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Becoming a landlord for the first time?

Becoming a landlord is the path for many property investors. But far too many people become landlords without evaluating the responsibilities and expenses involved. The reality is that you’ll probably have to incur much expenses before greeting your first tenant. 

Expenses you can expect to pay include initial vacancy cost, furnishing, repair/replacement costs, property agent fees and taxes. 

 

Before you become a landlord, be aware various agencies' regulations on renting out your flat to ensure you’re not breaking any eligibility or occupancy rules. If it is HDB that you are renting out, make sure this is taken care of or you may risk being fined or having your flat repossessed by HDB. 

One key rule to note is often the maximum number of tenants you can have. This depends on the size of your flat/house.

Finding the Right Tenants!

If you’re renting out your property to earn profit from your investment, then you know success lies in finding a reliable tenant. 

Here's some pointers for you to look out so to avoid bad tenants. 

Be Professional. It's not just you who's evaluating the prospective tenants, they are evaluating you too. You will have a better chance to attract good tenants by looking and acting profesisonal when meeting with them. 

Allow negotiations. Be willing to compromise on things such as painting the walls, changing some old furnishing and etc if you find a tenant who is of a decent profile. 

This is important! Don’t just focus on rent alone. It is crucial to build relationships with your tenants as well. If you are friendly, the tenants will be more honest with you about things and more helpful as well. 

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