Not many Singaporeans stay in a rental home, but those who do know it’s not exactly butterflies and rainbows.
For one, this is one of the most expensive cities in the world to rent a place. No matter how much people say it’s a renter’s market, it’s not cheap.
Which is why the traditional practice of giving security deposits needs to change.
If you rent, be prepared for disputes
If there’s one thing we’ve learnt from being tenants in Singapore, it’s that nightmarish landlords exist (terrible tenants too, but that’s another article for another time).
Don’t get us wrong, paying for damage you’ve caused is perfectly reasonable. But sometimes landlords try to squeeze every dollar out of us with unreasonable cleaning demands and accuse us of causing damage – even pre- existing ones caused by former tenants.
How much should you pay for that damaged wall? Is it your fault that the air-con has stopped working? What about that leaky tap? Did you cause that stain on the floor?
That’s why it’s important to always do a comprehensive check of the property before you move in. Take pictures of stains, cracks, dents, mold, marks, scuffs and dings. Record faulty appliances, make notes of damaged furniture.
Of course, that’s easier said than done. And more often than not, we put our faith on people to be reasonable and non-greedy. Which is perfect. Until you move out and learn that your landlord is intending to deduct large amounts from your security deposit.
If you’re a passive, non-confrontational person (like myself), you’ll probably just suck it up and surrender to your landlord’s demands. That’s not ideal.
Security deposits lock up large sums of money
Tenants here typically give up to one to two month’s rent…which if you think about it, is a lot of money, especially if you’re renting a condominium or landed property.
That’s important because to tenants, liquidity is everything. Suppose your rent is $5,000 a month. That security deposit? It’s $10,000. Not a huge sum, sure. But not a small one either. $10,000 could easily cover all your transport costs for a year – or close to a decade, if you take public transport.
Other uses for an extra $10,000
– A cash cushion, should you unexpectedly lose your job
– Good insurance coverage for you and your family
– A well deserved holiday to prevent you from burning out from work
– A helper to help out with the kids at home
– Paying off all high interest credit loans
– 3 years supply of Chicken Rice
– Diversifying your investments (and take some additional risk)
All these nifty uses aside, you’re parting ways with money that has no guarantee of ever making its way back to mou. We think that’s a problem.
That’s why Sing-Guarantee is here to solve your security deposit woes
Pro-tip: The best way to avoid having your security deposit locked up? Don’t even give it up in the first place. The alternative? A service like Sing-Guarantee.
Free your money
Instead of paying two months of hard cash up front, you pay Sing-Guarantee an annual fee for a Sing-Security Deposit. In return, Sing-Guarantee will pay your landlord the full security deposit on your behalf.
Minimise time-wasting disputes with Sing-Guarantee
To help reduce disputes, Sing-Guarantee will also provide additional services such as professional move-in and move-out inspection checks, detailed condition report with photos, a 360° video recording of the property, a detailed inventory list and complimentary home accidental damage protection insurance.
Sing-Guarantee is the first to bring this new alternative to Singapore
Think Sing-Guarantee sounds like a new and untested business model? If you’ve ever lived in Europe, you’d know that this isn’t the case. Alternatives like these have already been working for years in countries such as Switzerland and Brazil, accounting for 50 per cent of rental agreements in the former.
How (and should you) sign up for Sing-Guarantee?
If you enjoy arguing with your landlord and dealing with the silent pressure of loving having your money locked up, that’s great. You can close this window and grumble about how we wasted your time.
BUT, if you want to minimise disputes with your landlord AND free up two month’s worth of rent, click HERE to learn more.
This advertorial was produced in partnership with Sing-Guarantee
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Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
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