A Simple Guide on Renting Out a House in Singapore
Many people might think about the idea of renting out a house in Singapore as an extra income would always be of help to meet their daily expenses, or to add to their savings. You will have to make the appropriate considerations to avoid trouble when you are about to say yes to the deal of being a responsible landlord. This article will give you an idea about the main things one has to keep in mind before renting out a house.
Renting Out a House in Singapore: What You Need to Know
Understand the Responsibilities Involved In Detail
Knowing whether being a landlord is a responsibility you can handle is the first thing you’ll have to think about before anything else. There are many benefits to renting out your space, and it includes the ability to generate extra income to pay your bills or create profit. But being a landlord would be an additional responsibility you will need to handle. Things could run well if you stay on top of repairs and maintenance of the house, collect rent, and keep an eye on the tenant’s skill of keeping your space clean.
It is also important to get to know about the tax facts while renting out a residential property in Singapore. As per the Inland Revenue Authority of Singapore (IRAS), a taxpayer should report all the rental income on their tax return by using Schedule E (Form 1040) to report their income from a rental property.
Residential rental properties such as apartments, mobile homes, independent houses, and condominiums are called dwellings. They are regarded as residences when used for personal purposes during the tax year for more than the greater of fourteen days or ten percent of the total days rented to others at a fair rental value. Make sure that you read about all the special rules of IRAS before deciding whether you would like to rent out your house.
Do the Necessary Move-In Cleaning for Your Tenants
Tenants are attentive and choosy about the space they choose for living, so make sure that you do all the necessary repairs and move-in cleaning before people come and check out your house. It could seem like a tedious process, especially when no one stayed in your space for a while. And this is when you can consider hiring a professional service provider in Singapore like Sendhelper. Our professionals will take care of all the repairing, and deep-cleaning chores, thereby helping you spare all the worry. Download the Sendhelper app to book our service right away!
Hire Professionals to Help You Compute the Finances
Talk with lawyers and accountants to make sure that you are acting by the tax laws, zoning ordinances, and other property-related rules. Sometimes, you would qualify for tax deductions, but you should know which expenses would be eligible for tax deductions. Lawyers can help you navigate landlord-tenant regulations. They can also give you a better idea regarding your community’s rules governing rental properties.
You can set the rent after getting to know all these. Set the rent at a competitive price to attract tenants. You can then showcase the most valuable aspects of your house/apartment to people who come to check out your house.
Look for Tenants Carefully
You can start hunting for tenants as soon as your space gets ready to be shown to people. Make sure that you choose your tenants very carefully. Have detailed conversations with them about house maintenance, rental payment, and so on. Get references for potential tenants as it helps you to check their credit histories. You can talk about the security deposit and arrange a convenient schedule for making the payment in the final stage.
Need a reliable deep cleaning service for your residential property? Book a service on the Sendhelper App today. Let us take care of your cleaning needs.