Reason 39 - Your Real Estate Agent Helps You Weigh the Pros and Cons over Rental

If you are looking for properties for rental, here’s a piece of wise advice. The rule of the game has changed in today’s complicated markets. Tenants are bound to face financial pressures that were supposedly not theirs.

When searching for good for-rent properties, there is a need to consider the financial standing of the owner and the status of the property with a bank. Some for-rent houses and condominium   buildings may be at risk from foreclosure. This should be known to you before you make decisions to lease or rent the property. While there are good rental properties of good standing, there is also growing number of available property that are offered for lease or rent from owners who are facing amortization difficulties over mortgages.

Although some owners do not intend to let go of their properties for rent, difficult situations are forcing them to do so. With the help of your realtor, you take extra effort to finding the real status of the for-rent property, because you might end up leaving your rented house or condo within short notice, or even without notice, if you’re caught in-between unwholesome circumstances.

Once foreclosure process is on, landlords and lenders are not obligated to inform the tenants. If this occurs, a tenant does not have any legal right to stay longer in the property.

If you own a property, you better make a sound and wise decision whether to offer it for rent in the market, or decide to sell the property for good. By seeking advice from your real estate agent, you’re on your way to making a good decision.

However, if you decide to have your property for rent, consider your operational costs and monthly mortgage before deciding the rate of the monthly or annual rental fees. Make sure you are transparent with your tenants to establish harmonious partnership along the way, and avoid delayed payment problems. Angry tenants tend to delay their rental payments.

Property owners should also consider the financial status of the interested tenant, whether he can afford to pay the rent. Necessary background checks on the potential tenant’s dealings with previous landlords and even general financial dealings in the community are equally important. For example, whenever possible, conduct verifications with his employer on the authenticity of his employment.

Make a separate recording system once you property is being rented. Late payments and over-due balances should be recorded well. Once or twice-payment delays may be acceptable, but consistent delay provides you a hint of financial instability in your tenant.

Buy, Sell, Rent, Invest, In Singapore

Mindy Yong 杨雯诗

CEA Registration Number : R021232Z

Tel: (+65) 91002985
Fax: (+65) 64021826

mindy@mindyyong.com

KF Property Network Pte Ltd
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