent!! Also beware, many companies that give you relocation will set you up with "orientation". They'll "show you around" and "help you find a place to live". Before you realize what's happening, that's actually an agent you have to pay for your rental.beppi wrote:In my experience, rental terms are more likely 2 years contract and 2 months deposit. This does not include the first month rent. And if you engaged an agent, he will also want half or a full month rent. So in the worst case, you need four months upfront. But everything is negotiable and there are better terms available - in my current place, upfront payment was first and last month rent plus S$1000 reimbursable deposit (you never find such deals through agents, so I recommend you skip them!).
I disagree (or in Beppi-speak, 'You're wrong!'beppi wrote: in my current place, upfront payment was first and last month rent plus S$1000 reimbursable deposit (you never find such deals through agents, so I recommend you skip them!).
Are you renting condo or HDB? What amenities are you looking for?mrjester wrote: To to put some figures to it, Im tentatively looking at a budget of $2,500 per month for a place. So the consensus is that I need a fund of $5,000 (deposit plus 1 month)? The $2,500 is from internet research looking at somewhere not huge, and not shoebox and not right in business district.
But it is only you right? No spouse/children/family following you? So I guess that 2000-2500 range for HDB is way more than enough for a single room occupancy, regardless of location.zzm9980 wrote:Are you renting condo or HDB? What amenities are you looking for?mrjester wrote: To to put some figures to it, Im tentatively looking at a budget of $2,500 per month for a place. So the consensus is that I need a fund of $5,000 (deposit plus 1 month)? The $2,500 is from internet research looking at somewhere not huge, and not shoebox and not right in business district.
If you're OK with HDB rental, you're OK at 2000-2500. That's about the price range for a 3-room (Two bedroom) HDB unit. About 750sq/ft, so definitely not a shoebox. The variance will be mostly location. For example, I'm at 2600 for a unit like that, but the location is high floor, end unit, unobstructed sea-view. But, not walking to MRT.
Nope, wife and eight month old also. I read the OP's most recent post to imply he wanted his own place, not a room in a place. Perhaps I'm mistaken. I wasn't aware of any non-shoebox condos available at that price.the lynx wrote:But it is only you right? No spouse/children/family following you? So I guess that 2000-2500 range for HDB is way more than enough for a single room occupancy, regardless of location.zzm9980 wrote:Are you renting condo or HDB? What amenities are you looking for?mrjester wrote: To to put some figures to it, Im tentatively looking at a budget of $2,500 per month for a place. So the consensus is that I need a fund of $5,000 (deposit plus 1 month)? The $2,500 is from internet research looking at somewhere not huge, and not shoebox and not right in business district.
If you're OK with HDB rental, you're OK at 2000-2500. That's about the price range for a 3-room (Two bedroom) HDB unit. About 750sq/ft, so definitely not a shoebox. The variance will be mostly location. For example, I'm at 2600 for a unit like that, but the location is high floor, end unit, unobstructed sea-view. But, not walking to MRT.
Usually condo is a fave among expats, which in that case, that range is sufficient.
Not you! I was asking OPzzm9980 wrote:Nope, wife and eight month old also. I read the OP's most recent post to imply he wanted his own place, not a room in a place. Perhaps I'm mistaken. I wasn't aware of any non-shoebox condos available at that price.the lynx wrote:But it is only you right? No spouse/children/family following you? So I guess that 2000-2500 range for HDB is way more than enough for a single room occupancy, regardless of location.zzm9980 wrote: Are you renting condo or HDB? What amenities are you looking for?
If you're OK with HDB rental, you're OK at 2000-2500. That's about the price range for a 3-room (Two bedroom) HDB unit. About 750sq/ft, so definitely not a shoebox. The variance will be mostly location. For example, I'm at 2600 for a unit like that, but the location is high floor, end unit, unobstructed sea-view. But, not walking to MRT.
Usually condo is a fave among expats, which in that case, that range is sufficient.
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