Renting a house may be nerve-racking or overwhelming, especially for first-time renters. Being unaware of the process or foreign to it is normal, however, don’t fret as we will provide you guides or insights to lessen your worries.
Research Your Preferred Location
Before choosing a particular property to rent, it is important to consider the property’s proximity to the nearest necessities or facilities such as whether the property is close to your daily activities, public transport, shops, office, school or whether its security is acceptable.
Taking Note of The Tenancy Agreement
In the procedure of renting a home, It is recommended that you have a duly stamped written tenancy agreement containing:
- The terms of the Agreement. This sets out what you and your landlord agree to do during the tenancy.
- An inventory list. This is a written record of the condition of the rented property and all the fixtures and fittings therein. This will be used as a checklist when you move out to determine the damage if any, that needs to be compensated for.
At the beginning of your tenancy, you are required to make a few payments. This includes one month's rent in advance, two months' rent as a security deposit, half months' rent as a utility deposit, and legal fee and stamp duty for the tenancy agreement which is usually borne by the tenant.
Before proceeding to rent, you and the landlord should set the amount of rent to be agreed upon. This agreement includes the decision on the mode of payment. For example, should it be via online transfer, cash or cheque and make sure these arrangements are stated in your tenancy agreement.
Come To Terms On The Access, Privacy, Locks & Security of The Property
Locks & Security- At the start of the tenancy, the landlord must give you one or multiple sets of keys, an access card, remote control. You shall not be charged any fee and/or deposit for the same.
Access & Privacy- Although you may be renting the property, you shall have the absolute right to privacy and quiet enjoyment of the rented property without any interruption from the landlord.
With enough preparation and planning, you'll be ready to claim your first rental property, whether you're venturing out on your own for the first time or beginning a new chapter in your life. As house ownership is now out of reach for many people, you may always consider renting a place to live while you save up for your dream home.