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How To Quickly Sell Your Property In Singapore

You can sell your property in a faster pace by combining strategy with a little dedication. Consider these tips:

SET AN ATTRACTIVE STAGE

There is something that you cannot deny. We all heard the saying: “You never get a second chance to make a first impression”. The essence of this statement is clear. The second and succeeding impressions are not as pervasive as the first! Most people dwell on the first meetings or interviews to create consistency. It is up to you to make a stellar introduction of your home.

Home staging is the process of transforming your property into an appealing “show flat” before listing it on the market. It is important when there is a surplus of properties in a relatively slow market. Begin by making minor tweaks such as adding flowers in the living room or by making major tweaks such as re-painting the entire flat. Doing these things will help increase the perceived value of your property.

If you have a shortage of creative juices, consider hiring companies that offer Home Staging Services such as the Singapore Furniture Rental. Singapore Furniture Rental usually accessorizes the flats with neutral colors as it can attract the highest number of potential buyers or tenants.

MARK THE RIGHT PRICE

It is no secret that sellers typically underrate or overrate their beloved properties. Swaying in either of the two directions can lead to losing a significant amount of money. Let us start by dictating an elevated price point. Quoting too high can discourage the buyers from grabbing your offers.

Let us focus on the other side of the coin. Singaporean buyers are becoming more prudent. So, a low price point is immensely attractive. However, you are at risk of earning almost nothing as you need to cover fixed and unforeseen fees.

It is difficult to get the price right without sufficient resources. Widen your knowledge by browsing through the local property websites. Renowned sites include Asia’s premier iProperty and SPH’s very own Singapore Real Estate Exchange. After your digging online, gather information from a couple of experienced agents. You have to hire one that could easily give the reasonable price for your property.

Image Credits: pixabay.com

DEPERSONALIZE AND DECLUTTER

Imagine tagging your spouse along with you for nest hunting. You came across a decent flat at Yishun. During the open house, you were greeted by colorful walls filled with wedding pictures. It does not stop there. The bedroom is garnished with baby photos. Yes! Everything is adorable. However, it highlighted the “real” owners of the home. It was hard for you to focus on the other features of your potential home.

Do you see why depersonalization plays a crucial part to sales? Take down the family photos, political ornaments, religious items, and other personal materials. The prospective buyers need to picture their lives in the home…not yours!

Remove excess furniture and rubbish while you are it. The fewer things there are, the larger the space will look. Aim for that.

SHOWCASE IT ONLINE

How can people know more about your property if you do not publicize it? Make it easy for potential buyers to view your wonderful home by becoming more flexible with your schedule. Let people visit in different times of the day. Furthermore, you may consider making an online listing.

It is safe to say that when you are selling your home beyond 2017, a significant fraction of the target market will be Millennials. Take advantage of technology as Millennials fall between ages 18 to 35. List your property on social portals like Facebook and Carousell. Or, you may list it directly on property websites such as propertyguru.com.sg and 99.co.

Image Credits: pixabay.com

Remember to attach high quality photographs to boost your chances!

Sources:1, 2, & 3

Extremely Wrong Reasons To Buy A Home

If you are updated with the latest in property, you will know that Singapore housing prices are trending down. In fact, the private residential property index decreased by 3.83% (or 3.45% when adjusted for inflation) in Q1 2015. However, the downward shift in pricing does not automatically mean that it is a good time to buy your own space.

Buying a home is one of the greatest financial commitment for most Singaporeans. It is a long-term commitment and responsibility that you must carefully plan for. Start by determining what you can afford as well as what you need to pay for. What you can afford depends on your total income, existing debts, savings on-hand, and loan eligibility.

Upon figuring these things out, examine if you are committing to a home for the right reasons. Otherwise, you will be a victim of these extremely wrong decisions…

1. TO EXHAUST ALL THE CONTENTS OF YOUR CPF ACCOUNT

If you are thinking of purchasing a home because you can simply deduct almost all the expenses from your CPF savings, think again! You can use your CPF savings to pay for a part of the home and to service the loan but not for the monthly expenses (e.g. mortgage insurance or conservancy and management service fees). You need to have sufficient cash to pay for these ongoing payments in addition to meeting your current monthly living expenses (e.g., rent and telecom bills).

A better reason to purchase a home is the fact that you already have savings to cover for the upfront payments such as the down-payment, agent’s fees, and stamp fees.

2. TO SUPPLEMENT YOUR “STABLE” JOB

Are you fond of your current occupation? How long have you been in the organization? Are you confident that your position is stable for the next couple of years?

The truth is, you can never be 100% sure that your job is secure. You can argue that CEOs or founders of the company can keep their jobs for the longest time but then again there’s the case of the Lehman Brothers. When deciding on whether or not you shall buy a flat, consider your current job situation as well as the workplace climate. To be sure, hold off a few years and grow your savings first before making this important investment.

3. TO SATISFY YOUR NEED TO MOVE

If you love the thrill of moving to a fresh nest and constantly changing your neighborhood, you will realize how difficult it is to sell your relatively new home in a short period of time without encountering a big loss. This is because most people prefer homes with better home equity. You cannot build a high value of ownership for your flat overnight!

4. TO COHABITATE WITH YOUR CURRENT PARTNER

As Nelly’s song goes: “Lovers to friends…why do all good things come to an end?”

With relationships, you have little to no certainty about what happens in the future. You may be in the best terms now but who can really be sure that you will end up together forever?

If purchasing a flat together is your solution to fixing an unstable relationship (even if you are engaged), what will you do if your partner suddenly vanishes? Or perhaps if he or she goes unemployed after a few months? You will have to carry the burden of the mortgage and all the monthly costs on your own. This poor reason for housing commitment will affect your credit.

Sources: 1 & 2

6 Things To Consider Before Buying The More Affordable HDB Flats

1. THE SIZE

When purchasing a flat, put the foreseen future to the equation. For instance, you must consider a bigger flat if you are moving in with your parents or planning to have kids soon. Planning in advance will help ease your stress and avoid the hassle of acquiring another home.

2. THE LOANS

Be open and honest with your credit score as your chances of getting a loan is affected by it. Consider how you can budget your income in order to support your family and pay fully for your loan through the years.

3. THE NEIGHBORHOOD

Your new HDB flat comes with a different environment – study it. You do not deserve to live next to a neighbor who throws parties every night or one who is constantly bothered by loan sharks. You deserve to live in a place where you can come home safely. As much as you can, talk to your potential neighbors and follow your guts about the place.

4. THE INSPECTION

Although you are purchasing a new flat, it does not hurt to have someone inspect it. This is not only to ensure the true value of the home but also to ensure that everything is working perfectly. This helps you save money for unwanted repairs. Look no further for an inspector as HDB provides this service for a price.

5. THE PRIORITIES

As a client, you must determine what you really want in a pad. Are the available facilities and specifications in lined with your priorities and wants? If not, are you ready to compromise? It is difficult to get everything you desire in a flat but your necessities should be on the top priority.

6. THE PRICE

Good news: HDB flats had become more affordable since 2013! According to the Housing & Development Board, the proportion of a household’s monthly income used to repay the loan installment decreased from 24% in 2013 to 19% in 2015. In fact, 8 out of 10 first-time buyers of new flats in non-mature estates were able to fully repay their monthly mortgage installments using only their CPF savings over the past 3 years. In the end of the house hunting, it truly comes down to the price.

It is best to compare the prices of the flats in the area before making a decision. This price must include other factors such as facilities in the building, quality of construction, specifications of the flat, and more. You must understand that the cheapest flat may not necessarily be the most economical option.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

5 Noticeable Differences Between Public And Private Housing In Singapore

As most of you may know, public housings (excluding the executive condominiums) are usually built without the amenities of the private condominiums such as swimming pools, tennis courts, and playgrounds.

Aside from these varied amenities, there are other noticeable differences you must take into consideration when purchasing a home in Singapore. Here are some of them:

1. FINANCIAL GAINS

Whether the purpose of your purchase is solely for your occupation or for your investment, you are surely hoping that your property will increase in value as years go by. According to recent evidence, private condominiums surpassed HDBs (Housing and Development Board) in terms of capital gains. This is observed in almost every locations.

Why is this so?

Well, since HDBs are subsidized by the government, foreigners are not allowed to purchase them. So the higher gains of private condominiums in a period of time may be due to the broader range of buyers it cater to. In contrast with HDBs, you can rent out your private flat with no limitations and no minimum years of stay! These things make private condominiums a better choice for property investment alone.

2. RESTRICTIONS FOR FOREIGNERS

Landed properties are stricter to foreigners too as they need the government’s permission from the Land Dealings Approval Unit. Quoting the Singapore Land Authority:

“The ownership of such properties (landed residential properties) by foreigners is restricted to those who make adequate economic contribution to Singapore. The ownership restrictions are provided in the Residential Property Act.”

While private condominiums are more flexible to foreigners as they just need to pay the Additional Buyer’s Stamp Duty.

Image Credits: pixabay.com (License: CC0 Public Domain

3. OCCUPANCY REGULATIONS

If you are going to sell your home, there are notable differences between private and public flats. For public housing, in order to rent out your entire flat or sell it, you must first occupy the property for at least 5 years. While for private housing, there is no minimum amount of occupancy. Your only main concern is the Seller Stamp Duty that you are selling your private flat within the first four years of purchase.

4. CPF SCHEMES

The Central Provident Fund (CPF) has two distinct schemes for private and public housing. For buying new or resale HDBs, you can avail the Public Housing Scheme (PHS) wherein you can use your CPF Ordinary Account. Use the PHS to finance the flat’s purchase price, housing loan instalments, stamp duty, legal fees, and other upgrading costs. But this comes with two catches: valuation and withdrawal limits.

On the other hand, Private Properties Scheme (PPS) to buy or build private properties for either personal or investment purposes. Use the PPS to pay the flat’s purchase price, housing loan instalments, construction loan, stamp duty, legal fees, and other upgrading costs. As the PHS, PPS comes with valuation and withdrawal limits.

Image Credits: pixabay.com (License: CC0 Public Domain

May this guide help you to decide the housing type that suits you best! 🙂

Sources: 1, 2, 3, 4, & 5

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