Most tenancies in Thailand are for 12 months with a tenant bound to pay the rent for this period. However, in some unexpected circumstances, a tenant might need to break the agreement early, which has happened more in the current climate due to the economic uncertainty created by COVID-19. Many tenants have been forced to take reduced salaries or leave the city entirely. 

What is the Thai Rental Law All About?

Depending on the negotiated terms there might be a break clause in the agreement allowing a tenant to terminate provided the required notice has been served. Where there is no break clause, there are several alternatives. 

It is advisable to see first if the tenant is happy to continue the tenancy on a reduced rent if the market is awash with rental properties as the reduction will likely outweigh any void in rents in between tenancies. Should they still wish to move then propose that they find a replacement tenant to take over the remainder of the term.

In situations where there is only a couple of months left of the current term, it is recommended to get the new tenant to sign up for a new 12-month agreement to save having to look for another tenant again soon.

Fortunately, Bangkok has a good stream of tenants consisting of students, millennials and expatriates who are not willing or in a position to buy a property. In some cases, they might only be here for a few months to carry out a secondment or work placement not wishing to commit to a 12-month tenancy and are in an ideal position to complete the remainder of an existing tenancy. The incoming tenant should pay the deposit to the outgoing tenant and also sign a new tenancy agreement understanding their obligations and expectations.

What types of tenants are there?

Landlords can also help their tenants by advertising the property and speaking with real estate agents. The cost of using an agent to find a new tenant should be borne by the existing tenant for the remainder of their term only. Explain this to the tenant and get their confirmation in writing to save any disputes. 

Lastly, a landlord has a right to the deposit should the tenant leave early where a replacement tenant has not been found. This should be detailed in the tenancy agreement and agreed between both parties but will help cover any shortfall in rent a landlord incurs.

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Therefore dependent on the terms of the tenancy agreement, a tenant can move out and try living in a new neighbourhood, a different building or upsize and downsize as they please. However, staying put has its perks too.

Tenants are lucrative as they pay off a landlord’s home loan or provide a regular income stream should this have been repaid. Landlords do not want to leave their property empty as it increases their costs plus it is often better for someone to be in residence to keep it ticking over as services like air conditioning and water prefer to be operational.

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What types of tenants are there?

Most landlords realise the virtue of having a good tenant. A good tenant is not only someone who pays their rent in a timely fashion, but they also keep on top of home maintenance advising when something requires fixing before it escalates into a bigger problem. They also have minimal requests for alterations that cut into profits.

Tenants can use this as leverage against their landlord. Naturally, they should avoid annoying them, which encourages landlords to secure a new tenant, but it is cheaper for both parties to renew a tenancy rather than the tenant moving out.

Tenants avoid moving-related costs such as cleaning and the cost of moving belongings and avoid having to ensure they have sufficient funds in place for a deposit for the next property. Landlords can enjoy continuous rent without any voids should a tenant stay, no maintenance costs to get a property ready for a new tenant as well as eradicating real estate agent fees to find a new tenant. Renewing a tenancy is a win-win for both parties.

Renewing a tenancy does not automatically mean that the rent will go up. Market conditions and demand for property dictate rent increases and renegotiating discussions should reflect these. Some landlords might want to see a rent increase, but this is unrealistic if the economy is performing poorly.

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What is the Thai Rental Law All About?

Tenants should be prepared that this question might arise when renewing a tenancy and have a solid defence why they feel it is not valid. Likewise, a landlord should provide reasonable reasons for a rent increase, for example, the rent is significantly lower than comparable units in the building or if a rent increase reflects additional tenant demands such as new appliances or remedial works such as painting or a new bathroom. Like any relationship communication is key, and both parties should work together to reach a mutually happy agreement.

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There are low rise blocks with a dozen or so units and sky-high vertical living offering incredible views across the metropolis. Generally, as a tenant, you have the pick of the bunch, although popular and well-managed buildings might have a waiting list.

There is a desire in Asia for newness whether this is the latest smartphone, car, or home. Consequently, demand lies for brand new units or ones that are less than a few years old meaning there is less appetite for older buildings. However, these should not be discounted as despite lacking the flashiness of a newer building but they do offer other advantages.

Typically older buildings in Bangkok are considered anything over 20 years old. They tend to be easily identifiable due to a similar construction style with a white painted exterior compared to the modern construction materials and techniques of newer buildings.

One of the main advantages of an older building is space as they built when land prices were lower. Units are at least 50 percent bigger than a unit in a new building of the same rent. Therefore older buildings are more affordable too.

Units in older buildings can come refurbished, therefore might have comparable interiors to units in a new building. However, newer buildings are more likely to have the latest facilities such as co-working spaces and lounges compensating for the lack of space in the unit.

How important are facilities?

However, due to higher land prices, these facilities will often be packed in across the building and are less likely to include facilities needing more space such as tennis courts and basketball courts that older buildings have.

The only way to determine whether a new or old building suits your needs to have a look around and compare buildings in a similar area. Some older buildings have low ceilings giving a dark feeling while newer buildings are designed with modern methods including higher ceiling heights giving the illusion of space.

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Older buildings are more likely to have more spacious terraces and balconies while a newer building will have the latest interior trends. Ultimately the decision is based on budget and personal preferences.

Lastly, a building is only as good as the management team behind it. The success of older buildings lies with proactive management who maintain it to high-level keeping tenants happy and demand for the units high.

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Look at other similar rental homes.

Do some research on how much rental homes in your area typically go for. As far as possible, try to find rental properties which are similar to yours. This should give you your first, general idea on how much you should price yours.

Consider your costs.

If you have spent some money doing up your rental property to ensure that it is fit for a tenant, you may want to factor that into your estimate. This includes paint jobs, additional fixtures or repair works which you might have carried out.

Make a list of the facilities in your rental property.

By making a list of all facilities you are including with the property, you will gain a better idea of what you are offering to a tenant, thus making it easier for you to gauge the value of the rent. This should include kitchen cabinets, electrical appliances, water heating systems and air-conditioning, if any.

Assess the neighbourhood.

You should consider both the pros and cons of the neighbourhood. If your rental property is located near Mass Rapid Transit (MRT) stations or bus interchanges, you could factor that into your calculations.

You should also take other seemingly trivial matters into consideration, such as whether the property is located beside a busy road and the kind of people who live next door to the rental property, as tenants will certainly take note of these and may bring it up during negotiations.

Get a comparative market analysis.

As this is usually carried out free of charge, you should approach a real estate agent to provide you with a valuation of the property and to lend you some input on the figure for rent. If possible, try to get more than one valuation so that you will have a better idea of where your rental property stands.

For those who do, there is a change in how utilities are charged, the deposit and the termination of the tenancy. Starting with the utilities, business operators are not allowed to charge to their tenants an inflated price for the utilities. A practice that is commonly used as a way for the business operator to generate an additional income.

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Next, anyone renting a property from a business operator is only required to pay a month deposit rather than two months which is the norm. To protect the tenant’s deposit, an inventory check in that details the condition of the property and its content, must be attached to the tenancy agreement too.

This document will be used to check the condition at the end of the tenancy to determine the deductions, if any, from the deposit. The business operator also must return the deposit within seven days of the tenancy termination.

The termination terms have changed too meaning that tenants are now only required to give 30 days notice to end the tenancy. This is a one-sided break clause which the business operator is not allowed to have in the agreement.

These new regulations became effective on 1 May 2018, but remember, they do not apply to everyone so check how many properties your landlord owns to see how your tenancy should be structured.

Read more insights about Bangkok property market and home tips, check out DDproperty Property Index Report, DDproperty Property Market Outlook Report and Property guides

Expatriates are one type of tenant who contributes significantly to the lettings market. Many choose to rent due to the convenience it brings, plus some are only in the country for a short period therefore renting brings flexibility not so easily achieved with property ownership. A number of expatriates might even be fortunate enough to receive a housing allowance too, making this sector of tenants an attractive tenant base.

If you are a buy-to-let landlord targeting expatriate tenants then there are a few points to consider. Firstly they will want to live close to where they work to minimise commuting times so locations in the central business districts is a must. Likewise, larger units suited to families should be close by to good international schools but also the condominium should have good communal areas for families to enjoy such as a children’s play area and a children’s pool if possible.

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For smaller units aimed at young professional expatriates who most likely want to make the most of living in Bangkok, then distance to the mass transit network will top their wish list for hassle-free travel across the city. Locations near to the popular social hangouts should be considered, such as near to Thong Lor which features much of the city’s night scene.

Some expatriates might be new to living overseas and will want to take advantage of the cheaper rents than back at home. Therefore it might be their first for living in a condominium which has facilities so some tenants will look at the swimming pool and gym when looking for a unit to rent. Plus others might be living on their own for the first time and they will want to feel safe and secure in their own home.

Speak to local real estate agents to work out which buildings expatriates choose to live in and what other requests that they might have when looking for a property to rent. Agents are your eyes and ears on the market so utilise their expertise in order to entice expatriates to your rental property.

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Before going to view properties write a list of all the things you want your next home to have. List this in priority order and refer to them when viewing potentials as it can be easy to get swept up at the moment. Only by viewing a number of properties will you be able to work out whether your wish list is correct. The property in your dream location might be too small and with scuffed walls, but the chic unit you adore is not in your ideal part of town. Should location really remain at the top of the charts then is the size really important? And can you request to the landlord that they paint the walls?

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Take photographs on viewing as a way to log each property. A tape measure is another good tool as some rooms can look deceptively small or big. Take the measurements of your furniture with you if you are looking for an unfurnished unit to check whether items will fit in the rooms. >>Bring A Minimal Look To Your Home

Continue on this practical element and check the shower pressure as a weak shower is disappointing. Figure out if there is enough storage space, and whether there is a washing machine or even hot water in the kitchen. If sleeping in absolute darkness is a must then shut all the window dressings to see if it provides an ideal environment. Check there are sufficient plug sockets well located in each room, and that also there is a good Internet and TV access.

Look for any areas that need repair work, a leaking tap, a window that won’t shut properly or even a loose door handle. It is better to flag these items to the landlord before you move in and make any repair works subject to your offer.

If you are trying to decide between two properties then a second viewing can help clarify your thoughts. Even better still come back on a different day and at a different time to see if there is anything surrounding the property that you did not notice the first time, such as a school playground that you might find disruptive. This is usually the time to look at all the practical elements especially if you have not had time to check the first time. But as soon as you have made your decision, make contact with the landlord or real estate agent to put your offer forward so that you don’t lose out to another interested party.

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If you have a tenant in your property that you are happy with: pays their rent on time and creates a minimal fuss, then as a landlord is wise to try and retain them. Keeping an existing tenant happy and renewing for more than one term will save you the hassles and costs related to finding a new tenant. Therefore, if your tenant has served their notice the first thing to do is to ask why to see if there is anything you can do to change this. If they are moving countries or looking for a bigger home then there is little you can do. But if they are finding your property a little tired, it might be worth making some investment to change this. Painting, replacing items of furniture, or fixing anything might change their perspective. >>8 Ways To Make Your Rented Place Feel Like Home

Lastly, if the market isn’t looking that great with a glut of properties available then competition is going to be stiff when looking for a new tenant. So why not consider reducing their rent? A small drop might be worth it versus an empty property that isn’t generating any rent.

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Should there be no way around keeping your tenant then immediately survey your competition? See what similar units are available, take note of their price, condition and size. Use this to gauge what level you should market your unit at and if you can afford to go slightly lower, then do. This could make or break between having a property occupied or unoccupied.

Be flexible in other ways too will also help. If you have the luxury of being able to offer the property both furnished or unfurnished, then make this widely known and even have it listed in your advertisement as this will widen your pool of tenants. Plus take on board any reasonable requests, this will show your goodwill as a landlord since many tenants will want the reassurance of the potential good relationship with their future landlord. >>7 Photo Tips For House And Condominium Rent

You will need to be aware of what is going on in the market to keep abreast of any property related news. No one wants to accept a slightly lower rent or even make alterations to the property that will cost more, but this might be your only options to beat off the competition. Lastly, don’t forget to continue investing in the property. Keep on top of any repair works and if the property isn’t letting as the bathroom or kitchen is dated, then this is the time to carry out these works which will help increase its value too.

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Whether you are dealing with a real estate agent on behalf of the landlord or directly with the landlord, make sure that you express you have an interest in the property even before making an offer. That way the agent or landlord can notify you if there is someone else makes an offer. There is nothing more frustrating than finding out that the property you were hoping to make an offer on has been let.

Once you have decided which property you are going to make an offer on, relay this the agent or the landlord along with the price, start date and length of the tenancy. Whilst 12-month tenancy are the norm, it is good to clarify this all the same or you might even want a longer term which will work to the landlord’s favour. >>Which Is Better: Short Or Long Term Lettings?

The commencement date of the tenancy is important since it will set when the landlord starts receiving rent. An asking price offer to start in two months is less attractive than a slightly lower offer with a sooner start date once you compare the loss in rent for both scenarios. This can be a good negotiation tactic especially if you want to secure a lower rent.

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As part of your offer remember to include any conditions, such as if you want items removed or added. These all form part of the offer since they become a cost the landlord needs to factor in. If you have a long wish list of items which are not a necessity such as repainting walls a different colour that are already in good condition or adding an extra armchair, then these should be alongside an attractive price. You want to have a good relationship with your landlord from the outset for an enjoyable living experience, so remember to be reasonable in your requests so that the landlord is amenable to other requests you might have later down the line.

Until contracts have been signed maintain good communication with the landlord or agent. You will want to gauge their reaction for every stage of the offer to decide on your next move. Offers can be sweetened by bringing a start date forward, paying more than one month’s rent in advance or increasing the term of the tenancy. Have these in the back of your mind and use this as part of the negotiation. Finally, back up your offer to illustrate why you have offered below the asking price. Is there another unit in the building that is bigger going for the same price or are the building works next door disruptive? Providing clear evidence will also bring to the landlord’s attention things he might not be aware of.

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As with most property purchasing location sits at the top of the list. Tenants rent as they might not be able to afford to own their own property or they may just enjoy the flexibility that comes with renting. They will want to be close to where they work, socialise or where their children go to school, and most definitely want to be in close vicinity to the mass transit work. Buying in a popular area will mean that there will already be a wide pool of tenants looking for a property than in less sought-after parts of the city. >>Rental Techniques For Quick Profits: Start From “Location”

Next think about your tenant’s needs. Are you buying a unit suited to an individual, sharers or a family? With any type of tenant consider the layout of the unit. Sharers will want to have equal sized bedrooms and two bathrooms and families will want their bedrooms away from the living areas so their children can sleep easily even if the rest of the family are up.

Once the location box and layout of a property has been considered, think about the practical elements. Is there enough storage for clothes, suitcases or even sporting equipment, are the air conditioning units working well, is there enough equipment to cook with and it the unit quiet? Happy tenants will stay in a property for longer saving you the hassles and costs of finding a replacement tenant. Even the facilities play a role too. Families will want to have ample of areas for their children to play whilst other tenants will demand modern gyms and swimming pools. >>8 Ways To Make Your Rented Place Feel Like Home

Finally, how well is the property presented? There tends to be more demand for furnished rather than unfurnished properties minimising void periods, but the furniture needs to be modern, in a good state of repair and fit the room. Pick furniture specifically for the property and make sure that it all coordinates rather than a mismatch affair. Where you can, be flexible and remove furniture if requested. It is a good sign when a tenant starts moving in their own furniture and it illustrates that they are happy and are unlikely to move in the future since it is more taxing moving with furniture than without.

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This generation also seeks a different working environment. Flexibility is an important factor when choosing their career path or even an employer. Some might decide to become a freelancer whilst others want the chance to be able to work from home should they not be self-employed. This has affected the traditional nine to five which is no longer the norm and the lines can even become a bit blurred between work and leisure time. A consequence of this is that co-working spaces have emerged to meet this growing trend.

Co-working spaces have created a space for people to work. The nature of their set up is that you might have a mix of people working under the same roof but who all work in different industries. The idea behind them is to give workers everything they would need in a normal office such as meeting rooms and printing facilities but all on flexible terms so that they do not have to commit to long-term office leases. Co-working spaces also allow this collection of people to bounce ideas off each other to help grow their network and increase productivity.

Residential developers have been tapping into this and consider the working pattern of this demographic. An increasing number have been creating designated working areas within condominiums for residents to enjoy. This could be in the form of a library, a business centre or even larger lobby areas that accommodate space to work. The latter being a trend that has been noted in hotels where there is a real emphasis on creating larger lobby areas to give people space to meet and collaborate, which is now be mimicked in homes too. >>How Important Are Facilities?

Whilst they might not be as fully equipped as standalone co-working spaces, co-working spaces at home are becoming as important for renters as the swimming pool or fitness centre. This is particularly the case for condominiums that might not be located close to downtown areas where co-working spaces are based. Plus it also suits startups that do not have the expenditure to spend on a private co-working space. If you are looking to invest in a buy-to-let property then consider the co-working area if you are aiming for this demographic of the tenant.

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For moves that involve a new school it makes sense to coincide it with the school holidays. This will make it as least disruptive as possible. Discussing the move with your children will help them to mentality prepare for it too. Compiling a scrapbook of photos of your new home illustrating what their new life will look like is a great tool to help with the adjustment. This could include photos of the scenery, their school, new types of food and even the cars and taxis on the street. This will excite your children by making the move into an adventure that they look forward to. >>Find good areas in Bangkok

Involving your children will help ease them into the transition. Asking them to pick out the colour on the walls of their new bedroom or where they want their bed placed will also help. You will need to gauge how much in advance you start preparing your children. Too far and they might become impatient and bored, and not enough time, and they might not be able to get their head around it. As their parent you will be the best judge of this, however remember to always make the move a positive experience. Keep any negative discussions to when they have gone to bed as they will pick up on any small points that you might mention.

This is also the perfect time to go through your belongings and have a good sort out. There is little point in moving everything and then realising at the other end that you do not need it all. Hence taking time to go through each room one at a time will make the whole process more efficient than a last-minute dash attempt. This will be even more important should you be downsizing. Plus, there are plenty of ways to dispose of these unwanted goods whether that is selling or donating them. Once packing commences the whole process can be much more straightforward knowing that everything in the property can be packed away.

This is also the time to call on family and friends to help occupy your children on moving day. Freeing up your time to concentrate on the move by getting your children out of the house. Make sure important items like their beds or favourite toys are easily accessible at the other end. Unpack their rooms first and by having these familiar items around them immediately will help them settle into their new home.

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1. Set out all the terms

The first thing a landlord will want to know is how much your offer is, but a full asking price offer and a start date in two months is likely to be less attractive than a slightly lower asking price and an immediate move date where the rent will roll in straight away. So, remember to clearly state the terms of the offer, which will include the price, start date, tenancy length, and anything other requirements you may have.

2. Wish list

If your offer is subject to a new sofa or for a set of saucepans to be provided, then an asking or close to asking price offer is expected. If you are not the only interested party, then think whether your requests are fair and whether the landlord would go for the alternative offer over yours.

3. Sweeten the offer

Any offer that is subject to certain conditions of a wish list can be sweetened by offering a bit more to the landlord. This could be more rent in advance, a longer tenancy or sooner start date. These could help sway the landlord and can be used as leverage against your offer.

4. Keep communicating

Communication is the crux of negotiation whether you are putting the offer through a real estate agent or directly to the landlord. Keep up communication and back up any of your terms to help reach the end goal. Building a good rapport is vital as a landlord will want a tenant in their property who pays their rent but also is easy to deal with too.

5. Act efficiently

Once the offer is agreed to finalise the paperwork and act in an efficient manner. Request a copy of the contract so that you can read through it and raise any necessary questions. The sooner it is signed, the rent and deposit are paid, the sooner you have the security of tenure of your new home.

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Your tenancy agreement will detail the amount of the deposit and what it can be used for. As with any legal document check all the contents before signing prior to the start of the tenancy. This will be your opportunity to flag any concerns and verify what is expected of you as a tenant.

Once you have served notice to end your tenancy this is the time to broach with your landlord or managing agent what actions you need to do to secure the return of your deposit. Having clear clarification will allow you to plan and save for any disputes later down the line.

A deposit will typically be held to cover any damage to the property, owed rent, cleaning charges and for any unpaid utilities. Therefore make sure you have settled all outstanding costs and provide this proof to the landlord when you move out.

Cleaning is probably the one area that tenants tend to get charged the most. Prior to your move out check with your landlord what level of clean needs to be achieved to obtain your deposit back. An end of tenancy clean is a deep clean of every centimetre of space. This will include the oven, door frames, sinkholes, inside cupboards and drawers, light fittings: essentially anywhere. Your landlord should provide a list of what area needs to be cleaned as this could even include soft furnishings too.

Starting a dialogue with your landlord before the move out date will save any hassles later down the line. Knowing what is expected of you will save any unwanted surprises too. Should your landlord be local then inviting them round to inspect the property ahead of your move out will give you an idea of what needs your attention. You may not have noticed the light bulbs that need replacing or the kitchen handles that are loose that can be easily tightened. Both easy to rectify and saves you costs later down the line.

Once you have moved out your belongings meet with the managing agent or the landlord to inspect the property together. As a tenant, fair wear and tear is permitted, so working alongside them will ensure that their claim is reasonable.

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1. Young professionals

Most young professionals rent as they cannot afford to buy property yet. Since they are renting they want to be close to where they work or socialise to minimise commuting times. Many will use this opportunity to rent a property that they cannot afford to buy. Some will want to live on their own, but others will want the social element of living with a friend.

The latter probably will search for properties with equal sized bedrooms for the sake of fairness. The length of tenancy will vary and it dictated by a change in job or if a deposit has been saved to invest in their own property.

2. Local

Like young professionals, many locals rent as they are not able to buy property. Often choosing locations near to their families or even close to working if they require just a weekday residence if the commuting distance is too far from their family home. Typically, their budget will be lower but it will entirely depend on their employment status and the size of their family.

3. Expatriates

This demographic makes up a fair chunk of the rental market. Assigned to a country for a set period it makes little sense to buy property, so they rent instead. Some may receive a housing budget which is particularly attractive as a landlord as it provides peace of mind to know that the tenant has the funds to pay their rent. Note that not all expatriates have a set assignment length so they may stay in the country longer than they envisaged, such as retirees.

4. Families

Whether these are local or expatriates many families will want to live close to where their children go to school. This will be of paramount concern as well as facilities to keep their children occupied when at home. The turnover of expatriate families will be in line with school holidays so there is a more noticeable exodus over the summer period for minimal disruption for the children.

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An empty property is one that does not generate any rent, so securing a tenant sooner and even below your ideal price may be worth considering. Should you receive an offer that is below the price that you anticipated to achieve, think about the individual merits of the offer.

1. Is there a short void period?

Taking a lower offer but will a sooner start date will often make more financial sense if calculating the loss of rent for a void period versus the reduced monthly rental over the course of one year. This is also one good negotiation tactic as you can state to your tenant that you are happy to agree to a lower rent provided that they bring their start date forward.

2. Are the tenants happy to take the property as it is?

A tenant who pays full asking price may do so subject to certain conditions such as with a new sofa or for the property to be repainted. These additional requirements are extra costs that need to be factored into your outgoings that influence your rental yield. If a tenant is happy to take the property as-is and without any changes, then this could pay off in the long run.

3. Can you push for rent in advance?

Some tenants will try and sweeten their low offer by paying more rent in advance, sometimes as much as six months. For some landlords, this is ideal especially if they are in need of some capital or just if they want the security to know that the rent is paid for that period.

4. Why not propose a longer tenancy term?

It costs money when tenants change. There are void periods to factor in plus additional fees such as cleaning and agent’s fees. Locking good tenants in for as long as possible will eradicate this and give you peace of mind. Use this as leverage when accepting a lower asking price offer.

5. Who is the tenant making the offer?

Every landlord wants a good tenant in their property: one that looks after it and pays the rent. You may even be willing to accept a slightly lower offer for a single tenant which means that there is less wear and tear on the property too that could potentially save you money in the long run too.

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In the excitement of moving it can be easy to forget to ask the practical questions. To make settling into your new pad as smooth as possible, don’t forget to check in with your landlord to ask the following questions:

1. Where does the refuse go?

Every condominium should have a designated area to put rubbish. Check with your landlord where this is if there are any special recycling facilities and what to do with larger items that may not fit in the bin store.

2. What utilities am I responsible for?

To keep on top of your outgoings it is advisable to find out what utilities you must pay and to whom so that you can keep on top of these costs on a monthly basis. Some buildings may include water as part of the landlord’s common area fee so this cost is due directly to the landlord or it may be included in the rent.

For any utility that is metered, find out where these are to track your readings should they be accessible. Finally, your home may be wired for certain Internet, television and telephone providers so check with your landlord if this is the case.

3. Who will be my point of contact?

Check who manages the property as the landlord may be the point of contact or they may have employed the services of a managing agent. It is also worth finding out what their best form of communication is to answer any queries during your stay in the property in a prompt manner. Plus you may want to find out where there is someone else who should be contacted in case of an emergency.

4. Where is rent due?

Start the letting off on a good footing and be prompt with your rent payments. Request where your rent should be paid so that you can set up a standing order for the amount to be automatically deducted from your bank account.

5. How can I turn off the water or electricity in an emergency?

In the unlikely event that you need to quickly stop the flow of water or turn the electricity off, you should find out how to do this and where the fuse box is. This could be particularly important if you have a pipe that is leaking or you have blown your electrical circuit.

• How To Be A Good Landlord For A Successful Investment

• 8 Ways To Make Your Rented Place Feel Like Home

• How To Generate A Good Rental Yield

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Look to any buzzing corner of the region such as Singapore, Bangkok, Hong Kong or Kuala Lumpur and this type of accommodation dominates and shapes the skyline.

The rise of vertical living is in part due to increasing land prices combined with a shortage of land. Developers have little choice other than to build upwards for the sake of profitability. This pattern has only gotten off the ground in fairly recent years in London. Tight planning controls and the preservation of older buildings dictate what can and cannot be built in a given location including its height.

However, high-rise living is also much liked by tenants, making this type of property the ideal buy-to-let investment. The demand for condominiums is good news for those landlords wanting to generate an income and healthy rental yield from their property. But what is it exactly that tenants favour this type of accommodation over alternatives such as a house?

Many renters may wish to live alone, therefore a house will simply be too big for them. Smaller units are available, either studios or one-bedroom, of varying budgets to meet the needs of a wide net of tenants. Condominiums also prize themselves as being situated in prime locations.

This convenience is a very big draw for tenants as they often choose to rent for ease wanting to embrace city life and minimise commuting times for work and play. Renters also do not want the responsibility that comes with owning a property and so vertical living fits the bill easily.

The design and management of a condominium are easy to maintain: you can just lock up and leave. Tenants do not need to worry about looking after a garden and likewise, the communal areas are cared for by the building through the common area fee.

The facilities alone are the final string to their bow with many tenants choosing a particular building thanks to these alone. Not only do they provide a range of leisure activities for tenants through swimming pools, fitness centers, gardens, and social spaces, but they also create a community feel.

Hence many families opt to live in condominiums for this reason alone as their children have an immediate circle of friends which may not be possible with life in a house.

• Top 3 Locations For Condos Dubbed “Lifestyle-Mass Transit Hub”

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Likewise, we’ve selected the top 3 locations which, besides being transportation hubs, are lifestyle locales at the same time.

Rama 9

Rama 9, officially known as the New CBD of Bangkok, is flourished with advancement and transportation convenience. The place is also home to many citizens’ workplaces.

A long stretch next to the famed Rama 9 Junction is also lined with prominent buildings such as AIA Capital Centre, CentralPlaza Grand Rama 9 and Esplanade. Furthermore, the MRT Orange Line (Taling Chan - Min Buri) is waiting to become a major part of Rama 9’s future composition as well.

• Explore best condominium projects in Rama 9

Bangsue

One of the government’s chief megaprojects is the Bangsue Central Station, a large transportation hub where major mass transit lines will head towards; these lines, in addition, will connect to around 10 other routes to cover every area of the Greater Bangkok as a complete transportation network.

The Bangsue Central Station will be claimed as a “Grand Station” that rivals Japan’s Tokyo Station and Taiwan’s Taipei Main Station. The advent of this majestic central hub will also transform the location into one of the main business and shopping locations in Bangkok; for example, there will be Smart Business Complex Zone, ASEAN Commercial and Business Hub and SMART Healthy and Vibrant Town in the boundary.

• Explore top condominium projects in Bangsue 

Onnut

Sukhumvit Road starts around Phloenchit Junction and stretches through CBDs like Asok, Thonglor, and Ekkamai, heading towards the eastern parts of Thailand. Just a fair distance from those CBDs is a location home to a great number of condominiums, Onnut.

Located in the Outer Sukhumvit, Onnut has been a popular residential area for Bangkok citizens particularly since the arrival of the Skytrain. In the past decade, the area saw a significant development in terms of amenities, infrastructure and commercial activities – now packed with restaurants, retails and shopping venues – yet, there’re more developments coming more to make the area even more appealing for all condos seekers.

Explore top condominium projects in Onnut 

Find out more about ONNUT area 

Don't forget to read project reviews and check your mortgage before making decistion 

Therefore, such a solution has become quite popular. Nonetheless, one cannot pay a sum of money to the landlord and expect to move in right away.

Renting a condo unit requires a rental contract and some preliminary payments. It’s extremely important for a tenant to read the contract and judge whether the obliged payments are reasonable. Many Expats are still unclear about this topic and this article will help clarify.

• Over 300 solutions of buying-selling-renting-investing in property with Askguru 

Deposit or Booking Payment

Deposit or Booking Payment is the first sum of money a tenant is obliged to pay the landlord. Previously, a deposit can be paid 1-3 years in advance (for the 1-year rental contract). However, in 2018, the government has changed the term to be within 1 month in a bid to protect consumers.

For a rental contract under 6 months, the amount of deposit can be different, agreed by both parties. In any case, the landlord needs to sign the Letter of Intent before receiving this deposit from the tenant, which obliges him/her not to rent out the unit to other tenants in the meantime.

After the rental contract has been signed by both parties, the paid deposit will be counted as the tenant’s rent for the first month.

Damage Deposit

Damage Deposit is an exclusive sum of money a tenant pays to the landlord as a security that the rented unit will be returned in good condition. When the rental contract expires, the landlord must return this damage deposit back to the tenant, unless there’s damage to the unit or furniture. If there’s any damage found, the damage deposit will be collected by the landlord as specified in the contract.

Normally, the damage deposit is equal to the amount of monthly rent (typically for the 1-year contract); for example, if the rent price is 15,000 baht per month, then the damage deposit is 15,000 baht.

In 2018, the government has enforced a new law that the landlord must pay the damage deposit back to the tenant within 7 days after the expiration of the rental contract, as long as the unit is returned in good condition.

Find out more property's questions and answers in AskGuru and read more project reviews before making decision.

You can choose the area you want to live in and for how long. And if you don’t like your new home for whatever reason, then you can move on once your tenancy agreement has expired. Plus if your family expands and you would prefer to move to a bigger or quieter part of town, you can achieve this very quickly.

This suits a number of people. Those who are tied to a location for employment purposes for only a set period and those wishing to test living in a new part of the city before they buy the property. It even could be that you want to try out living in lots of different places in the city or that you know in a couple of years you will need to move closer to your child’s next school.

The same ethos applies if you want to buy property, but you aren’t 100 percent sure on which building to invest in, why not try before you buy.

The same ethos applies if you want to buy property, but you aren’t 100 percent sure on which building to invest in, why not try before you buy. There is no better way to understand how a building operates than living in it.

That way you can gauge the level of maintenance, and how much your utilities cost each month. This will give you the chance to also figure out what configuration of layout works better for you as well as the direction that you would prefer to live in. Sometimes even renting can afford you to live in a location or building that you could not afford to buy-in.

Tenants are bound to look after the place that they rent, but they do not have other responsibilities such as paying for the common area fee or having to pay for the costs of any repairs. If you would prefer not to incur these costs or the thought of having to arrange repairs, then renting is for you.

Finally, if you are feeling risk-averse then renting rather than buying could be a good option. There is no investment to lose plus you know exactly how much your monthly outgoings will be each month. This is exactly why renting is so popular.

• Importance Of Picking The Developer When Purchasing For Buy-To-Let

• How To Be A Good Landlord For A Successful Investment

• How To Generate A Good Rental Yield

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1. Paperwork

Has the tenant signed the tenancy agreement? It is advisable to give a copy of the agreement to the tenants as soon as an offer is accepted to allow sufficient time for them to read it and raise any questions that they may have. Give the tenant a copy of your signed agreement and try to retain the originals.

2. Clean

Make sure that the property is cleaned prior to the commencement of the tenancy. This will start the letting off on a good footing and will make it easy for the tenant to move in and start unpacking. Remember to get all soft furnishings cleaned too such as curtains.

3. Keys

Ensure you have enough working sets of keys to give to the tenant and check that any new keys that you have cutwork. Don’t forget to also include key cards for the building and mailbox keys too.

4. Utilities

Close any utility accounts and take meter readings for water and electricity on the commencement date of the tenancy. Even better still take photographs of these to send to the tenant as proof to avoid any future disputes.

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5. Funds

The rent and deposit need to be paid in cleared fund ahead of the tenancy. The amount of which will depend on the terms you have agreed, but one month’s rent and a one month deposit is standard.

6. Point of contact

Whether you are managing the property yourself or have employed the services of a managing agent, don’t forget to give the contact details to the tenant so they know who to contact in case they need to. Check with the tenants what the best way is to get hold of them too, whether this is by phone, email or a messaging service like LINE.

7. Bank details

Advise where the tenant needs to pay their rent to and confirm the rent due date. You can even ask them to set up a standing order to ensure there are no delays in payment.

8. Check-in

Issue the tenant with a copy of the inventory with a list of all items in the property and their condition. Carry this report out as close to the start date as possible to ensure its accuracy and request that they confirm its contents so that it can be used to return the deposit at the end of the tenancy

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Due to the appeal of owning a slice of Thai property, there is a rising number of developers who are all vying for your business. Whether you are buying off-plan or purchasing an already built property you should always carry out your due diligence first.

Should you be considering an off-plan purchase be wary of handing over a large initial deposit with a lesser-known developer. Some developers will only fund the build of the property with sales of the units which is a risky business model.

The larger developers will offer favourable payment options and will have the capital to hand to not solely be relying on presales providing peace of mind for your investment.

• Rental Techniques For Quick Profits: Start From “Location”

• 7 Photo Tips For House And Condominium Rent

• 14 Rules For Daily Rent Investment In Holiday Homes And Condominiums

Fortunately, in Thailand, the leading developers already have an impressive property portfolio across all their brands. This makes it very easy to check their building quality and longevity of the property.

It is straightforward to visit any of their previous properties checking the communal areas including the lobby and facilities such as swimming pool, gym or gardens. If you can also visit a unit in the building too then this will help in assessing the developer’s track record. Even better still, speak with agents who should be able to give helpful insight on developers too.

As a buy-to-let investor, you want reassurance that your property will let well now and in the future for a healthy return. A property that lets well is one that is in a good location and that is well maintained and looked after.

Reputable developers have an impressive team backing the success of each building. They will do extensive research when cherry-picking a location for future projects to ensure its success. Plus they will build the right sort of property for that given location, such as a luxury property within an already prestigious area.

Remember developers have their name at stake, they will want to ensure a property’s longevity which will bode well for your investment too.

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Solo living and housemates both have their perks. If you prefer your own space then, fortunately, the market is awash with smaller properties suited to single occupiers. From studios to one-bedroom units, developers have been quick to cotton on to this growing trend and there are a host of properties you can cherry-pick from.

However, if coming home to an empty property is not your thing, then a housemate or two is for you. Should you be new to a city then you have the social advantage when living with others.

Theoretically, they should share the same mindset, so a ready-made group of friends is a great way to start your new chapter in life whilst you find your feet. Not only do they provide you with comfort, but they are also a walking guide book to provide knowledge to aid in your everyday life, such as how to get around the city, where to find the best latte, gym, supermarket, etc.

• How To Choose The Right Agent For Your Search

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The next advantage is of housemates is that they split the load. Whether this is finding a property if you are not replacing a housemate of an established home, paying the bills or sharing the chores. Utilities such as the Internet, television and telephone packages can be divided lowering your monthly outgoings.

Another huge benefit of choosing to live in a shared home is location. In some cities, the smaller units are all clustered together with a short commute to popular areas. This is done for the sake of profitability so many developers earmark locations that they expect to perform well and fit as many smaller units in the building as is feasible.

If you are looking to share with two or more people, then you can even consider a family-sized unit. Many older buildings have three or more bedrooms and ample living areas meaning that despite living together you will not be living on top of each other. Larger units can also be found in central locations close to schools and workplaces, meaning that you can enjoy a central lifestyle.

In fact it takes a bit of legwork to get to this stage. Start the letting off on the right footing and it won’t be long until you reach this goal. 

To boast your rental yield and enjoy your property’s potential profit you want tenants to stay in the property for as long as possible to minimise any void periods. As a landlord you will have a number of obligations as set out by local laws, but there other pointers to consider too.

• 6 Tips On Making A Small Condominium Feel Bigger

• Which Is Better: Short Or Long Term Lettings?

• Thailand For Expats: A Property Rental Guide

First and foremost, as soon as you can introduce yourself to your new tenants if you have not already met. Build a rapport from the outset whether this is by phone, email or SMS.

This is also the opportunity to find out what is their best form of communication whether you are managing the property yourself or have employed the services of a managing agent. You want to make sure that you are always contactable to assist with any queries.

Deal Directly 

If you deal directly with the tenants then find out what their best form of communication is, whether this is a phone call, email, SMS or instant messaging channel like WhatsApp or LINE. By being quick to respond shows your attentiveness as a landlord, which is especially important in emergency cases.

And if you are unable to answer their question, then acknowledge the request and state you will get back to them as soon as you can. Show your tenants that you care.

Where you can be flexible to their requests. Of course if you are feeling that they are asking something that is not reasonable then do not be obliged to just say yes, but carefully consider everything that is asked of you. Remember tenants that are happy are likely to stay longer minimising any reletting costs.

The tenants

If your tenants ask for a new television but the one in the property works fine, you are unlikely to consider this. But if they are asking to make an improvement to the property which needs to be done anyhow, or they want to put their own sofa in the property or even paint the bedroom, then think about these especially if it increases the value of the property.

Tenants who put down roots are less likely to move on if they have made your property their home so many landlords help their tenants achieve this.

Lastly don’t forget your responsibilities. Be quick to make any repairs especially if any delay in getting it fixed could cause further damage.

A property that is in good condition is more likely to attract tenants who will look after it. Start the relationship well; hand over the property at the beginning of the letting in the condition that you would wish to receive and it will bode well for your investment.

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Long term tenancies are lets over six months, whereas short term lets can range from a number of day or weeks up to six months. The general rule of thumb is the shorter the letting the higher the rent which appears to be a more lucrative investment.

However, there are a number of things you should consider with short letting lettings before choosing this option.

1. Is it permitted?

First and foremost, are you allowed to rent your property on a short term basis? Online portals such as Airbnb have become increasingly popular over the years for both consumers and for property owners.

The result is that some countries are clamping down on short term lettings so as not to negatively impact the hotel industry, whereas in other countries the legality is still a grey area. It is advised that you check the press for recent news stories to get updated information on the situation to see what your options are.

In Thailand for example if your condominium does not permit short term lettings then you must abide by these rules. Singapore, on the other hand, has placed a blanket law not allowing lettings under six months.

2. Amount of furnishings.

A short term let offers convenience for the renter. Therefore, everything needs to be provided down to bedding, towels and teaspoons. The occupant is going to want to turn up just with their suitcase in hand but still enjoy hotel like luxuries. These extra furnishings add to expenses, and you will need to bear the cost of replacing these too.

• Thailand For Expats: A Property Rental Guide

• Renting In Thailand What You Need To Know

3. All inclusive.

Short term rents are inclusive of all utilities such as electricity and Internet. This is one reason for their marked up rent as you will need to estimate how much an occupier will use. Internet packages tend to be a set amount regardless of usage so this is easy, but electricity and water are charged based on usage. Occupiers who aren’t liable for these costs tend to be less conscience of how much they consume and might leave the air-conditioning and lights on when they are not at home.

4. Void periods.

Long lettings are less susceptible to void periods than short term lettings as there are fewer changes of tenants. Between tenancies there will be gaps dictated by demand and also to get the property ready for the next tenant. During this period no rent will be generated, so you might find over the course of a year the same total rent is generated for a short let than a longer let with no voids.

5. Additional costs.

Cleaning in between tenancies, lettings fees and the cost of someone to welcome tenants for short term tenancies are all additional costs that short term tenancies incur. These are also labour intensive and are another reason some landlords shy away from short term lettings.

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Calculated by dividing the annual rent by the purchase price will produce the yield, a figure you want to be higher than the return you may receive an on an alternative investment such as parking your money in the bank.

How do you generate a good rental yield?

But how do you generate a good rental yield? Well, the process starts before you even buy the property as you need to make sure you pick one that lets well. A vacant unit is one that does not produce an income.

First, you need to decide on your target tenant and buy a property to suit their needs. For example, if you are aiming for young professionals, then pick a location with a quick commute to popular workplaces or an area that is a fashionable hang out for this demographic of society.

If you are buying a two-bedroom property, then remember that two sharers are going to want similar sized bedrooms so consider this before you part with your cash. And, if you are wanting to the buyer a larger unit suitable for families then a short distance to educational institutions is a must. 

By buying the ‘right’ property means that it will let quickly. You want minimal void periods between tenancies as this will influence your yield. Speak to your local agent to find out what property is most in-demand and which lets the quickest. This will help you work out the best property for your investment. 

Once you have secured the property, think about the presentation. Many tenants are time short and will quickly scroll through potential listings on their smartphone on the way to work, so if your property looks good it will photograph well too. The more people that view the property, the quicker it will rent and the sooner the rent will start coming in to boast that yield.

• Rental Techniques For Quick Profits: Start From “Location”

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Property in a popular location

If your property is in a popular holiday location, you may even consider short term lettings suited to holidaymakers. Short term lettings warrant a higher rent, but they are also more labour intensive and could experience longer void periods between lettings. Take time to work out what the best strategy is for you and your property.

Once you have good tenants: keep them! Having long term happy tenants is key to keeping any investment property ticking over. It will reduce any reletting costs and any losses in rents in between tenancies. If they want to paint, put up shelves or have items of your furniture removed, consider all of these requests. Tenants who want to put a mark on a rented home are more likely to stay longer which is a win for you as a landlord too.

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1. Go green

Adding plants to your home is easy, plus you can take them with you when you go. They immediately bring warmth to a room and can benefit your health too as some have air-purifying qualities ideal for city living.

2. Lay a rug

Rugs are comfy underfoot and look easy on the eye too. If your home is lacking colour this is one way to brighten it up quickly. Opt for a big one in your living area to make a small space feel even bigger.

3. Hang artwork

If your landlord permits you to hang artwork then this can quickly become the new focal point in any of your rooms. Place your prized price behind your bed or above the sofa for the real wow factor.

4. Pick a mirror

Mirrors come in all shapes and sizes. From an ultra-modern oversized round one to an antique coloured wooden framed Tibetan mirror. Just like artwork, a mirror instantly transforms a room and reflects light to make it feel bigger too. 

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5. Add soft furnishings

Whether it is a new set of curtains at the window, some fluffy cushions on your sofa or a luxury velvet throw on your bed for that five-star hotel feel, soft furnishings bring style to your home that reflect your personality.

6. Paint

Depending on your landlord you may consider painting one of your rooms. Check with your landlord beforehand and whether you will need to repaint to the original colour before you move out too. Many rented homes are white which creates a neutral canvas but a light grey in the living area will bring it warmth, and a dark blue in the bedroom to create an ideal sleeping environment.

7. Invest in bespoke furniture

Whether you indulge in a comfy armchair, pick a contemporary sideboard or a pretty Chinese chest, furniture can bring character to a room regardless of its size. When picking a new piece remember that whilst you want it to fit with your current home it also needs to work in any future places too.

8. Light up with floor lamps

Many homes just have overhead lighting, but pick a floor lamp to create a romantic evening warmth and to inject some personality into your home. There is a huge range on the market to suit your needs, from industrial looking black ones to elegant desk lamps if you are limited on space. 

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Data from DDproperty Property Index Q4 2017 Report

Locations with highest property growth

Prosperity – in terms of infrastructure, employment, or education – is the key factor triggering property seekers to inhabit in such locations, supplied by developers whose interests also lie in promising areas. Bangkok, the bustling capital city, is where developers compete relentlessly for a plot of vacant land, or an old building which can be refurbished into a brand-new residence, to build a condominium project or a housing estate depending on the location’s setting. According to DDproperty Property Index, Bangkok property market has been analysed and summarized as follows:

1. Watthana District remains the most sought-after location for condominium development
2. Lat Phrao District is found to have the most townhouse projects
3. Khlong Sam Wa District consists a large number of single-house housing estates

Though these three districts are among developers favourite locations to launch new project, which in rental market means a higher number of interested property seekers, be concerned that you have to compete with a great number of investors as well.

Bang Na District has 75% property growth rate within 3 years

Revealed golden locations with high rental returns

After knowing top locations for condominium, townhouse, and single house supplies, investors need to observe the price growth of each property type which correlates to rent price. Statistically, condominium is found to have the highest price-per-square-metre growth, compared to townhouse and single house. And the two following locations reveal the highest price growth for property in the past few years.

1. Chatuchak District – 5% growth in residential property price compared to period at the end of 2016. Condominium prices on this location range from 120,000 – 180,000 baht per square metre. One-bedroom units have the highest rental demand and can fetch 520 baht per square metre monthly.

2. Bang Na District – 3% price growth in property, surpassed that of Phra Khanong District. The average condominium price on this area is 85,000 baht per square metre, with the average rent price rounded at 475 baht per square metre monthly. Bang Na Zone has seen mounting developments in recent years; being eyed by developers and investors, this maturing territory is a gateway to Eastern Economic Corridor (EEC) and found to have property growth at 75% within the past three years, according to DDproperty Property Index.

Techniques to quickly earn rental profits from houses and condos

Techniques to quickly earn rental profits from houses and condominiums

As we have understood that “Location” helps contribute our long-term profits, next, we need to consider some technical aspects which strengthen our profitability in real estate rental market.

1. Choose houses or a condos promising for increased value in the future. This can be a condominium near a mass transit line or major department stores, or in the form of mixed-use development where residence, office space, and retails merge in one project.

2. The property needs to look new and clean especially secondhand properties purchased for rents. Old buildings decay through time and it’s your job to check the electrical wiring, bathroom sanitary, or even the wallpaper condition – in order to fetch a satisfactory rent price. A little affordable decoration could be added to achieve increased profits.

3. Choose the property size concerning the needs of your prospective tenants. Thai citizens often look for a Studio or one-bedroom, while foreign expats normally prefer a two-bedroom, or in some case a single house, to accommodate their migrated family.

“Investment” is always risk-bound, but with thorough consideration on important aspects and some techniques adding values to the investment, the profits can be achieved without much difficulty.

Read more insights about Bangkok property market, check out DDproperty Property Index Report and DDproperty Property Market Outlook Report . 

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7 Photo Tips for House and Condominium Rent

1. Splash your room with natural light
As the owner, you probably know which directions the sunlight usually comes from. Open up the curtains and have your room bathed in natural light, and If possible, try using a softer light in the morning or early evening because afternoon light could be too strong and blow your room up in white colour. Using natural light will result in more appealing pictures compared to artificial lights.

2. Clear with complete Details
Clean you room to remain essential furniture in the pictures only. A neat room with well-organised furniture is more attractive than a messy room with unnecessary items on the floor. Cleanliness can psychologically stimulate viewers’ desires to live in from the sense of hygiene. The pictures should be simple and include necessary furniture, and make sure they aren’t blurred.

3. Include every room
Make sure your pictures include every room in the unit, whether it’s the kitchen, dining area, bedrooms, bathroom, balcony, etc. The more pictures you have, the more renters can feel attracted to your room, but don’t provide too many pictures as it could annoy viewers to the boredom. Normally, you should have 15-20 pictures if it’s a condominium unit, and around 25 pictures if it’s a house.

More insights about real estate investment in potential locations Download DDpropperty Property Index Report here and DDproperty Property Market Outlook 2018 Full Report here 

4. Close up on some decorations
Aside from having wide-angled pictures which reveal your entire room, you can have a few close-up pictures on some décor items to liven up the moods of the unit. It could be the bookshelf, the kitchen pantry, or even your lovely garden in the balcony. These small details can help the room to look cosy and inviting.

5. Facilities Pictures
Your advertised pictures should include the facilities as well. Some developer websites provide only a few or, in worst case, none of the facilities pictures, it is your job to show every facility to the viewers because it is also part of the living that they need to consider. If the developer website happens to provide only Perspective (or simulated) pictures, you should take them again at the actual site to deliver realistic impressions for the viewers.

6. Check with friends before posting
Unless you’re a professional, try gaining feedbacks from your friends by let them see the pictures before posting online. Tell them to be straightforward about comments so you can provide viewers the best pictures and potentially find renters shortly. This tip is effective for the beginners and, most importantly, it’s free!

7. Put highlight of the unit/house as the first picture
The first picture of your unit’s album should be the best one, of course, but what is it? In general, the living room can be used as the first picture as it’s the room people spend most of their time in; it also conveys a sense of relaxation and comfort through its space that draws viewers’ eyes in a wide angle. In spite of this, a master bedroom can also be used as the first picture – as long as it creates a greater impression.

After having a complete album of your unit, it’s time to post them on advertising websites with descriptive details. Some may be considering whether or not to hire a photographer, the answer depends on your budget and how luxury your unit is. If your budget is limited and the unit is in the medium or low-end segment, taking pictures by yourself is a reasonable choice – there are many tutorials online nowadays that teach you for free; but if your unit happens to be luxurious, plus you don’t have any financial difficulty, hiring a photographer is a good choice considering the returns that you will receive later when you find the tenant.

Advertise property for rent here, Mortgage Calculators and read more tips about how to furnish your room before rent  

The reason why daily rent condominiums receive more protests is because when there are daily rent practices in a condominium project, the existing residents would have to be around unfamiliar newcomers, and that significantly lowers the sense of security.

Remember: daily renters can also use the facilities and walk freely throughout the project. A greater population in a project also makes it difficult to maintain the security level – meanwhile holiday homes only occupy less than ten residents in general.

In Bangkok, daily rent in condominiums is even more unwelcome as the majority of residents are long-term dwellers. However, daily rent in condominiums is not that serious for most provincial tourist destinations. Tourist destinations where there are potential protests for daily rent in condominium projects are places with high real demand (residential demand, not demand for investment).

Chiang Mai is one of the examples where real demand is high in many projects. In one case, a protest against daily rent had forced the juristic office to form a new policy: fingerprint scanning for entries (to prevent daily rent practice as it is inconvenient for the room owners to scan their fingerprints daily for their tenants); as a consequence, they resumed the monthly rent practice.

Investors who aim to rent out properties in tourist destinations should take this information into concerns, especially if the property is not under the administration of the juristic person office. To list down what you need to concern before initiating daily rent investment in holiday homes and condominiums, follow these 14 rules.

14 Rules for Daily Rent Investment

1. Invest in the furnishing and embellish the room to have a hotel-like appearance would help drawing interests from the tenants and raise the rent price to a decent level.

2. In a project, there are a mixture of dwellers and investors – a large portion of dwellers could lead to a protest against daily rent practice.

3. In some projects where there’s no juristic person office to provide service, online media is the main channel for your room advertisement.

4. Popular beachfront destinations like Cha Am and Hua Hin has high demand for daily rents especially during weekends. Other tourist destinations like Khao Yai and Chiang Mai have high demand for daily rents during high season (October – February).

5. Concern about how you will hand the room key to the tenant.

6. Consider about cleaning expense: who will do it and by which method? how much is the cost per cleaning? Consider whether to add cleaning expense to the rent price, otherwise it would increase the initial cost and you would have to reassess the worth of this investment.

7. Who will prepare toiletries, towels, and other basic supplements for the tenants.

8. How many parking lots available for the tenants? Where should the tenants park if there are several cars? Who is responsible for the parking fee?

9. Beware if you hire a local agent to find tenants. Booking mistakes could occur if the agent has too many customers’ rooms at hands.

10. Find measures to prevent damages or loss of properties in your room.

11. Who is in charge for repair and maintenance, including all appliances in the room?

12. In case of black out or air-conditioner failure, how will you handle the problem? (In hotels there are plenty of rooms to switch, but for owners of condo units the number of room is limited)

13. If the tenants are dissatisfied with the room, they can write a review on the online media, which would discredit your reputation.

14. If you advertise your room on a reputable website, how will you overcome the language barrier if the interested customers could not speak English.

These fourteen pinpoints are just a summary of what daily rent investors need to consider. By using our information, if you are confident the investment is going to be profitable, don’t hesitate to start taking actions; but if the amount of risks seems to exceed the opportunity to succeed, a consideration should be taken thoroughly.

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1. How to deal with a tough and stingy landlord
This is perhaps one of the most common issues that tenants may face. The landlord that refuses to make necessary repairs and maintenance to their rooms such as replacing worn out things, dealing with water leaks, fixing the AC that is not cool or even dealing with termites because they don’t want to pay! By law, it is the land lord’s sole responsibility to carrying out all necessary maintenance and repairs to their property where the damage and deterioration is not caused by the tenant doing throughout the contract’s duration. Therefore the land lord cannot refuse to make repairs nor push over the cost to you.

2. Accept the penalty fee
It is normal for every tenant to accept the terms and conditions set forth in the rental contract including placing deposit money. Most tenants may find that they didn’t get their money back or may find that a large chunk have been deducted from the original sum. Tenants may be penalised for breaking or damaging things in the room such as torn mosquito nets, leaving deep scratches on the table or drilling holes in the walls. These conditions are clearly set forth in the rental contract in accordance to the Thai Civil and Commercial Code section 546-563, carefully read them. Once you have signed the contract then you are obligated to it. The only way out is to not damage or destroy anything.

3. Issues with the central management
Problems with the building’s management not only causes headache to tenants but also to the room owners also. Owners pay an annual maintenance to fee to the central management to pay for the property’s upkeep and improvement. However, it is not uncommon to find that management has failed to provide adequate maintenance and repairs to the building. Leaking water pipes, broken light bulbs or even smelly drains are some issues resulting from poor maintenance. If this is the case, tenants and owners can refer to Section 48 Part 3 that states that “collecting annual maintenance fee from members for maintaining public utility, estate management have the duty to provide maintenance and repairs for members”. It is necessary for tenants to get the respective owners to lodge complaints with central management.

4. Stealing parking space
This is one of the most frequent problems that condominium tenants have to face and have caused a lot of aggravation to many people. This is because most condominium does not have enough parking spaces for everyone in the building. If you want to avoid this problem, you may have to start right at the beginning when you are considering a place to rent. The 7th Ministerial Regulation states that each condominium project must provide at least one parking space per family.

5. Not enough lifts and they are so slow!
This is another annoying issue for many condominium dwellers particularly during rush hour when everybody need to get moving. Thailand’s Building Control Act states that a building must provide one lift for every 100 units. However, this is relative lift speed. Buildings not exceeding 10 floors have a lift speed of 60 meters/ minute, buildings not exceeding 25 floors at 90-125 meters/ minute and buildings exceeding 25 floors at 120 meters/ minute. Each lift must have a load capacity of 630 kilograms minimum across the board. Each building must also have a fire lift.

6. The security guards
Many people may have gripe with the building’s security guard, from negligence of their duty, allowing non- residents to enter the building, allowing people outside to occupy the scarce parking space or using communal facility. If you face these issues you can inform the central management and have them deal with it. This is because legally, the central management has the full authority in managing every aspect of security with the premise of the property.

7. Smell of tobacco and food odor
Pungent food odors in the building usually originate from the kitchen as most condominiums have an open kitchen design, the smell of cooking can creep out of the room and bother other inhabitants, particularly when it’s Thai food. This is a bigger problem with older projects that lack proper ventilation system to deal with such odors. For the smell of tobacco, this may come from smokers smoking in prohibited areas as every building is required to have smoke detectors and are required to vent 140 cubic meters of air per hour out of the building. If you face the problem of tobacco smell from other rooms bothering you, you can inform central management to deal with them.

8. The pain from pets
This problem usually occurs in condominiums that prohibit keeping pets but the stubborn neighbor refuse to oblige and the noise, or even the odor, may bother other people. Central management has the authority and responsibility in deal this issue for you in accordance with the Public Health Act 1992 which states “any act that causes annoyance to other people living close by can be considered public disturbance according to section 25”.

9. Inadequate rubbish collection.
According to the 50th Ministry Regulation 1997 require every condominium to have an area set aside for rubbish deposit with a minimum holding capacity of 2.40 liters on every floor of the building with adequate system to contain foul smell. If the building that you live in does not comply with this regulation, tenants can inform the owner to lodge a complaint with central management.

Knowing your rights that is set forth by law and knowing how to deal with the problems properly can help solve many annoying issues. But it is best to choose carefully when you are looking for a new place to stay. It is advised for you to take the time to look for newer projects that have modern security, good public utility, efficient and competent central management and also a friendly land lord.

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Location

The most important concern is in the location, not only in terms of the project’s coordinate but also the unit’s location on the floor plan. A condominium unit that’s appealing usually have some of these characters: close to a mass transit, next to the main road, near lifestyle amenities. The unit’s position on the floor plan is also critical. Avoid buying a unit close to the trash room and select one that offers a great view, perhaps on the high floors, would make your unit more attractive. Study the floor plan to know which direction your unit is facing toward is also beneficial, as you can describe the unit deeper in detail for the property seekers. For example, “the unit is facing toward the east, so the sun would brighten the room in the morning and leave the room cooler in the afternoon.”

Tenants

Knowing your prospective tenant is necessary and it correlates with the project location. Before you decide to purchase a condominium unit to rent out, consider who your potential tenants are. If the condo is located near an educational institution, your tenants would most likely be students. If it is located at the heart of the city, then your targets are working people and foreigners. Knowing your target group would help you finding the right advertising channel. Broadly there are three channels to find tenants:

• Advertise on property websites or spread the information verbally with the people you know which take no cost.
• Find an agent to help finding the tenant in case you are too busy, but it comes with an expense for the commission
• Inform the juristic office who would, in some project, help to find a tenant and collect the rent for you. However, the ceiling rent price might need to be conformed to the rule. Make sure you read their terms and conditions clearly.

Advertise your property FREE !!

Rent Price

Make sure your rent price is reasonable by observing the same unit type in other projects. One way to have a high rent price without overstepping the standard is to have your unit furnished. Besides a higher rent price, a furnished unit is normally more desirable than a bare room; most tenants want a room that is ready to live in. In the meantime, you need to make sure the rent price is not set too low, otherwise you would earn too little as you should. If you can’t come up with an exact number, then leave it to the juristic office who has a standard price and assist you in rent collection.

Mortgage Loan   

Besides paying a full amount at once, you could own a condominium unit while repaying a mortgage loan borrowed from bank. In the meantime, say you already have a tenant, you could use the monthly rent earned to repay the mortgage. If the rent earned is higher than the monthly installment, then you would earn a small profit each month; on the other hand, you will be running a loss if the monthly rent is lower than the monthly installment you need to pay the bank. In this case, make sure that you have other sources of income, otherwise debts will be incurred. Before applying for a mortgage loan, you also need to pay a down payment, at least 20% of the unit price, as bank has a limited credit line.

With these four concerns we hope readers to gain more insights and eventually embodied a higher confidence to buy a condominium unit and consequently rent it out for a decent return. Every step is vital, make sure you had the best one.

The article is written by Nitchanee Chantasart, CFP of Kasikorn Bank, and translated by Sitth Chongprasobtam

Tenants who are students will most likely prefer locations which are near to their schools, while tenants who are families with young children will prefer a neighbourhood with playgrounds, parks and other amenities which would provide for a suitable environment for their children to grow up in.

There is also the issue of the term of lease. Some tenants may only be looking for a temporary place to stay as their own homes may be undergoing renovation works, or they might be in the process of moving to a new home that isn't ready.

Others may be looking for a property to reside in indefinitely. Therefore, since there is such a wide range of tenants to choose from, it is up to you as the landlord to decide what type of tenant you want.

There are four basic guidelines that landlords should keep in mind when furnishing a rental property for prospective tenants.

Four basic guidelines  that landlords should keep in mind 

Consider what your tenant will most likely need.

When you begin preparing an apartment or a house for leasing, you have to consider what your tenant will most likely need. Be prepared to fill it with basic furnishings and fittings such as kitchen cabinets, a washing machine and a gas stove.

You should also be prepared to replace things which are no longer in a suitable working condition, such as light bulbs, showerheads and doorknobs, or to install additional fittings - for example, if you think a room is too dimly lit, you should install additional light fixtures. At the very least, tenants will look for an apartment that is clean and where everything is in a satisfactory working condition.

It is important that your prospective tenants are able to imagine themselves living there. Remove any personal items from the rental property and be prepared to invest in a paint job. It is advisable to paint the apartment or house in neutral colours, as you never know what your prospective tenant's colour preferences are like.

Also, in the event that your tenant does not renew his or her term of lease, it saves you the trouble of re-painting the property for the next prospective tenant.

Be prepared to answer lots of questions.

Tenants may ask questions regarding anything from bus services in the area and neighbourhood schools to how the kitchen appliances work.

While it is not recommended that you hover in the background as prospective tenants view your property, you should make sure that you are readily available to answer their questions.

Be flexible with rental home viewings.

Interested tenants may visit at all times of the day, so try to be as accommodating as possible, especially if a prospective tenant visits more than once. This could be because the tenant is trying to gain a feel of the neighbourhood at different times of the day, or that the tenant has become confused after viewing several rental home options in a short period of time.

Do not object if prospective tenants take pictures of your rental property.

This is to help them remember how your property looks like, more than anything else. Most tenants and buyers view plenty of homes before choosing one and it may get difficult for them to remember how a property looks like after viewing several options in one day.

With a surplus of people looking for homes to rent, landlords in Thailand cannot truly afford to be picky if they have intention of making some money.

Regardless of whether you live in the house with the tenant or not, there are certain things you will need to do on your part to ensure that your tenant is comfortable. Think of your home as a hotel and you as the concierge, maintenance person and security and you might understand just what being a landlord entails.

1. Equality: In Thailand, some landlords tend to adopt a racial stance by insisting that only if the potential tenant is of a specific race, should he then apply. For a multi-racial society, not only is this sad but unethical and racially insensitive. All applicants must be considered and reviewed based on merits and characteristics and not on something as superficial as race, profession or age.

2. Fix her up: Some places that are being rented out look worthy of a demolition ball. Even if it is an old building, you as the landlord need to ensure that the unit you are renting out is liveable. This means it has to be clean, has proper sanitation, electricity, light, space, free of dust, pests and possibly more. If you cannot see yourself living there, then you should not impose such poor conditions on someone else.

3. Improvements: Just because you're not living in the house does not mean you should not improve it. Your unit is an investment and investments grow when its value is enhanced. Besides, if you intend to increase the monthly rent, justify it by adding new features your tenant would benefit from. Of course, before you do this you will need to alert or discuss with your tenant first. As the person who is paying and living there, your tenant has a right to know of your plans for the home as it will directly affect him.

4. Expectations: If you expect your tenant to take care of your unit and be of a certain standard, then you will need to set that standard by treating your tenant as a customer and as a fellow human being instead of just a monthly pay check.

5. Listening ear: Check up on your tenant from time to time. Find out if he is comfortable, if everything is working and if he has any problems. If you can assist with things pertaining to the home, do it. The importance of listening to your tenant cannot be adequately explained. Just remember the hotel metaphor and provide your tenant with good customer service. After all, if he is happy, so are you.

6. Deposits: Unless it was explicitly stated in the contract and made known verbally to the tenant at the point of signing that all deposits will be used for any upkeep or maintenance that is directly the fault of the tenant, you must never hold onto the deposits and create new rules to keep it during the tenancy. Give it back when the time is up.

Being a good landlord is easy. All the above guidelines are basic human courtesies we would extend to relatives and friends so remember to do the same with someone who is your customer.

Be organized

Write down all the items that you intend to move to your new place on a notepad and keep it somewhere you can find it. Start packing these items early so that you save time for other tasks closer to the moving date. For those unwanted items, organize a garage sale and sell them off at discounted prices. This is a good way to make some extra cash.

Get packing supplies 

Collect lots of discarded boxes and buy some strong adhesive tape to pack the items so that the contents don't fall out when transporting. Use newspaper or bubble wrap to cover breakable items like glasses, plates, paintings, and sculptures before placing them in the box.

Avoid confusion 

Each family member should have their own box to place their personal belongings inside. Examples of items they can put inside include bed sheets, towels, toys, and stationery. Ask them to label the boxes clearly so that they can retrieve it easily.

Choose your movers wisely

Make sure you get good movers who are professional and responsible because they will be handling your most prized possessions. Do your own research. Check the yellow pages for moving companies. Call them up and set a time and day for them to come to your home for an on-sight inspection. This is to help them quote a price.

Don't just hire the first mover who has given you a quote. Call a few more companies so that you can compare prices and services. In addition, ask family and friends for recommendations of good movers.

A good moving company will take care of your personal belongings and will help pack and unpack electrical items such as computers, televisions and light fixtures.

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It is important to know what you want in order to find the right rental property, even if you are only renting a property temporarily while your current home is undergoing renovation works, or if you are in the midst of moving to a new home.

While your real estate agent, if you have opted to hire one, will ensure that you are able to find a suitable place to reside in temporarily, it wouldn't hurt to make your own list of things you are looking for in a rental property - and to tick them off as you go.

• Budget: This is first and foremost the most important thing you will need to consider before anything else. Determining your budget will help you determine the type of rental property that best suits your needs, within your limitations, and should effectively stop you from falling in love with a property that you cannot afford.

Having a budget in mind does not only mean taking into account your future expenses for renting a property, but also looking at the price that rental properties typically go for in the location you are considering. This will mean that you have to do some research on the matter, especially if you already have an ideal location in mind.

• Location: Location is probably the most important factor for you to consider if you are bringing a family along. If you have children, you will need to look into the matter of schools.

Since it is likely that you will not want your children to transfer to different schools when you move to a temporary home, you will need to consider if the location of the rental property poses an inconvenience to the amount of distance your children will have to travel to school and back each day. This is especially important if you are planning to stay in your temporary home for a significant period of time. Also, you have to consider the travelling distance and time to your workplace.

• Size and layout: Even if it is only temporary, you have to consider the size if the property you are renting. Can it fit all of your belongings? Is it of a size and layout that you are comfortable with?

If there is a possibility of you staying in your temporary home for an indefinite period of time, you will need to think about whether this is a space that you can grow into. Similarly, if you have a family with you, then you will need to take into consideration how many rooms you and your family members will need.

If there is not enough space for all of your belongings and you are determined to make this particular rental property your new temporary home, you will need to rent an additional storage unit. You will then have to calculate the cost of renting a storage unit and the duration that you will need the additional storage for.

As an alternative, you may opt to sell the furniture that cannot fit into your new rental home. This does not necessarily apply only to space, however; sometimes, you might find that a bed that you're bringing into your new home cannot even fit through the front door. These potential inconveniences should also be taken into consideration when deciding on a rental property.

• Facilities: Another factor to consider is the kind of facilities available to you and your family. For example, if you are renting a condominium unit, you should look at the facilities which are available to you, such as access to the condominium's gymnasium, swimming pool and enclosed car park.

If you are renting a landed residential property, you will need to look at the proximity of grocery shops, markets, shopping malls and sports amenities. If these facilities are what you are looking for and they are conveniently available to you, then the property is worth considering.

• Transportation: Is the location served by a large number of bus and other public transportation services? This is one question you need to ask yourself if the rental property you are eyeing is not located near your workplace or your school. If you have to change buses two or three times just to get to your destination, then it probably isn't ideal.
• Furnishing: Rental properties can be partially furnished, fully furnished or completely void of any furnishings. Moderately furnished rental properties are usually kitted out with light fixtures, air-conditioning and basic laundry and kitchen equipment.

Fully furnished properties more often than not include additional items such as beds, sofas and a television. It is important that you discuss with the landlord the level of furnishing that will be provided beforehand and how much it would cost.

• State of the property: Inspect your options in person. Check if there are any signs of a leaking roof or a pest infestation. You should also check if there are cracks in the ceiling or in the walls.

While this may not necessarily mean that the property is structurally unsound, you should bring it up beforehand with the landlord, especially if you still, for some reason, plan to rent it. Check with the landlord to see if he or she will take responsibility for the rectification works, if necessary, including expenses.

• Neighbourhood: When you do go for a rental viewing, make sure to observe the neighbourhood of the rental property you are viewing. If you are not tolerant of noise in the neighbourhood, you may want to make sure that the property you are renting is not located near basketball courts or soccer pitches or next to a busy road.

You should be sure that you are comfortable living in the neighbourhood that your rental property is located in, which means taking note of your closest neighbours as well. If you can imagine yourself living there, then the property is worth considering.

This is an informative guide regarding the formal procedures for tenants looking to rent residential property in Thailand. It is advisable that you enlist the services of a real estate agent, especially if you are still unsure of the procedures you need to go through. However, this guide should at least be able to give you an idea of what to expect.

Renting from a Landlord

Letter of Intent

A Letter of Intent is a formal letter presented by a tenant to a landlord, proposing an offer to rent a residential property. If the landlord signs the letter, it is taken as an official sign of acceptance.

The letter should dictate the tenant's intention to rent the property and his or her conditions. These conditions would most likely have been agreed on between the landlord and the tenant prior to the preparation of the Letter of Intent.

A term of lease, as depicted in a Letter of Intent, can range from 12 months to 24 months, with an option for renewal upon expiration. However, this is subject to any changes made to the rental price by the landlord, based on prevailing market rates, and the tenant may be required to give two to three months' notice in advance to the landlord if he or she wishes to renew it. The standard term of lease in Thailand lasts for 12 months and most landlords will not accept a shorter lease period.

The first deposit made by the tenant, also known as a good faith deposit or a booking deposit, usually amounts to one month's rent. When a landlord accepts the deposit, and has signed a tenant's Letter of Intent, he or she has essentially promised not to offer the property to lease to other prospective tenants until a Tenancy Agreement has been signed. After the Tenancy Agreement has been signed, the deposit can be kept either as payment for the first month's rent or as a security deposit.

A security deposit is a deposit made by a tenant after a Tenancy Agreement has been signed. It is kept by the landlord and is only returned to the tenant when his or her term of lease expires. While in the safekeeping of the landlord, the security deposit is not subject to any interest rate and should be refunded to the tenant interest-free.

However, the landlord reserves the right to deduct any expenses incurred should a tenant breach his or her contract or cause damages to the inventory. For a standard term of lease, the tenant is required to make a security deposit amounting to one month's rent. For a 24-month term of lease, the security deposit is equivalent to two months' rent.

The monthly rental price of the property should also be stated in the Letter of Intent. Other conditions or terms which should be stated explicitly in the letter include the level of furnishing, intention to sublet and occasionally, the ownership of pets, if any. It is important to agree on these details with the landlord beforehand, and obtain his or her written approval of the additional requirements in order to avoid the possibility of a misunderstanding taking place later.

Expatriates should look into including an expatriate clause to protect themselves in the event that they are no longer employed in Thailand or are transferred to another country. This clause should allow an expatriate tenant to terminate the contract after a period of 12 months, as long as two months' notice has been given. This will also restore to them their security deposit. However, expatriate tenants should take note that this clause is only accepted if the term of lease is longer than a year.

A Letter of Intent should also carry a clause specifying an expiration date. If a landlord does not sign the Letter of Intent within a certain period, the letter will expire and the landlord will then be required to return the booking deposit immediately.

Tenancy Agreement

A Tenancy Agreement is usually prepared by the landlord, or his or her property agent. It dictates the landlord's obligation to lease the property to a tenant, and both the tenant and the landlord are required to sign the agreement. The Tenancy Agreement is, in essence, a far more detailed version of the Letter of Intent. It is advisable to use the standard form of the Tenancy Agreement.

Any legal fees incurred during this process should be the responsibility of the tenant. However, if there are no amendments to be made to the landlord's Tenancy Agreement, there should hardly be any legal fees incurred.

The tenant is also required to provide the landlord with a copy of his or her passport and identification card or employment pass, if he or she is a foreigner. It is necessary for the landlord to verify that the tenant is allowed to stay in Thailand as the landlord will be deemed to have committed an offence if he or she rents out residential property to illegal immigrants.

Upon signing the Tenancy Agreement, the tenant must pay the sum of the first month's rent and the security deposit, less the booking deposit made with the signing of the Letter of Intent.

Some things tenants should look out for in a Tenancy Agreement are:

Tenant's identification details

Landlord's identification details

Terms of payment

This includes details such as the date the rent must be paid by for every month and the mode of payment.

Security deposit

This concerns the amount that is paid for every standard term of lease.

Inventory of contents

This is basically an inventory list, which is a supplement of the Tenancy Agreement. The inventory of contents lists all furniture and fittings in the rental property as they are in their present condition.

It has to be signed by the tenant when he or she moves into the rental property, as an indication that the landlord has provided the furniture and fittings as stated in the inventory of contents, and signed by the landlord will sign this list when the tenant moves out.

Be as detailed as possible about the size and layout of each apartment or house - for example, by taking note of the number of bedrooms and listing things you noticed and liked, or didn't like, about each place.

Also, take note of any areas which may seem to be a "problem area", especially if it is mentioned by the landlord. If you do decide to rent the apartment or house later, you can always use this as a bargaining tool during negotiations to lower the asking price.

Bring a camera with you. This is to aid you in your note-taking. Begin each series of photographs with a shot of the front door, or of the exterior of the house or the apartment, so that you know where each series begins and ends.

It would be good if you can draw up a list of criteria. This is especially helpful if you are planning to split the rent with another flatmate, who may not have the same preferences as you do and who is unable to attend the rental viewings with you.

This list will also help you to keep track of your needs so that you will be less likely to fall for a property that is not what you are looking for, even if it puts up an exceptionally impressive viewing.

Try to sort your criteria into two categories: which features you think your rental home should have, and which features you would like your rental property to have. While the latter aren't as important, they can serve as a bargaining tool during lease negotiations.

Check that the apartment or house you are viewing is structurally sound. You may not have to worry much about this aspect if you are renting an apartment, but it still wouldn't hurt to be sure. If you notice any problems, such as cracks in the walls or the ceiling, bring it up with the landlord.

If you do decide to rent the property in spite of any potential problems you spotted during its viewing, ensure that the problems are rectified before you move in.

Check that everything is in good working condition. This includes water heating systems, air-conditioning units, light fixtures, doorknobs, shower heads and locks on the windows and doors. If something needs to be replaced, check with the landlord first, in case he or she has already made plans for it to be rectified.

Bring a tape measure with you, especially if you are only looking for a temporary rental property. You will need it to ensure that most of your furniture can fit into the apartment or house. This means that you will also need to make measurements of the furniture that you will be taking into your temporary home first.

Don't just check out the property, check out the neighbourhood as well. You should take note of the people who live nearby, the proximity of certain amenities, such as clinics, grocery shops and markets, and the neighbourhood that the apartment or house is located in. If you think you will be comfortable living there, then be sure to keep that property in mind.

It is important that you make the estimate for your budget as accurate as possible. Some of the things you need to factor into the calculation are:

• Utilities
• Internet access
• Telephone line
• Electricity
• Cable television (if necessary)

Most of the things listed above aren't generally provided by landlords and if you enlist the help of a property agent, your agent will more than likely do the leg work for you. However, it is still useful to know what you will probably spend on and how much you will ultimately need to set aside.

Besides the monthly rent, the following is a list of additional costs you are likely to incur when renting a residential property.

Good faith deposit

The good faith deposit, also known as the booking deposit, is to be paid after the landlord signs the tenant's Letter of Intent. It is the equivalent of one month's rent.

Security deposit

The security deposit is paid after the signing of the Tenancy Agreement. It is usually paid together with the first month's rent, less the amount of the good faith deposit, immediately after signing the Tenancy Agreement. It will be refunded to the tenant upon expiration of the term of lease. The amount of payment to be made for the security deposit is usually specified in the Tenancy Agreement.