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How to prepare your condo for rental

Posted on 6 Sep 2015 | Comments Off

Demand for private rental units has increased of late, but so has supply. Here’s how to spruce up your condo and set it apart from the competition.

1. Before you can rent out your condo, consider all the pros, cons and legal implications of being a landlord. What are the rules and regulations regarding renting out your condo? Do you need permission from condo management? It is advisable to engage a property agent to help you perform background checks on potential tenants, as well as to draw up legally binding tenancy agreements. Once you have spoken to your agent and assessed all the factors involved, you can proceed with the rest of the rental process.

2. Prior to your tenant’s arrival, inspect your entire home thoroughly to see if there are any defects. If there are, be sure to repair them as soon as possible. Problems such as leaky faucets or pipes, cracked tiles, faulty plumbing, exposed electrical wiring, burnt-out lights and so on should be fixed in advance, so your tenant feels confident and at ease upon moving in.

3. Apart from ensuring everything in your home is in working order, remember that safety is also of utmost importance. This is especially so for the room in which your tenant will be sleeping, so do see to it that features like smoke detectors and electrical wiring are working as they should be, and that no part of your house poses any safety hazard. Installing fire extinguishers in your home is a good idea, as is making sure all your kitchen appliances are in good condition.

4. It has been said that cleanliness is next to godliness, and rarely is this truer than when opening your home to someone. It is important to make your tenant as comfortable as possible, and keeping your home clean is quite possibly the best way to do so. A dirty house is an instant turn-off, so be sure to keep floors and carpets free from dust and dirt, and repaint your walls if you must. Appliances and fixtures should remain grime-free; disinfectant wipes and sprays, as well as home fragrances, work well to keep dirt and odours at bay.

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Tagged prepare your condo for rental, private rental, Rental, Rental Property

Apartment vacancy rates in Singapore are almost at a 10-year high

Posted on 6 Sep 2015 | Comments Off

Apartment vacancy rates in Singapore are almost at a 10-year high, with about 9.2 percent of units sitting empty in Q2 2015, the highest since a 9.8 percent rate was recorded in end-2005.

The rise in vacancy rates may be due to the record number of home completions. In 2014 alone, 19,941 private homes were completed while another 42,606 units are expected to be completed this year and in 2016, of which 96 percent are non-landed homes, according to SLP Research.

The oversupply is partly a result of the government’s efforts to cool the residential market.

And as housing demand fails to grow along with supply, rents are expected to remain under pressure.

As such, the government has made fewer development sites available for sale. But units on the land sold only enter the market after four to five years.

Meanwhile, immigration is key to boosting demand, although the idea is widely unpopular.

The government has been restricting the number of people coming to Singapore, a policy which has contributed to higher vacancy rates.

The slowdown in the global economy is also making matters worse.

Many agents are faced with lease terminations for expats working in industries faring poorly like oil and gas and banking.

In fact, demand could be further hit by a new policy unveiled by the Ministry of Manpower. Late last month, the ministry announced it would raise the minimum salary cap for foreigners working in Singapore to apply for visas for their family members.

Nonetheless, market watchers note that the government has shown signs of softening its stance.

Speaking at a dialogue last month, Prime Minister Lee Hsien Loong said it makes economic sense to accept foreign labour as well as immigrants, even though it may be emotionally hard to accept. “We need to make the best possible decision for Singaporeans,” he noted.

Decisions in this area impact housing, the outlook of which is bleak should demand fail to grow. With the non-landed vacancy rate likely to hit 10 percent by end-2015, SLP Research expects the woes of property developers and landlords to continue.