Moving into own apartment in Singapore can be very liberating. But it can be a nerve-wracking experience as well. It is a big financial step as well because a good amount of cost is involved. Therefore, it needs a fair share of the assessment and cautions in renting a good place.
Avoiding common mistakes is a good way to gain maximum from the deal. Some of the mistakes are in fact so real that it can be considered as sins!
Here are few of those mistakes that the renters, especially the first timers, should avoid:
Misunderstanding the cost is the biggest mistake in renting a good place in Singapore. Many do it and regret later. Without a good assessment into the financial position and specific idea on how much should be spent on rent, one might get carried away. If you get carried away here, the deal will be a blunder. On a general rule, you should spend about 25 to 30% of your monthly income on rent. It is better to use budgeting and financial tools in order to make the right assessment. And rent is not the only cost to consider. There are start-up expenses which can be a lot depending on needs and existing gadgets and furniture. Additionally, there are application fee, utility bills and a security deposit. Landlords in Singapore usually take one or two months’ rent as security deposit. This security deposit is reasonable considering you will get the full amount back later.Here is a tip for you: do not rely on credit cards to fund a move-in expenses because it would bring unwanted interest payments.
Not getting priorities straight is another big mistake. Try to move to a place which suits your needs and requirement. If you do not need a big space for things like dryers, washing machine, do not rent a big place. If you do not have a car, do not rent a place that comes with a parking space. If you have a small TV, take a place where the living room is not that big. If you love going to the gym, go to an apartment building where the gym facility would satisfy you. Sorting out priorities will need notes, so take notes before hand and match it with the prospective apartments you visit.
Many people use the internet and agents in order to get a rental place and never visit the place in advance. Mistake mistake, mistake! There is a 80 % chance that the day you move in, you will find that the sofa is not a perfect fit; phone, cable jacks and electrical outlets are not in the right places; and kitchen area is smaller than you require. Avoid such dissatisfactions by visiting the place in advance and plan appropriately. And once you are in the apartment, make sure the toilet, lights, oven, air conditioner and other appliances work properly. Also notice whether the washers and dryers are in the right place or not.
Failing to read the lease line by line is another common mistake. It is a legally binding contract with clauses that may have a big impact on your lifestyle later on. Please focus while reading. Do not accept anything that you think would give you pain in the future. After reading it, discuss the points, if any, with the landlord. If you think you should consult with a lawyer, do not hesitate, do it. It is better to prevent the unwanted fights than to do it!
Here is a common mistake most first timers do – they forget basic items to make a home! Maybe the landlord did not give any shower curtain or maybe you need an extra table lamp. You might also forget to buy small things like nail cutter or can opener! The best way to avoid such issue is to plan ahead and make lists of things that might be needed.
Many Singaporeans are considering moving into a new place as rent is soothing at the moment. If you are one of them, go ahead, take the step and get a new place. Avoid the mentioned mistakes and get the most out of the renting a new place.
You can also consider buying an apartment. Buying can be considered a smart option if you have the necessary down payment ready in your bank account. In the long run, owning an apartment is a better choice as it brings a sense of satisfaction, security and stability. Buying however, would leave you with an additional interest payment of about 5% to 10%. But if you are committed and ready to take the extra burden in order to own the apartment in the long run, consider buying instead of renting
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