Property Renting Tip #7: Lease Period
It is common to have a one to two year lease period in Singapore, typically two years if it is a comfortable duration for both the Landlord and Tenant.In the…
From the archive. Published in 2013. Prices, rules and interest rates may have changed since — check current figures before you decide.
It is common to have a one to two year lease period in Singapore, typically two years if it is a comfortable duration for both the Landlord and Tenant.In the event you want to have a longer lease term but are not sure if you want to keep the same rental rate, you can have a 1+1 lease term in the Tenancy Agreement (TA).
The +1 lease term gives the Tenant the first right to extend the lease of the property for another one year at a re-negotiated rate (this elaboration can be included in the “Option to Renew” clause in the TA).
By Eileen Tan and Ui Wei Teck, property investors and authors of Enjoying Mid-Life Without Crisis. This tip and dozens more are from their book.