Long-Term Stability: Consider the EP holder's intention to lease for two years despite their pass expiring in one year. Evaluate whether they have a plan to renew their pass or secure alternative long-term residency options in Singapore after the initial one-year period.
Financial Stability: Assess the EP holder's financial stability and ability to fulfill the rental obligations for the entire lease duration. Request relevant documents, such as employment contracts, proof of income, or bank statements, to verify their financial capacity.
Rental Income: Evaluate the potential impact on your rental income and occupancy rate if you agree to a longer lease term with the EP holder. Consider whether the rental rate offered by the EP holder is competitive and aligns with market rates for similar properties in the area.
Flexibility: Consider your own flexibility and future plans for the property. Assess whether committing to a two-year lease aligns with your long-term goals and whether you have any plans for the property within that timeframe, such as selling or renovating.
Legal and Contractual Protections: Ensure that the terms of the lease agreement are clearly documented and address key considerations such as rental amount, lease duration, renewal options, termination clauses, and responsibilities of both parties. Seek legal advice if needed to draft a comprehensive and legally binding contract.
Ultimately, whether to proceed with renting to the EP holder for a two-year lease depends on your assessment of the tenant's suitability, your own objectives, and your comfort level with the arrangement. It's advisable to conduct thorough due diligence, communicate openly with the potential tenant, and seek professional advice if needed to make an informed decision.
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