We’ve espoused the importance of doing your research before buying or selling a home countless times now because we know — our agents have told us — that it is a game-changer.
Let’s take the selling process, for example. Research is the #1 thing you can do that will help you determine the best selling price for your home. And by ‘best’ price, we don’t just mean the highest price: overpricing your flat can actually backfire on you and make you lose out on some serious buyers. We mean setting a fair market price for your home too.
Here’s how you can do your research to set the best selling price for your home:
Look at past transactions within the cluster of blocks in your surrounding area
When we say look at the past transactions in your area, we mean, specifically, the blocks closest to yours. You can use whichever type of map you’re most comfortable with, such as Street Directory or Google Maps, to identify the cluster of blocks you need to be looking at.
Once you’ve identified them, you can compare the prices of the units in those blocks.
You can also check the past transactions of other units in your block, in the last 2 years, here. To look at the past transactions of HDB flats within 200m, you can visit this page.
Then you can check the current market — go on property portals like Ohmyhome and look at how much the properties on there are being listed for.
If you own a 4-Room HDB flat at, say, the 10th floor, look for similar units online. This will give you a more accurate representation of the current price trend for units like yours.
Also, you should only compare apples with apples. In this case, it means that you should only compare units with the same remaining lease as this is a factor that may affect buyers’ demand for a unit. They usually prefer units with longer remaining leases, or newer units. So if your unit is newer, compare it with the prices of newer units. If it’s older, compare it with older units.
Get an accurate home valuation online
After doing your transaction research, you can get an indicative price before you even list your place for sale. This is different from the HDB valuation, which can only be done after the Option to Purchase has been issued.
You can get an accurate home valuation here with Ohmyhome, and you can expect to receive it directly on your WhatsApp. It’s completely free, too.
Our home valuation is highly accurate with a median error rate of only 5%.
We use trusted private and public sources, and continuously train our e-Valuation technology so that it always reflects the latest price trends in the market; keeping you and your home valuation updated.
Now, when you’re selling a home, you’re most likely also looking for a new place to move into. Well, we’ve got a tip for you too!
Analyze the unit layout carefully
The dumbbell unit layout is one of the most rare layouts you’ll find in Singapore — and the most preferred by most buyers.
If you see the bedrooms are on either side of the living or dining rooms, that is a dumbbell layout. A lot of people love this because you can get more privacy with the bedrooms placed apart from each other, and are separated by the living area. This is great for families who wish to stay together as they won’t have to compromise their individual privacy at home.
Unlike L-shaped unit layouts, a dumbbell layout does not waste any space with corridors that lead to the bathrooms. More about this below.
Also deemed as the ‘regular’ layout for HDB flats, especially BTOs, what sets this layout apart is that it places 2 bedrooms along a corridor.
That means they are clustered on one end of the flat, which also means the bedrooms are smaller as the corridor is taking up quite a bit of space. Many buyers deem the corridor as “wasted space” and thus prefer the dumbbell layout.
It also means anyone in the living room can see a glimpse of the bedroom at the end of the corridor, thus lessening your privacy at home.
Utilize these tips and get started
With all these tips on hand, we hope you have an easier time preparing for your home sale or home purchase. If you need further assistance, don’t hesitate to drop us a message on WhatsApp to reach any of our always-available Relationship Managers.
You can also speak to any of our agents via our Live Chat or fill up this form here to book an appointment with them. Read this for more information on what you can expect when meeting our Super Agents, or watch the video below.