Buying a resale unit is like going to a new restaurant with friends. You stare at the menu, and try to guess what’s good. When it finally arrives, you see what everyone else had and wish you’d ordered that. We’re going to try to take away the sting of regret, with a few quick tips!
UPDATE: for TIP #4 please check out this post:27km Of MRT Noise Barriers To Be Installed By 2023
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Being near to an MRT station will not just increase the property’s selling price but also increase the rental it can command, especially with the new noise barriers!If you have these amenities around, you would have a bigger pool of tenants. This translates to higher rentals in the coming years, thus pushing up your value.🔍Source: The Straits Times
The Land Transport Authority (LTA) awarded the third and final phase of its Railway Noise Barrier Programme - which began in 2013 to install noise barriers along MRT viaducts - to PBT Engineering yesterday.
With all three phases of the programme completed, there will be 27km of noise barriers at 61 locations on the NSL and EWL.
The LTA said that when completed, the noise barriers are expected to reduce railway noise levels by five to 10 decibels.
The study, which polled around 208,800 respondents across 190 countries, found that the pandemic has changed people's views on the top work destinations as virus containment measures become a priority."When it comes to employee relocation, several Asia-Pacific countries, such as Singapore and New Zealand, have become the preferred choices of talent in 2020," said the report compiled by online employment marketplace Seek Asia, The Network and Boston Consulting Group.Besides good pandemic management, Singapore's competitiveness is also a selling point for talent, the report said."Other than robust international trade and investment, Singapore's digital infrastructure, national stability and culture of innovation also inspire confidence," it added.Well done, Singapore!🔍Source: The Straits Times
The mature estates of Balestier, Bedok, Jurong East and Toa Payoh are grouped under the URA plan. Although the information is limited at the moment, this is a good opportunity to be on the lookout for new projects as they are predicted to be sold to private developers in the near future.
Give it time though as with the pandemic still at large, it’ll be awhile before these sites are cleared and developed.
36 resale flats were transacted above S$1 million over the first two months of 2021 !
🗞️ 350% higher than that over the first two months of 2020.🗞️ higher than the total number of such transactions annually between 2012 and 2016!🗞️ Buyers have been willing to increase their offer price, on average, S$15,000 to S$20,000 cash on top of the valuation🗞️ Resale volume compared to the same month last year surged 29.8%🗞️ Some factors driving up demand for HDB resale flats include a bumper crop of newer resale flats entering the market after attaining their five-year minimum occupation period🗞️ HDB resale prices are expected to remain resilient, and could increase 3 to 5% for the whole of 2021🗞️ The longer wait for BTO completions due to construction delays arising from the Covid-19 pandemic could also nudge some people with more urgent housing needs to look at resale units🗞️ The oversubscription of Built-to-Order (BTO) projects could lead some buyers to turn to the resale market.
Managing the sale of your flat on your own can be challenging. That’s why I’m here to give you a few golden rules of thumb before doing just that.
Register your Intent to Sell via the HDB Resale Portal to view your eligibility to sell your flat, the EIP/SPR quota for the flat, the status of upgrading, billing status of upgrading costs, as well as recent transacted prices of flats nearby.
You should plan your next accommodation, before putting your current flat on the market for sale. Otherwise, your family may be left without a home. Have you bought another flat or property? Or are you planning to rent a place or live with your relatives before buying another flat?
You can refer to the resale flat prices of flats in your neighbourhood to set a realistic price. These prices reflect the market conditions at the time of the transactions.
When selling your flat, you need to settle your financial obligations. This includes paying off the outstanding housing loan, refunding the CPF you have used to your CPF Ordinary Account, and off-setting any payments due to HDB. You also have to make sure that you have no outstanding service and conservancy charges, and property tax. Use this calculator to work out the estimated sale proceeds.
You can advertise your flat for sale in the Classifieds section of the newspapers, online property portals, social media etc.
We recomment that you find out the differences in cost and advertising of the various modes. Choose the advertising mode which best suits your needs and budget.
Remember to include the basic details, such as:• Flat address (block number and street name)• Flat type• Floor level (Low/ Mid/ High floor)• Floor area• Asking price• Contact information• Photos
And highlight the attractiveness of your flat, for example:• Flat orientation, e.g. north, south, east, or west• Conditions of the flat in terms of renovation and upkeep• Proximity to MRT/ school/ town centre• Amenities available
You may receive calls from prospective buyers or salespersons, asking for more information about your flat.
You may also be approached by salespersons offering to act for you. You can decline their assistance, if you wish to continue to handle the sale yourself.
Some prospective buyers may request for evidence of your flat ownership and eligibility to sell the flat.
Documents such as a printout from your My HDBPage, property tax statement, town council statement, or title deed are examples of documents that can confirm your ownership of the flat. If you have applied for a confirmation letter from your HDB Branch, it will indicate your ownership and whether you have met the minimum occupation period to sell your flat.
and leave all the worries from steps 1 to 5 to your realtor!
Breeze past the hassle of managing the sale of your flat with a salesperson but first, you must understand the process with these extensive MUST-KNOWS:
Step 1 Read the Council for Estate Agents’ (CEA) Consumer Guide
and their educational materials for practical tips for engaging the services of a salesperson.
Step 2 Check the CEA’s Public Register
to ensure that the salesperson is a licensed practitioner.
Step 3 Ensure that you discuss with the salesperson and mutually agree on:
✅ Terms of service✅ The payable commission✅ The period of representation✅ Exclusivity (if any)✅ Any external terms (such as payment for advertising)
Step 4 Seek clarification from CEA if you have issues relating to estate agents or their salespersons.
Engaging a salesperson is a private matter between you and the salesperson.
Then pay close attention to today’s topic because I’m about to reveal a simple, yet comprehensive way to get your property in the market in 6 easy steps!
Step 1 Register the intent to sell
First off, utilise the HDB Resale Portal and register your intent to sell. Minimise manual data entry with the aid of the Government’s Myinfo service.
Step 2 Submit Resale Application
Next, submit your resale application with the supporting documents. You will then be able to view your application in the portal and be notified of the acceptance via SMS.
Step 3 Endorse Resale Documents
Third, you are then required to endorse the resale documents in the portal within 6 days upon receiving the acceptance SMS of your application.
Step 4 Pay Resale Fees Online
Then, pay any online resale fees. Rest assured, these fees can be paid via credit card.
Step 5 Receive Approval of Resale Application
You will then receive an official approval of your resale application and be notified via SMS when the HDB’s approval letter is posted in the portal.
Step 6 Attend Resale Completion Appointment
Lastly, an appointment will be set and you will be informed of its details via SMS. All that’s left to do is show up and complete the sale!