Long Term Rental Possible (>10 Years) ?

[Calvin154 0]

I'm looking at the possibility of renting a whole flat for long periods of time. As I'm single under 35, I cannot buy my own flat, hence the thought of long term rental till I can buy one. It'll be a little more than 10 years before I reach 35. Not very financially efficient but I can handle that. Do owners even thought of put their flats up for rent for so long?

[kamikaze 0]

I'm looking at the possibility of renting a whole flat for long periods of time. As I'm single under 35, I cannot buy my own flat, hence the thought of long term rental till I can buy one. It'll be a little more than 10 years before I reach 35. Not very financially efficient but I can handle that. Do owners even thought of put their flats up for rent for so long?

A rental lease is usually between 1-3 years in length and may come with an option to renew for up to 3 years. It is unlikely you see any HDB flat owners renting out for such a long period because existing regulations require the flats to be owner occupied and that there are minimum occupation periods to fufil and HDB must first issue an approval letter before owners are allowed to rent out whole units.

Doesn't really make sense not to buy if one is willing to lease that long.

If you can afford to rent a flat for ten years, why not just buy a private property instead? Depending on location, good chance of seeing some capital appreciation as well if you intend to hold onto a property for ten years.

[lexusgs 0]

hi,

i dun think it is wise to commit to such a long term rental contract.

you do not know how is the economy is performing why put yourself into such a long term contract.

if you can tahan 10year of rental, might as well but private?

at least you are paying for yourself.

and after 10 years, you are eligible to buy hdb (porvided hdb do not change the rules)

good luck

I'm looking at the possibility of renting a whole flat for long periods of time. As I'm single under 35, I cannot buy my own flat, hence the thought of long term rental till I can buy one. It'll be a little more than 10 years before I reach 35. Not very financially efficient but I can handle that. Do owners even thought of put their flats up for rent for so long?

[Calvin154 0]

Not thinking of private as I think hdb is more convenient (e.g. near food centre, supermarket, bus and mrt, etc). I know each rental lease is up to 3 years. I am considering the possibility of renewing the 3 year lease for 3-4 times. Speaking of the MOP, of course I'm talking about owners who have hdb approval for renting out whole flats.

[GoalHome 1]

In that case, lookout for house owners whom will be renting out their units on a long-term basis. Usually such owners are living in their other property hence not likely to take it back for own occupation.

HDB approval for lease is max 3 years.

Edited February 6, 2012 by GoalHome

[kamikaze 0]

Not thinking of private as I think hdb is more convenient (e.g. near food centre, supermarket, bus and mrt, etc). I know each rental lease is up to 3 years. I am considering the possibility of renewing the 3 year lease for 3-4 times. Speaking of the MOP, of course I'm talking about owners who have hdb approval for renting out whole flats.

Actually, there are many private properties that are conveniently located around amenities.

In theory, maybe, in practical sense, unlikely.

1. How many percent of Singaporeans own 2 or more homes?

2, Next is, how many percent of the above group own 1 Hdb and 1 Private property?

3. How many of the above group will renew a lease several times?

4. What are the events that can stop you or the landlord from continuing the lease?

In short, you are looking at a very niche group with many possible uncertainties going into the future.

Anyway, good luck in your search!

[GoalHome 1]

Hi Calvin, there are many i know that have properties for long-term rent. However, none i know is vacant at this moment. In fact, one i know was just leased out last week. Do also note that if you rent any unit through an agent, you'll also have to pay the agent commission when you renew the lease.

[fengshui-123 0]

Singapore property law only allow maximum 7 year rental period. Any tenancy agreement more than 7 years (in one go) is illegal. More than 7 years have to into the common term called "leasehold" property buy/sell, the law/rule/regulation/taxes/eligibility etc. for property buy/sell shall be applied the same way as those common 99 leasehold property.

When we say "buy" HDB flat, actually we are renting HDB flat for 99 years(or remaining period), "buyer" is just tenant, HDB still the owner/landlord.

HDB is very straight forward: subletting max period is 3 years!

(not so straight forward:　subject to change any time, and HDB can take back any time by giving you 2 weeks notice, this is clearly stated in the terms and conditions).

If you are singapore citizen of 35+, single, you alone can buy any type HDB flat in resale open market.

You rent HDB 10 years your money gone forever. You buy HDB and hold for 10 years your money appreciate! Based on current rental market, if you can afford to pay the rent you should be able to pay for your housing loan monthly installment. and if you just alone using one room, the other rooms can rent out, and maybe you don't need to come out cash to pay installment. Your tenants pay for you and you have free housing. Better still, 10 years later your earn big money when you sell your flat!

If you are lucky to meet someone you love and also 35+, and also already bought a HDB, both of you can do anything you like except going to ROM! Then your "family" can have two HDB flats and retired at 35+, and wellcome more foreign ”talents“ to come and work, everybody will be happy!

Edited February 13, 2012 by fengshui-123

[fengshui-123 0]

Everybody will be happy??? How about those below 35+ (above 21+)?

If you are 21+ and lucky enough to find someone you love as early as possible, then both of you should quickly go to HDB to apply for new flat under "Fiance/Fiancee Scheme". You can almost get it in 3 years time. Then both of you have to go to ROM before HDB can give you key to enter “洞房” when the flat completed. If you do not have ROM cert then, your application will be void(cancelled) and you will loose 5% deposit. Both of you have to stay in the flat for minimum 5 years.

Important/Critical Note: In my opinion, it is better to register one party as owner and your spouse as "essential occupier". I will tell you the reason in the second part below.

[GoogleS 0]

I'm looking at the possibility of renting a whole flat for long periods of time. As I'm single under 35, I cannot buy my own flat, hence the thought of long term rental till I can buy one. It'll be a little more than 10 years before I reach 35. Not very financially efficient but I can handle that. Do owners even thought of put their flats up for rent for so long?

Hi Calvin

My unit is up for rent, whole unit at Choa Chu Kang Crescent near to Yew Tee MRT (5-6mins walk). Food is just right downstairs (Foodfare).

If you are still looking and interested, I can link you up with my agent, through PM of course.

Cheers