Thinking of selling your HDB resale flat? Before you proceed to list your home on a property portal or speak with a property agent, there are a few important things you need to consider to be properly ready.
1. Minimum Occupation Period (MOP)
Has your flat reached MOP? The typical MOP for HDB resale flats is 5 years. Although, with the introduction of the HDB PLH scheme, central-region BTO flats are now subject to an MOP of 10 years. To be on the safe side, you can check your flat’s MOP on the HDB website.
Is your HDB resale flat reaching MOP in 2024 or 2025?
More importantly, if you own a flat in St George’s Towers, West Edge @ Bukit Batok, or Tampines GreenRidges, NOW is a good time to speak to a property agent about selling your home.
Your flat will hit the 5-year MOP sometime in Q1 2024, so Ohmyhome Super Agents can help you with your financial calculations and timeline planning even before 2023 ends.
Around 1-2 months before your MOP date, we’ll start listing your home on all the major property platforms for maximum exposure to ready buyers.
2. Ethnic Integration Policy (EIP)
Every HDB block in Singapore has an Ethnic Integration Policy, also known as the Ethnic Quota, and a Singapore Permanent Residents (SPR) quota. These will tell you who is eligible to buy your flat; some ethnic restrictions could pose a challenge when selling your flat, which means it might take longer.
There are additional measures in place to help those with difficulties selling in their flats due to ethnic quota limits: HDB will buy back flats from EIP-constrained flat owners who face issues in selling their flats at a reasonable price.
3. Resale Levy and Upgrading Levy
You may also be looking for another home to move to after selling your current HDB resale flat, which makes you a second time home buyer. This is important because, if you’re looking to buy…
- Another BTO flat
- An EC unit bought from the developer
- A DBSS
- A resale HDB flat with a CPF housing grant
- A flat with other forms of housing subsidy (enjoyed benefits under the Selective En bloc Redevelopment Scheme (SERS), privatisation of HUDC estate, etc.)
You may be liable to pay a resale levy and/ or upgrading levy.
If you are received the CPF Housing Grant for Singles, you will only need to pay half the resale levy amount when you subsequently form a family and purchase a second subsidised flat. (These flats are listed above.)
4. Home Valuation
When we first published this article, we previously suggested for you to do your own research. Now, we still want you to do that. But this time, it won’t have to be so complicated. We’ve developed a tool that can give you all the information you need about your home.
Introducing Homer AI, your digital property expert
Homer AI is our home ownership management & e-Valuation tool that will provide an accurate estimation of your home valuation that’s updated every month, so you can track if it increased, stayed the same, or decreased.
Homer AI can also help you:
- Estimate how high you can sell your home. With an accurate home valuation, you’ll know the exact market rate for your home and negotiate with confidence.
- Financially plan for your next dream home. How much do you actually get to keep? Do you have enough for your next home? Relax, leave the calculations to Homer AI.
- Stay updated on the property market. No more waking up to thousands of news articles about new cooling measures. Get it straight from one source.
It also has a GPT feature that you can talk to like ChatGPT.
Talk to HomerGPT and get answers to your property questions instantly
Ready to sell your HDB resale flat?
Speak to any of our Super Agents today and get professional advice on the best time and price to sell your home. Simply drop us a message on WhatsApp and we’ll match you with a property agent specialising in your area.
No need to scroll through listings to find your dream home
Let Ohmyhome’s smart data-matching technology MATCH you with the right home, according to your specific needs. Submit your preferences to us and our algorithm will filter all our available listings based on those, and we’ll WhatsApp them to you once we find a match. We’ll also send you relevant content that you can use for your research and inform your home buying decision, so you no longer have to spend hours searching online for the information that you need.