Important Things to Consider Before Becoming a Landlord in Singapore

The idea of having a tenant who will cover the costs of the mortgage sounds great on paper. This situation makes owning a property seem like an easy investment. In reality, you must be ready to shoulder several fees and taxes as well as unexpected repairs. Not to mention, you must handle the stress that comes with it.

Renting out your property takes knowledge and experience. After a couple of years, you will know which strategies will work and which will not. In the meantime, consider these things before becoming a landlord in Singapore.

#1: ESTABLISH A SCHEDULE FOR SITE INSPECTIONS

Landlords cannot disturb the tenants’ home with unannounced inspections. Instead, landlords must arrange regular site inspections to ensure that the property is undamaged. You will be able to update your tenants if there are items that need replacement or repair during your visit.

With the tenant’s permission, it is a clever idea to arrange an inspection every six months. Inspecting the site will help you pinpoint or prevent severe damage. For instance, once floorboards start to rot, you will need to quickly fix the issue. Letting the problem brew for half a year may lead to ripping out the entire floor.

#2: BE PREPARED FOR PROPERTY TAXES AND MAINTENANCE COSTS

Additional fees such as property taxes and maintenance costs come with being a landlord. Most private condominiums have a monthly maintenance fee. This fee, charged by the management committee, is determined by your share value.

On the other hand, property taxes are progressive and are based on the Annual Value of your home (AV). The AV is the estimated gross rental income of your property per year. It is determined by a valuation from the Inland Revenue Authority of Singapore (IRAS). Educate yourself about it.

#3: KNOW THE TAX DEDUCTIBLES

In case you are not familiar with the regulations, mortgage interest is tax deductible. The interest rate on the mortgage loan is tax deductible only if the property concerned yields income. Likewise, maintenance costs for the property are tax deductible. This can be more complex because you need to list all the items and costs of replacements.

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To check out the list of deductibles, you may go to the IRAS website. You should have a good understanding of what you can claim as a landlord. If you are uncertain, you can always ask a property agent or a wealth manager for professional help.

#4: BRACE FOR THE IMPACT OF VACANCIES

You cannot expect that there will always be rental income to cover the cost of the mortgage. A period of vacancy can happen for a variety of reasons such as the economic constraints of the pandemic, the tenant’s inability to pay for rent, the tenant will move back to his country, or the tenant’s decision to purchase his own flat. You will need to bear the mortgage without the rental income when vacancy occurs.

Moreover, do you have the capacity to service the loan if your monthly loan repayments are greater than your rental income?

#5: HAVE AN EMERGENCY FUND

The situations stated above highlight the importance of setting up an emergency fund. Keeping six months’ worth of mortgage payments in the emergency fund is recommended. If you do not have it now, you can build your fund over time.

Your fund will give you sufficient time to find solutions in case you are faced with unpleasant scenarios. This will also help you deal with emergency repairs such as broken pipes and non-functional air-conditioner.

Sources: 1 & 2

 

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How To Succeed as a Dual-Career Couple in Singapore

It comes as no surprise that the relationship between life partners has an enormous impact on their professional lives. Sharing a life with someone entails that you are each other’s support system. Moreover, you must take your partner’s ambitions, needs, and wants to account when making decisions.

Career decisions affect how you manage your household. In Singapore, dual-career couples are becoming more of a norm. The Department of Statistics released a population census last 2021, which highlighted the current labor trends in Singapore.

The last decade has seen an increase in the proportion of resident married-couple households with working wives and an increase in households with spouses who hold equal qualifications. The proportion of resident married-couple households with spouses holding equal qualifications elevated from 44.3% to 46.6%.

Let us put our focus on dual-career couples. Dual-career couples were the largest group among married couples, increasing from 47.1% in 2010 to 52.5% in 2020. This significant increase was observed across all age groups. It is understood that resident married-couple households with both the husband and wife employed earned more. In fact, they earned a median monthly combined income of $11,101 in 2020. This is higher than the median monthly income of households with only the husbands were employed ($5,070) and those with only the wives were employed ($3,213).

As more households adopt the lifestyle of a dual-career couple, here are some helpful tips that can guide you through the journey.

#1: COMMUNICATE EFFICIENTLY

One of the main ingredients of a successful partnership is communication. Communication may take different forms for every couple, but it ought to be personal and practical. For day-to-day activities, you need to talk about the actions that will make your household run smoothly. Who will take charge of the household chores? Who will pick up the kids from school? Discuss feelings, ambitions, and challenges in a respectful and intimate manner. This will allow you to know what is going well and what is not.

#2: LOOK AT THE BIGGER PICTURE

When you make decisions, it is important to look at the bigger picture. For instance, a mother decided to quit her job to take care of her kids due to the excessive costs of childcare. However, this decision can decrease the net earnings of the household and affect their overall financial status. On the other hand, taking a short-term financial hit to pay for childcare may increase the earning power potential of the couple in the long run. Think about your current situation and examine the best options for your future.

#3: CONSIDER ALL THE PARTS

A partnership incorporates two people’s needs and concerns on the table. Moreover, you must include the needs of your family as a unit. Listen carefully to your partner and reach a shared understanding of each other’s goals. Doing this will help you strike a balance in your life as a spouse, a parent, and an employee/employer.

#4: SEEK PROFESSIONAL HELP

Let us face it! Communication does not come naturally to every couple, and that is okay. It is essential to acknowledge this and find other ways to communicate formally. For starters, a counselor can help you work as a couple to ensure that you are being equally heard and that you are developing your goals with consideration for one another.

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If your issue is finding time to communicate, you may ask a trusted family member to help lessen your workload at home. Seek part-time help while still meeting the needs of your household and your children. Seeking help can give you the physical and mental space to re-connect to your partner.

Sources: 1 & 2

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How to Nail Your Exit Interview

Exit interviews are conducted by the employer or the HR personnel to learn more about the position and the reasons for turnover. The organization wants to know why you are leaving. Moreover, they want to take it as an opportunity to think critically about your experience. Use this to provide feedback and suggestions.

What did you learn from your position? How might the organization improve? Here are some things to keep in mind.

#1: PREPARE YOURSELF

Jobs play a huge role in our lives. Leaving a job can stir a pot of strong emotions. So, it is best to prepare. Treat the exit interview like any other interview by practicing your answers. Anticipate the questions and research the possible answers.

#2: FIND THE POSITIVE

Regardless of your experience, you need to find something good about it. Perhaps, you learned a new skill from your boss or had incredible workmates. This is the time to be specific about the people who helped you along the way.

#3: REVIEW COMMON QUESTIONS

Be honest and calculated when it comes to answering the exit interview questions. Consider the following sample answers.

a. Why are you leaving?

“I really enjoyed working here and learned a lot over the course of my employment. However, I found a job with more opportunities for growth. It is time for me to go in a different direction.”

b. How do you feel about the management?

“Overall, I am grateful and satisfied with how the management guided me with the position. However, there is always room for improvement. Management sometimes overlooked the ways they could utilize my role and I felt stagnant. You can empower the employees more by encouraging innovative ideas and providing new tasks that will ignite their creativity.”

c. Did you receive proper and adequate training?

“The best thing you can do for the new hires is to make sure that they understand their roles and supply them with tools to perform their job well. You can also incorporate the discussion of career enrichment in the onboarding process.

Personally, I did not always feel that the resources were enough for me to do the job well. I think new hires can benefit from more frequent training. To fully prepare new employees to meet the company’s expectations, management might consider additional training for them. Current employees may also get refresher courses to maximize their abilities.”

d. Would you recommend the company to others?

If your answer is yes, please explained why you want to genuinely endorse them to your friends and family members. If your answer is no, you can consider the sample answer below.

“If someone asked me if they should apply here, I would ask them to elaborate their background and preferred work environments. This organization may not be suitable for everyone, but it could really work well for certain people.”

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On an employee’s last day, the organization wants to gain context around why an employee is leaving.

End the exit interview conversation by wishing everyone well and by opening doors for (potential) return.

Sources: 1 & 2

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6 Tips to Cultivate Teamwork at Work

Why is teamwork vital in the workplace? Well, teamwork can lead to multiple benefits including greater efficiency, workforce productivity, increased innovation, higher employee morale, and improved retention.

Given that some or most of the staff are working remotely, fostering teamwork in the workplace is not easy. This article offers suggestions for cultivating teamwork both in virtual and physical settings.

#1: SET CLEAR GOALS

Describe what each employee is supposed to accomplish and not how they should accomplish it. Explain the expectations in terms of the outcomes and elaborate the team’s goals. How each employee meets these expectations will vary. You need to trust them.

#2: ENCOURAGE GIVING SUPPORT

Cultivating an environment were asking for help is not a sign of weakness. Getting the work done requires time and focus. When you need inspiration or support, ask for it. People who are experts on the field can teach you new ways to solve the issue at hand.

#3: DIVIDE THE LOAD

Teamwork does not mean everyone does one task together. It requires breaking each component into parts. Then, the team sorts out who will do each part according to availability and expertise. A credible project manager will help with the organization of these parts.

#4: CREATE A REVIEW PROCESS

Review meetings enable the team to be on the same page. It gives each team member the chance to politely critique the team’s work. Encourage the employees to question the project from different angles. Often, you will catch things that would otherwise get missed.

#5: CELEBRATE WINS TOGETHER

Appreciate the challenging work of each team member. Take time to extend your gratitude for the specific contributions to the team. Celebrate your wins together as you achieve a milestone towards your goal.

#6: HIGHLIGHT THE BENEFITS OF COLLABORATION

Teamwork does not only benefit the organization, but it can also boost camaraderie and increase job satisfaction. Working in teams provides employees more opportunities to unleash their creative ideas. Having a sense of belonging sure helps in reducing stress too. The dynamics and strength of your team directly affect business outcomes.

Sources: 1 & 2

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7 Ways to Take Care of Your Mental Health at Work

The pandemic and its aftereffects have taken a toll on people’s mental health. Singaporeans from all walks of life have experienced stress throughout the pandemic – from frontline workers to family members who were separated from each other. Those who were infected by virus or those who grieved the loss of their loved one face difficulties in their physical and mental health.

The workplace has restructured. Whichever industry you work for, you have the power to look after your mental health and overall well-being. Start with these tips.

#1: TALK TO SOMEONE YOU TRUST

Whether you find comfort in sharing your situation to a co-worker, a friend, or a family member, talking to someone you trust can help. You may feel better if you are able to openly talk about what you are going through at work. Someone who cares about you can provide you with a fresh perspective or help you arrive at a solution. If you feel more comfortable in meeting your confidant in person, please follow the safety precautions. Nonetheless, you can always stay connected with your trusted confidant through video calls or messaging apps.

#2: MONITOR YOUR PHYSICAL HEALTH

Focus and concentration at work can be achieved when you take care of your physical health. Moreover, eating a healthy diet and strengthening your physical health can improve your mental well-being. Experts suggest exercising at least 30 minutes daily. Try dancing, running, cycling, practicing yoga, skating, and so on.

Looking for affordable dumbbells? Search no further than Decathlon Singapore. They store dumbbells for as low as S$8/pair.

#3: MOVE AWAY FROM HARMFUL SUBSTANCES

If you are overwhelmed with the stack of deadlines and the long demands of irate clients, you may opt for taking substances such as alcohol or nicotine. For a short while, these substances may help you feel better. However, depending on these substances to cope with stress can harm you eventually. These substances can put you or those around you at risk of diseases or injuries.

#4: TAKE 2 MINUTES TO FOCUS ON THE PRESENT

Stop a whirlwind of thoughts by reconnecting yourself to the present moment. Follow along the video below and take slow (relaxing) deep breaths. Give yourself these two minutes of peace as you put your feet on the ground and sit comfortably in your chair. May this video help you to tackle the day ahead!

#5: LEARN TO SAY NO

Take care of yourself! It is important to know how much work you can take on so that you do not exhaust yourself. Of course, it is natural to have the desire to impress your boss or co-workers by performing well. Sometimes, you can only be at your best when you do not divide your attention to many tasks.

Only you will know when “possible” turns into “impossible”. A key skill you need to learn in the workplace is learning to say “no”.

#6: CREATE HEALTHY BOUNDARIES

I must admit! It is hard to ignore the popping work notifications. With the advancement of technology, we became reachable 24/7. To protect yourself from exhaustion, you can set boundaries early on. Leave your work on time and maximize your tasks in the workplace. Try to resist checking or responding to work emails and messages after your work hours or before going to sleep.

#7: ASK FOR HELP

For many people, work can have a positive impact on our health and overall well-being. Businesses simply operate better when the employees are physically and mentally healthy. So, it is worth asking your manager how he or she can help you perform well in the team. See if you can work together to adjust your working conditions to make sure everyone feels comfortable at work.

Sources: 1, 2, & 3

 

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