Written by: Benjienen Toledo | Updated: 24 Jan 2019
Every milestone in life is precious, let’s not waste any time in wondering what you could have done better because timing is critical. For HDB flat owners, it may be a hassle to transact your property because you may not know where to start.
When is the best time to sell my property? How do I go about selling it?
HDB Sellers may take up to 221 days to successfully transact their HDB. The process usually starts with the checking of eligibility to sell and ends on the second HDB appointment date. If you are an HDB flat owner who is looking to start your journey in selling your property, the last thing you would want to do is take the road less travelled, the Do-it-yourself (DIY) way.
But fear not, we’ve got you covered.
You might be wondering whether it is ideal to DIY your HDB resale transaction. With all the technological advancement, selling your HDB flat can be as simple as snapping a few pictures to post your unit, talking to interested property buyers on the price and continue to transact your home.
Ohmyhome was founded to help HDB owners Buy, Sell and Rent their flats, free of charge. The app allows you to navigate through the listings and find out whether your preferred location is within the 2km from your parents or married child’s home, allowing you to take advantage of the Proximity Housing Grant.
It also allows you to chat directly with the property owner, buyer, landlord or tenant and many other features.
Here is a timeline of the usual HDB seller’s journey:
Updated Timeline: One HDB Appointment, Shorter Transaction Time
The main reason for selling an HDB flat is when the owner wants to move to a new flat, he must first dispose of an existing flat (if any) within 6 months of buying a resale flat (Housing & Development Board, 2017). With that grace period, it is recommended to sell off your old flat not later than 7 and a half months before the turnover of your new flat.
If you plan to conduct HDB renovation works to increase the value of your flat before selling, you must bear in mind that all your renovation works must be authorized by the HDB because during the flat inspection (Day 130-165), HDB will inspect for unauthorized renovation works that may have damaged the property and affected the structural stability of the flat or building. That’s why instead of adding value to your flat and save money and time, the selling process will be prolonged. Unauthorized renovation works (if any) must be rectified before the completion date.
So, can you start selling as early as two years? There are disadvantages when you sell your flat too early, especially for those without an alternative accommodation while waiting for the turnover of the new flat. That’s why thorough timeline and financial planning is vital.
The typical duration in the market of finding the suitable buyer for your flat takes an average of 104 days or more than 3 months, so the duration of your HDB resale process is around 7-8 months. However, if you lack the time and resources in going through the process or DIY simply does not fit your personality and time, then Ohmyhome Agent Services is suitable for you.
At Ohmyhome, the Seller Full Agent Service includes the reports on the market research on valuation, support in financial and timeline planning, complete HDB resale checklist, assist to sell your HDB flat through advertising/ sourcing, conduct viewings, scheduling and attending HDB appointments until the handover of the flat.
Based on the sample timeline, if your Day 1 is on the 1st of July, with no holidays and weekends, you will complete your journey on the 16th of February the next year, that is your completion date.
If you engage Ohmyhome services, your completion date will happen in October of the same year. With our experienced property agents, the experts in selling HDB flats, your selling timeline is shorter. We market your HDB resale in an average of 33 days.
Having a real estate professional to assist in your HDB selling transaction gives you peace of mind. With an experienced real estate agent to represent you in all the HDB transactions and negotiations, you will reap confidence that you are on the right track.
At Ohmyhome, we charge a fixed fee agent service.
Call our hotline at 6886 9009 to request an appointment with our full-time agents and get your free property report on your appointment date.