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6 Things To Do While Waiting for Buyer to Exercise OTP

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Has your buyer paid the option fee to reserve your home? If yes, congratulations! Not only do you have a serious buyer, it also means you have a 3-week period to wait for the buyer to exercise the OTP. Instead of just waiting it out, let’s make use of the 3 weeks before your selling process starts running at full speed again.

So what do you do in the short but crucial 3 weeks?

1. Continue searching for a new home

If you still haven’t found your new home you could keep yourself pre-occupied by looking for your dream home on Ohmyhome! Browse through unique listings posted directly by homeowners or by our in-house agents. Narrow down your search by indicating your desired location and/or nearest landmark. Just like that, you’ll find where’s the most convenient place for you and your family to settle down and create beautiful memories.

2. Decide whether you will use Enhanced Contra Facility

With the Enhanced Contra Facility (ECF), you can simultaneously sell your current flat and buy another resale HDB flat using the sale proceeds and refunded CPF monies. This means you can cut down on the cash outlay needed for your resale flat and also lets you save on monthly mortgage repayments as it reduces the loan amount needed.

3. Go furniture shopping

Go-furniture-shopping-6-Things-To-Do-While-Waiting-for-Buyer-to-Exercise-OTP

If you’re intent on starting fresh with a brand new set of furniture, the fun starts here! Look around for the best furniture deals and find some style inspiration on how you would want to furnish your new place. The ever-popular Scandinavian style with it’s minimal yet functional style? Or what about the more unconventional industrial look? To top it off, you also need to consider if the furniture matches your lifestyle. If you and your kids love spending quality time watching tv together, you’ll need a large sofa that can fit everyone and is comfy enough to lounge on.

4. Read up on feng shui

Do you pick up on good and bad energy? If you’re a big believer in the power of feng shui and how it can invite good energies into a home, now’s the time to brush up your knowledge on it. Knowing your desired feng shui criteria will be really useful when you go for home viewings. After all, you don’t want to fork out money on a home only to live with unlucky feng shui elements that are too costly to adjust. Pay attention to door directions, Chi flows and natural lighting for starters.

In any case, be sure to kick-start your home searching on the right note by making use of the all-important 3-week downtime! By following the 3 things we’ve outlined, you’ll have a good shot of finding your new dream home in time without having to rush or apply for the Temporary Extension of Stay. Rather leave feng shui matters to an expert? Engage our partner Feng Shui Consultancy Service available only in-app!

5. Prepare for the Legal Transfer of Ownership

This is also a good time to source for your preferred legal representation. You’ll need to engage a conveyancing lawyer to assist you with the legal transfer of ownership process. Start by checking out our HDB Sale Transfer of Ownership services from $1,800 nett.

Need conveyancing services from professionals? Engage our HDB Resale Conveyancing Service from $1800 nett.

6. Secure your cash for upfront payments

Be sure to get ahead on your financial planning as your refunded CPF monies cannot be used for the payment of:

  • Seller’s Stamp Duty
  • Conveyancing fees
  • Resale application fees
  • Property tax
  • Service & Conservancy Charges

Sellers, it’s time to get busy! Prefer engaging the expertise of an experienced, fixed-rate agent instead? Call our friendly customer support team at 6886 9009 to learn more.

Source: HDB

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