For all the tips and tricks in the world on how to sell your resale HDB flat, these are the five things you really need to keep in mind before starting the process. They’re easy to understand and follow, which is why you shouldn’t neglect them. You can listen to Ohmyhome co-founders Rhonda and Race Wong explain these steps in more depth on Business Times’ podcast, Money Hacks.
1. Price your unit correctly
Striking the right balance is key to selling your HDB flat. Set the price too high and you may drive home buyers away; set it too low and you might face a deficit in your profits.
Rhonda and Race say, “Benchmark the price of your property against the other units in your area.”
The quickest way to do that is now online! Get a free home e-Valuation on Ohmyhome for an instant estimation of how much your unit is valued today. You can also download our app to access our in-app valuation calculator.
2. Declutter your unit before a viewing
There are simple ways you can do now to actually increase the value of your home before you sell. Decluttering your home before a viewing or taking a photo for your listing can accentuate the space of your home and draw buyers’ interest.
Be sure to concentrate on busy areas of the home like the kitchen, kid’s room, bathroom and living room.
3. Meet your Minimum Occupation Period (MOP) before selling
The Minimum Occupation Period sets the baseline for how long you are required to physically occupy your flat before you can sell it. The MOP is typically 5 years, though it can be shorter or longer depending on your flat type. To be safe, you can check your flat’s MOP on the HDB website.
4. Remember to register Intent to Sell
You can’t begin your home-selling journey if you don’t register your Intent to Sell in the HDB Resale Portal.
The reason this is so important is this is the stage where HDB will assess your eligibility to sell. Upon registration, you will also receive information on the Ethnic Integration Policy (EIP) and the recent transactions in your area.
The Intent to Sell will be valid for only 12 months.
5. Be mindful of the Ethnic Quota
Familiarise yourself with the Ethnic Quota (also known as EIP, as mentioned above). Simply put, it is a cap on the number of households within the same ethnic group that can occupy an HDB block or neighbourhood.
This is important to know because once a particular ethnic group has been reached, additional households of the same ethnic group will not be eligible to move into the affected block or neighbourhood.
Checking your EIP eligibility is straightforward. Simply go to HDB’s EIP enquiry page and indicate your address, ethnic group, citizenship status and whether you are a buyer or seller. It literally takes less than a minute, and the results are instantaneous.
Sell your home fast and at the best price!
Sell your home for a high price in no time, hassle-free. Starting at 1% + GST of selling price. Our Super Agents are CEA-certified and among the Top 1% in Singapore. With more than 8,000 happy customers served, we’ve garnered 4-star ratings on both Facebook and Google! We go in-depth about what you can expect when you engage an Ohmyhome HDB Seller Agent.
Call us at 6886 9009 to secure an appointment with any of our Super Agents or message us in the chatbox at the bottom, right-hand corner of the screen. You can also WhatsApp us at 9727 5270!
- Sell HDB Guide: All You Need to Know About HDB Flat Resale Procedures in 2022
- HDB Seller’s Guide to Seller Stamp Duty in Singapore
- 5 Things To Consider Before Selling Your HDB
- What You Need to Know When Selling an HDB Flat During a Divorce
- Singapore’s Certified Property Agent: What To Expect From Ohmyhome HDB Seller Agents
- HDB Sold in 5 Days: Entire Selling Journey From Start to End