Finding the right rental isn’t always a ton of fun and easy. If you’re new to the Singapore rental market, it can get pretty confusing, not to mention eye-popping, especially when you see how much a rental could go for in the city proper. If you don’t want to shell out too much for a unit, do your best to avoid the following mistakes in the process:
Going for The First One You Find
You might have heard of this before but you would be surprised at how much people still go for the first option they find. Canvassing for a good rental takes time. If you want to get a great deal in a good spot, you need to be willing to take a look at all your options. That means not going for the first one you see, no matter how tempted you are to get it just to get the whole search over with.
Going With a Fully Furnished Unit
Do you really need a part or even a fully furnished unit? Those furnishings can jack up the rental rate of your place quite high. Opt for no-furnishings instead. A quick trip to IKEA should give you just about everything you need to get settled in right. You might have to shell out for those furnishings upfront but the monthly savings you get for as long as you live there should outweigh those costs pretty quick.
Not Doing Research
Not doing enough research can come back to bite you big time. If you rely on your agent to do all the work for you, then you might not find the best deals in the market. Since your agent has a lot of clients to look after, s/he might not have as much time to devote to searching for the right unit for you. If you want to make sure you get a good range of rental rates, go and ask around.
Not Sure How Long You’ll Stay
If you’re going to stay there for a year, then you could offer the landlord to pay for several months’ worth of rent in advance, in exchange for a discount on the rental. However, before you make this offer, be sure you’re going to stay there for that long. If you’re in the area and giving the property a try, best not to pay for several months of rent in advance if there’s even the slightest possibility that you’ll up and move somewhere else, says The Wall Street Journal.
Not Using Tools
These days, people go online for just about everything, from looking up reviews before they buy a book to checking up a restaurant’s menu before they book reservations. The same goes for your rental search. With resources like the PropertyGuru Singapore, an apartment in the city proper should be easy enough to find. With online tools, you can cut your search for a unit much faster.
Choosing The Wrong Size
You can save on expenses by going for a smaller space, especially if you’re living on your own. There are plenty of ways you could make that space work for you. All you need is a little creativity to get the hang of living in a tiny rental unit. Going for a spacious unit might sound like a good idea since it’ll allow you to invite friends and family over but it’s going to cost you a lot. If you don’t want to shell out that much for a rental, opt for a smaller space.
Choosing The Wrong Location
It’s ideal to find a property that’s just a short walk or rides away from where you work. After all, you really wouldn’t want to spend too many hours going to and from the office. You don’t just save up on time, you save up on commuting costs as well. However, if the rental is too steep in the commercial district you have your eyes on, then the next best thing is to go for properties near or along a major road or transportation hub. That way, getting around should be easier on you.
Not Saving Enough for The Security Deposit
As soon as you find the unit that’s perfect for you, the only thing that can stand in your way is your lack of funds. So be sure to save enough for your security deposit. Set aside 6 months’ worth of a lease, though some might require you to pay for as long as 12 months. You could also go for a 12-month lease or a 24-month lease contract, depending on your length of stay.
So pay attention to these mistakes. Keep them in mind so you know what to avoid. By being aware of these rental slipups, you can save a ton on unnecessary expenses and costs.
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