80% of Singaporeans go into the sales process without realizing what they are purchasing and how the next property is going to affect their family and their lifestyle.
You may be thinking, “Is now the right time for me to sell my HDB property since there’s a rise in the resale market trend, and there’s a demand for resale properties due to construction delays?”
Before you jump in the resale wagon, consider these first:
- Has your property reached its MOP?
- What is your reason for selling?
- Have you reviewed your property to see whether you will gain more when you sell than when you keep it?
Has your property reached its MOP?
Your property must reach its MOP before you can put it up for sale. During the MOP you should be physically staying in your flat and not renting it out so your stay can be counted for the MOP.
When your flat has reached its MOP, don’t rush into selling it. Understand first the needs of your family and have your property checked for its property value.
You can choose to stay in your flat for about 1 to 3 years before selling it at a premium price and earn a higher profit. This is because the flat is still new and assumed to be in good condition. For this matter, you need to consult a realtor or agent to know the actual value of your property.
According to research, the most sought-after resale flats are the ones who just reached their MOP (5 years old) and come with a longer lease (94 years left) rather than the older resale flats. It is also more expensive than the latter.
“ We want to be as current as possible in terms of our property and that your property, even in the next 10 years will still be able to attract the next group of buyers who may be buying the property from you.”
If you really have decided to sell your flat either because you want to upgrade or you want to buy 2 more properties with the sale proceeds, you should do it ASAP! With the volume of flats reaching its MOP and homeowners putting up their property in the open market comes competition. Other homeowners like you are well aware that there’s a demand for resale HDBs due to BTO turnover delay. There’s been a consistent demand for resale flats due to the fact that buyers don’t want to wait for 5 years just to get their flats.
Aside from that, delaying to sell your property can also affect the amount of cash proceeds you will receive from the sale when your flat’s value depreciates due to sale delay.
What’s your reason for selling?
Reasons for selling property vary depending on the age group the seller is in.
If you are in your:
Early 30s – This is your first property and would like to upgrade or to use the profit you earned from your existing property to grow your wealth in your future properties.
30s – You are planning ahead for your family. Perhaps you are planning to have kids or your family has grown from zero kids to one or two kids and you want to have a bigger area that can accommodate your growing family and have a better lifestyle or change of environment from HDB to a private property or condominium.
Late 40s – chances are you have gone through all the property market cycle and potentially have been staying in your HDB for the last 10 to even 12 years and you’ve realized that your HDB is growing in value at a very slow pace and you want to exchange it for a property (private) where the growth is generally quicker and more predictable.
Wherever age group you may be right now or whatever your reason may be for selling your HDB, it’s better to have your property checked with a professional to determine whether it is wise to sell or keep your current property.
How to know if it’s the right time to sell your property?
Aside from meeting the MOP and reasons you may have to put your HDB up in the open market, it’s best to have the value of your property. It is best to check the value of your property first.
“80% of Singaporeans go into the sales process without realizing what they are purchasing and how the next property is going to affect their family and their lifestyle.”
Do you want to have the confidence and a clear conviction that selling your property is the right thing to do? You can only have that when you hire a professional to do the work for you.
Selling your property may look like an easy task, but the concern and setback many of you will have are: that you may never understand the entire administrative process involved, the cost involved, and most importantly, your own finances, whether it is ideal for you to sell your property or not.
What are the benefits of hiring a property consultant to market your property for you?
- Property consultants will give you an in-depth review of your property value and if the property requires a certain form of enhancement, the agents will be the ones to advise you to bring up the value of your property.
- They are experts in their field and have experienced numerous case studies that can back up the strategic plan that they will custom-made according to your current situation and will guide you on what you should do first.
- They are able to come up with a proper marketing strategy to get the right buyer for your property.
- Handle and manage all the prospective buyers that may contact you personally if you choose to market your property on your own. This will save you time to focus on your priorities like your family, work or business.
- Advise you if it’s the right time to sell or keep your property now and will guide you in a proper discussion about what your next property is going to be after selling.
Choosing to hire a property consultant is completely up to you and how you would want to sell your property too. Having a consultant gives you the confidence as a homeowner and at the same time hits the objective on the sales as well as the purchase leads on.
If you have decided to put your property up for sale, make sure to take the proper steps necessary so you won’t regret your decision later on. It’s wise to seek advice from professionals who have numerous experiences when it comes to property.
Should you need assistance in reviewing your property before you decide to put it up for sale, you can send us a message and we will gladly assist you.
