As Singaporeans, we all know how expensive it can be to purchase a home. Thankfully, HDB (Housing & Development Board) offers affordable housing options for those who need it, including the rental of HDB Approved Units.
As with any rental agreement, it’s important to have a tenancy agreement in place. This ensures that both the landlord and tenant are aware of their responsibilities and rights, and protects both parties in case anything goes wrong during the rental period.
If you’re looking to rent an HDB Approved Unit, here are some key things to know about tenancy agreements:
1. Get it in writing: Verbal agreements can be forgotten or disputed, so make sure everything is put in writing.
2. Understand the terms: Read through the agreement carefully and make sure you understand all the terms and conditions before signing.
3. Know your deposit: Deposits are usually required when renting a property. Make sure you understand how much the deposit is and when it will be returned to you.
4. Payment terms: Understand when rent is due and how it should be paid.
5. Maintenance and repairs: Know who is responsible for maintenance and repairs during your tenancy period.
6. Subletting: Check if subletting is allowed and if there are any restrictions.
7. Termination: Understand the terms for terminating the tenancy agreement, including notice periods and any fees or penalties.
8. Insurance: Consider getting rental insurance to protect your belongings in case of damage or theft.
9. Illegal activities: Be aware of any illegal activities that are not allowed on the property, and understand the consequences if such activities are discovered.
10. Seek professional advice: If you’re unsure about anything in the tenancy agreement, seek professional advice from a lawyer or a trusted real estate agent.
By understanding these key points, you’ll be better prepared to navigate the process of renting an HDB Approved Unit and signing a tenancy agreement. Remember to always do your due diligence and protect yourself by getting everything in writing.