Written by: Benjienen Toledo
Selling or renting out your place can be an exhausting process especially when things do not go as planned. But hey, think on the bright side! This could be a brand new experience where you embark on a new adventure of meeting new people and exploring a different neighbourhood.
Whether you are dreading long viewing appointments and negotiations or going through a complex selling process, you’re in the right place. Read on for some useful tips on saving time and money when transacting your HDB.
1. Set a Time Limit
Decide on a maximum duration that you are willing to spend for each viewing session. Plan out the structure of the viewing and have a list of potential questions that the buyer or tenant may have. This way, viewers will maximise the given time to find out what they want to know about your unit with a list of questions prepared beforehand.
Besides that, you should also limit the viewing days. For example, setting it only on Thursdays and Saturdays. Doing so leaves room for flexibility to pre-plan your week, which probably includes time for housework and family bonding activities, and embrace some much-needed “me time”.
2. Know your Buyer/ Tenant
As an HDB seller or landlord, it is crucial for you to understand the current trend in your local real estate market, identify your buyer profile, and if you wish to add value and rental income to your property before advertising it, renovate with your buyers in mind.
For example. if your neighbourhood is surrounded with good schools, you are going to stand a better chance attracting young families. However, if you are located in a retirement village like Admiralty, with family clinics and elderly-friendly facilities located close by, be prepared to welcome senior residents or retirees with safety focused and friendly furniture in place.
Ultimately, whether or not you have plans for renovation or refurbishment, recognising your buyers will help you better strategize ways to market your property.
- Things to Look out for When Buying a Resale Flat
- Ways to Increase the Value of Your Home Before Selling
- 5 Benefits when you DIY your HDB Transaction
3. Work within your Budget
If it is within your budget to offer refreshments to the potential buyers and tenants, feel free to do so. Otherwise, offering a glass of water is an act of hospitality works just as well. Be aware of your budget and what you are willing to spend to close the deal.
For example, you can work out your calculations and figure out how much you can afford to spend on viewings or renovation because all these are additional expenses. With a budget, you can align your finances and explore available options, such as housing or bank loans.
Also, bear in mind that you need to apply for HDB’s approval for any renovation works. Any unauthorised renovation works will delay your transaction and increase your costs to rectify the issues identified by HDB upon flat inspection.
4. Work within your Timeline
Having a planned timeline is crucial when buying, selling or renting your HDB.
For sellers, it’s is because under the HDB rule, you are only given a limit of six months to sell your existing property after buying a new one. Besides that, a delay in renovation works for your new flat or difficulties in finding the right buyer for your current flat would incur more soft costs such as insurance, financing payments, taxes, utilities.
To sum up, the shorter the time you hold onto your property, the less expenses you will incur.
For landlords, you need to include in your timeline any renovation works before your new tenants move-in, else, you might lose potential tenants if your timeline doesn’t match their timeline.
So, do the job well, but do it fast. Set a realistic timeline during your planning stage and stick to it.
Ohmyhome mobile app has an open house feature which allows you to schedule open houses for potential buyers. Save your time and energy by setting a day when potential buyers or tenants can view your house. You only need to prepare and organise your home once, as compared to recurring viewings and negotiations by one or two viewers at a time.
Download Ohmyhome now and start your HDB selling or leasing journey!
Ohmyhome is here to help with our Fixed Rate Agent Services if you need any assistance in selling your HDB or purchasing an HDB Resale:
Or you may call us at 6886 9009 to secure an appointment today.