Homeowners, you may look back at buying your first home as a faint yet happy memory. Now you’re mulling over greener pastures as you browse through thousands of authentic property listings at Ohmyhome. It’s the circle of life – or to be more exact, the circle of home ownership. Indeed, selling your property in Singapore is a huge life decision, one that shouldn’t be made without knowing all the preparation involved. That being said, we’ve pieced together a rundown of what you’ll need to know before taking the plunge that is putting your home on the market.
1. Think of the motivation behind the sale
This is when a moment of quiet introspection is necessary. Is it a change of location you crave, or a need for more space for your growing family? This is a good jumping off point because it influences your subsequent decision making on how you choose your next home, the timeframe of your transaction as well as the price range you’re comfortable with. Be sure to communicate this to your property agent once you’re sure why you want to sell your unit for them to fully align with your goals.
2. Find out your flat’s balance lease
HDB Map Services is an easy tool to find out your flat’s lease info. While this is not necessarily set in stone, the general rule of thumb is that the longer your balance lease, the higher the chances of pocketing a profit from selling your flat. This is because buyers are worried that they would have difficulty selling it off in the future.
Our experienced property agents advised that a unit must be in the first 5-10 years to have a fighting chance at making a profit. But before you start celebrating, they also cautioned that the majority of your profit may go into the purchase of your next home.
But hey, don’t be dismayed if you have a mature flat! All hope isn’t lost what with upcoming CPF rule changes set to take effect in May 2019. The announcement made by National Development Minister Lawrence Wong suggests that the change will safeguard home buyers into paying using their CPF funds instead of dipping into their retirement savings, even if the property lease is less than 30 years. There’s also HDB schemes like Selective En bloc Redevelopment Scheme (SERS) that helps out old flat owners with dwindling leases by inviting them to move to a brand new home with a 99-year lease along with a compensation package.
3. Start doing minor home repairs
A home that is not in the best condition may be a turn-off for buyers. Giving your walls a fresh coat of paint might just be the much-needed breath of fresh air that will attract more buyers. If you tend to hoard newspapers and keep them piled up at the corner, it’s time to drop them off at the nearest recycling facility as clutter can be an eyesore during a viewing. Keep things neat and tidy, particularly in rooms that get dirty fast such as the kitchen and toilet. Give them an hour or two of much-needed love and attention by wiping down surface areas, scrubbing the floors, swapping out the shower curtain if it’s getting mouldy and keep dishes/bottles/other paraphernalia that’s not in its designated place neatly on a shelf or in a cabinet. A bit of elbow grease will go a long way in impressing buyers.
4. Understand how floor level can affect the flat’s price
It’s interesting how different a low-floor and high-floor flat can have in terms of price. In some cases, a high-floor 5-room flat can cost a whopping $75,000 more than its low-floor counterpart. Our professional salesperson agreed that this is normally the case, with high-flat homes attracting buyers with more wiggle room in their budget as compared to low-floor homes. However, there are tons of reasons why people would appreciate the beauty of low floor homes.
5. DIY or Get a top-notch agent
With Ohmyhome’s comprehensive platform, you’ll have all the tools you need at your fingertips to sell your home yourself, with in-depth seller guides to keep you on the right track. Rather leave it to an agent? Engaging an agent to help you with your home selling takes a huge load off your shoulders as they handle everything from advertising your flat to buyers to the necessary paperwork for a successful resale transaction. If you’re overwhelmed by the dizzying number of options just from googling ‘real estate agents’ alone, don’t panic. Ohmyhome’s team of in-house, CEA licensed agents are happy to ease your home selling journey. What makes our agents so efficient? We have a dedicated team behind them that handle everything from customer service, operations to the tech team. This is why we sell homes 2X faster than the market average.
Lighten up, homeowners. It may seem like a lot in the beginning but home selling – and doing it right – is not rocket science. This article can start you off on the right track in making the necessary preparations for the exciting home selling journey ahead. Best of luck!
Want more help in your property transaction, home sellers? We’ve got just what you need. Engage our fixed-rate HDB Resale Agent Service that provides comprehensive, end-to-end services without the expensive 2% commission fee! Contact us at 68869009 to find out more from our friendly customer support team.