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Selling your Home
You can purchase another home before you sell your current home, the is also true the other way around.
In the event you choose to buy before selling, you have the option to apply for a bridging loan (a temporary advance to purchase another property while waiting to sell your present home).
You are encouraged to apply for the bridging loan and new home loan with the same bank. This simplifies the discussion in the event a longer period is required to sell your present home resulting in an extended period in repaying the bridging loan.
On the other hand, you can sell your present home first, and set aside the time to search for your next home. This is a decent move when property prices are falling and the property market recovery is not forecasted any time soon.
On the off chance that you have sold your home and the enhanced one isn't ready, consider the option and cost of getting temporary housing (for example renting).
In the event that your house is a HDB, the resale process will require around two months, from the day the Housing Development Board approve the resale application to the fulfilment date.
In the event that your house is a private property, the typical exchange will take around 12 to 14 weeks. After you accept the 1% deposit, there is fourteen days for the purchaser to exercise the Option to Purchase. From that point onward, it typically takes 10 to 12 weeks to finish the exchange, if there is no unique solicitation from the purchaser for early fulfillment.
If you are a HDB home seller, you will be informed by HDB on the completion date after you attend the completion appointment at HDB Hub.
For private home sellers, after you sign the records at the legal counselor's office, you will be educated by your attorney on the handover date.
Before the finish date, as the soon-to-be past owner, it is your commitment to guarantee the accompanying undertakings are finished.
- For HDB homes, correct or eliminate any unapproved redesign and/or works in the resale flat that do not conform with the HDB renovation rules.
- Ensure that any outstanding maintenance fees/expense (private properties) or local charge and administration and conservancy charges (HDB) are settled up to the handover date.
- Aside from things consented to be abandoned, remove all furnishings and things in the sold property for the incoming owner.
It’s time to sell when:
You can secure an attractive profit. Home sellers are frequently wary of mistiming the market and selling too soon. Yet, in all actuality, nobody knows when the pinnacle of the market is before prices begin to fall. As such, timing the market is near impossible and in the event the price sold was not the peak, sellers should not look back in regret and be satisfied on closing a sale.
Note: Whatever the bank valuation of your property, it is just a paper profit until the day the deal finishes.
It is anticipated that the correction of prices will continue.
Proprietors ought to consider reducing their property portfolio in the event that they anticipate the market will be mellowing and prices will keep on falling. Regardless of whether they have sufficient holding ability to ride through the volatility, nobody knows how long and how profound a market contraction will be.
While your home might be occupied at the moment, it is wiser to sell an empty home for the following reasons:
- It makes your home look neater and tidier and can leave a better impression.
- It gives potential purchasers more space for being creative and imagining how they can live there.
- It is less chaotic to manage the entire house keeping, renovations and home staging.
- It is simpler for the agent to conduct viewings at the convenience of the buyer, without having to bother the occupants of the house.
- Historically, empty homes are often able to attain better offers and selling prices from buyers.
Having that said, be mindful that selling a home requires some time. The entire process includes advertising for sale, waiting for interested buyers, answering enquiries, conducting viewings, negotiation and closing. This may take a couple of months to longer than a year. In addition, it requires an additional 3 months to complete the handover and transaction.
Before you sell your home, there are a couple of things you need to know:
- The market value of your current home;
- Current outstanding housing loan
- The accrued CPF interest plus CPF monies to be refunded to your CPF account.
- For HDB owners - Have you completed the 5-year Minimum Occupation Period; and
- For private home owners, if you are required to pay seller stamp duties
Outstanding housing loan
Enquire from your bank on the outstanding property mortgage amount. Estimate the time needed to sell your home (say, 3 to a half year) and ascertain the amount of outstanding mortgage at that time.
Relying on the official mortgage document signed with the bank, establish if your outstanding home mortgage falls within the lock-in period. In the event it does, calculate the additional amount to be paid for early settlement of the loan.
Amount to refund CPF
By signing into your CPF account, you will be able to check the sum borrowed from the Ordinary Account to pay for the deposit and the monthly loan repayment. The CPF portal would also provide the total interest payable to CPF after selling your home.
Minimum Occupation Period (MOP)
For HDB flat owners, it is required for the owners to stay at the residence for 5 years before being permitted to sell. The MOP of 5 years is determined from the day you receive your key on the handover date of your level. Note that if your home has been rented or rented (either lawfully or wrongfully) before, the whole time of renting or renting isn't included in the 5-year MOP.
Seller Stamp Duty (SSD)
For private homes, Seller Stamp Duty (SSD) is determined on the selling cost or the market worth of your home, whichever is higher.
In the event that your house was purchased between 14 Jan 2011 and 10 Mar 2017, SSD of 4% to 16% within a 4 years period will be levied.
In the event that your house was purchased or bought on and after 11 Mar 2017, SSD of 4% to 12% within a 3 year period will be levied.
Before you sell your home, there are a couple of things you need to know:
- Performing market research
- Establishing a selling price
- Engaging an agent or DIY
- Arranging viewings
- Accepting an offer
- Completing the sale
To estimate the selling price, recent transactions of similar houses in the same project or estate would provide a range. Home owners are able to obtain information from the Housing Development Board site (for HDB homes) and Urban Redevelopment Authority site (for private homes).
Banks who provide home loans, are also able to provide an indicative valuation.
Do take note to limit to comparable size, age and location.
Here are some reasons to consider before deciding to engage a professional representative (Agent) or do-it-yourself (DIY):
- Do you have the time and mindspace to advertise and arrange for in-person viewings or prefer to outsource?
- Do you feel equipped to answer questions (both good and bad) and respond to comments (again both good and bad) about your advertised property?
- Are you comfortable when negotiating with a potential buyer?
- How comfortable are you in screening and validating potential buyers?
- How likely are you to contain your emotions towards negative comments made about your property?
- Do you have the resources (including external) to be equipped to handle all the administrative work that comes with the subsequent transaction?
If the answer is “no” to the most or all of the questions above, it would be advisable to consider engaging a professional. That said, while selling a property is not a straightforward matter, it is not impossible and can be accomplished.
FOR SAFETY - In the event you are selling your home without official representation (Agent), ensure the following for your safety:
- Arrange for an additional person (a family member, a friend or a tenant) to be present with you inside the property.
- Avoid showcasing the property alone. If that is unavoidable, consider keeping the main door of your home open at all times and/or asking your neighbour for help.
- Preferably, arrange a few appointments at a similar timing, or one after the other.
- Preferably have a CCTV installed for safety. Do note as part of PDPA, you are required to inform the buyer that the house is under CCTV surveillance and it is being recorded.
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