Experience in renting out HDB?

[Kelpie]

Hi all,

 

Contemplating to rent out my HDB flat since we are relocating.

 

I've not rented out any property before so would like to tap on the experienced one on what to look out for?

 

My concern would be whether that tenant will take care of the household items including my beloved timber flooring of the entire house.

 

Any legal matters that I should be aware of? such as stamp duty, lawyer fees, HDB levy and etc?

 

Kindly advise me.

 

Thank you very much.

 

Regards,

 

[Sorrow]

  On 10/30/2011 at 1:08 PM, Kelpie said:

Hi all,

 

Contemplating to rent out my HDB flat since we are relocating.

 

I've not rented out any property before so would like to tap on the experienced one on what to look out for?

 

My concern would be whether that tenant will take care of the household items including my beloved timber flooring of the entire house.

 

Any legal matters that I should be aware of? such as stamp duty, lawyer fees, HDB levy and etc?

 

Kindly advise me.

 

Thank you very much.

 

Regards,

 

Points to note:

1. Ensure all tenants and occupants have valid passes (Foreign: S-Pass, E-Pass, WP, etc and Citizen or PR: Pink or Blue IC)

2. Ensure all tenants and occupants are registered with the HDB (Can log in via Singpass for the matter)

3. Stamp duty is borne by tenants

4. Usually there would be a security deposit paid by the Tenant, before handing over, can take photos of the unit to prevent disputes upon taking back the flat less wear and tear excepted, anything spoil not due to wear and tear, deduct from security deposit

5. Have you meet the MOP, if not, have to apply to HDB for approval to sublet your flat. If MOP met, kindly apply to HDB for subletting, pay $20 admin charge and it will be approved.

6. Conservancy charges still borne by Landlord side.

7. PUB aka Utilities borne by Tenant side.

 

Hope it helps. All other matters like aircon servicing and number of tenants/occupiers, etc would be stated in the Tenancy Agreement.

Edited October 30, 2011 by Sorrow

[Ysc3]

according to HDB webby, you have to give power of attorney to someone to handle your housing matters if you are not going to be in SG during the long rental period. suggest you hire an agent to do it for you. dun have to pay the agent as the agent will just collect his rental comms.

[Sorrow]

  On 10/30/2011 at 1:40 PM, Ysc3 said:

according to HDB webby, you have to give power of attorney to someone to handle your housing matters if you are not going to be in SG during the long rental period. suggest you hire an agent to do it for you. dun have to pay the agent as the agent will just collect his rental comms.

 

Power of Attorney, I would suggest giving to a close and trusting relative, let the agent correspond with the POA. The agent can aid in managing the property but anything else, should seek the POA's. direction. Lawyer fees for drawing this up should be around 100+ 200.

Edited October 30, 2011 by Sorrow