3 Things to note when renting out your own condo and move overseas

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your own condo and move overseas

If you own a condominium anywhere in Singapore like the M Condo and found yourself wanting to relocate, many options are waiting for you. You can sell or list your unit as a condo for rent in Singapore. As said, there will always be individuals who are looking for housing units. That is why you would never run out of possible markets. If you opt to put your unit under condo for rent Singapore listings, there are a few things that you must remember. To know more, let us talk about the 3 things to note when renting out your own condominium and move overseas. 

One of the greatest investments that one can make is a property. It is a sure investment because people will always find a place to stay in. Therefore, there will always be a market and demand for that investment. In a property market like Singapore, it is very complicated to secure one. That is why it is a big achievement once you have secured property or a housing condo unit in Singapore. 

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Singapore has relatively high property prices, this is because it has limited supply. This limited supply is fought over many residents. This is because there are many job opportunities in Singapore. The number of residents that fight for a living space in Singapore is bringing about the many business and job vacancies available. This property market is very active. There will always be individuals who would want to buy or rent housing units.

#1 Marketing your unit

One of the first things you must do is to market your condo for rent Singapore. If things are tight for you, you can always hire a property agent to take over things. When listing your condo make sure that you are listing all the amenities that it offers. For example, if your condominium unit is located at the M Condo, list down amenities like pools, jacuzzis, and library. You also have to take note of the other things that make your condo for rent Singapore unit more attractive. It can be the mini-mart or supermarket that is close to it. It can also be public infrastructures and institutions. 

These things would make your condo unit more attractive to potential renters. This way, you wouldn’t have a hard time looking for a tenant. Any individual is looking for their money’s worth, that is why the more detailed your listing is, the more individuals will be interested. Hiring the right property agent is also vital since they will be the ones to do the marketing. If they are not convincing enough there will be slow progress when it comes to finding a tenant. You can also move ahead with your plans of moving overseas with a property agent in charge. They can oversee your unit even if you are already abroad. For condos like units in the M Condo, it is easier to market because many amenities and perks make them more desirable and convenient to rent. 

#2 Your tenant’s background and eligibility

There may be many interested individuals with your unit. However, you should not be too impulsive and get into business with the first person who inquires. In Singapore, there are certain requirements needed to be met even for a tenant. Not all individuals are allowed to rent or own a property. Since there are many foreign residents in Singapore, checking their eligibility and background is a must. 

Another important thing is to check whether or not they can pay and uphold the fees of the condo for rent Singapore unit. Renting a condo anywhere like in the M Condo is expensive. That is why there is nothing wrong with double checking as these kinds of things involve a lot of money. 

#3 Responsibilities as a landlord

As a landlord, your duties do not end after signing the contract. There are still things that you have to keep in check as you get into the business. The maintenance fees paid to the building’s landlord are also still a must. For example, maintenance fees at the M condo involve utility parking and other personnel fees. These are the types of fees that must be settled monthly even if you are not the occupant anymore. 

Know more before signing

Things like these are what you have to note before signing a contract with a renter. This way, it can save you from future complications and problems. Visit us at SRX Property to know more about Singapore’s property market.