HomeReal EstateSelling Property in Singapore Made Easy: Key Strategies
Selling Property in Singapore

Selling Property in Singapore Made Easy: Key Strategies

Selling a property is a significant undertaking be it your primary residence or investment property. With the numerous cooling measures still in force, it is necessary to ensure you are not restricted from selling or suffer any losses from doing so. 

1. Check Your Eligibility To Sell Your House

For HDB owners, you can login to My HDB Page to check whether you have completed the Minimum Occupation Period (MOP) before you register your Intent To Sell Your Property. For private property owners, while there is no restriction or lock-in period to sell your property, it is however important to check that the Seller’s Stamp Duty does not apply to you (ie: 3 years after the date of purchase of the property). If you still have a mortgage, do check with your respective financial institution whether you are out of the lock-in period.

2. Survey The Property Market

If you plan to upgrade or right-size, do ensure that there is an amply supply of your target property type in market or make plans to set aside some funds in the event that you have to rent while waiting for a suitable unit to purchase.

3. Check Your Financing Capacity

This relates to the bank loan, allowed CPF quantum and applicable stamp duties. Depending on your age, remaining property tenure and property count, the amount of funds available for your next purchase will vary so it is important to do your financial planning first.

4. Plan Your Timeline For Concurrent Buying and Selling Property

This is tricky as the timeline involves 3 parties, yourself, the buyer for your property and the seller for your next property. It is essential to communicate all your requirements upfront to facilitate a smooth transaction. You do not want to find yourself in a situation where you do not have a place to stay during the transition to your new place.

5. Engage A Property Agent or Do-It-Yourself (DIY)

Hiring a real estate agent can greatly benefit you in selling your property. While it is possible to sell your property on your own, working with a professional can provide several advantages that can make the selling process smoother and more successful.

Firstly, a real estate agent is an expert in the local property market. They have extensive knowledge of current market trends, property values, and the best marketing strategies to attract potential buyers. This expertise enables them to accurately price your property, ensuring you receive the best possible value for it.

Additionally, real estate agents have an extensive network of contacts within the industry. They have access to a wide pool of potential buyers, including individuals, investors, and other real estate professionals. This network allows them to market your property effectively and reach a larger audience, increasing the chances of a quick sale.

Furthermore, real estate agents handle all the nitty-gritty details involved in selling a property. They are responsible for creating compelling listings that highlight the unique features and selling points of your property. They also coordinate and schedule showings, handle negotiations, and guide you through the complex paperwork associated with the sale.

By hiring a real estate agent, you can save time and effort as they take care of all the legwork involved in selling your property. They have the experience and expertise to handle any challenges that may arise, ensuring a smooth and hassle-free selling process for you.

In summary, while it is possible to sell your property on your own, hiring a real estate agent offers numerous advantages. Their knowledge of the local market, extensive network, and ability to handle all aspects of the sale can greatly increase your chances of selling your property quickly and at the best possible price. So, if you want to maximize your chances of a successful sale, engaging the services of a real estate agent is highly recommended.

6. Obtain an Indicative Property Valuation

How To Analyse The Value of Landed Property? Determining the value of your property is a crucial step before selling it. By accurately assessing its worth, you can set the right selling price and attract potential buyers. You can always approach a real estate agent for an indicative bank valuation or obtain a valuation from a property valuation firm. This will be beneficial starting point to set your asking price. 

However these are a few key factors to consider when determining the value of your property:

  1. Location: The location of your property plays a significant role in its value. Consider factors such as proximity to amenities, good schools, transportation links, and neighbourhood desirability. Properties in prime locations are generally valued higher than those in less desirable areas.

  2. Market conditions: Keep an eye on the current real estate market conditions. Market trends, demand and supply, and economic factors can all impact the value of your property. Consulting with a real estate agent or conducting market research can give you insights into the current market conditions.

  3. Property size and layout: The size and layout of your property are important factors that influence its value. Larger properties or those with desirable layouts tend to have higher values. Consider the number of bedrooms, bathrooms, living spaces, and any additional features or facilities your property may offer.

  4. Property condition: The overall condition of your property also affects its value. Well-maintained properties, with recent renovations or upgrades, generally command higher prices. Consider the age of the property, its structural integrity, and the condition of fixtures, fittings, and appliances.

  5. Comparable sales: Look for recently sold properties in your area that are similar to yours in terms of size, location, and condition. These comparable sales, also known as “comps,” can provide a benchmark for determining the value of your property. Consider the selling prices of comparable properties and adjust based on any differences.

  6. Professional valuation: To get a more accurate estimation of your property’s value, consider hiring a professional valuer. They will evaluate various factors, including those mentioned above, and provide an expert opinion on the market value of your property.

Be sure to consider these factors when determining the value of your property before selling. Remember, accurate pricing is crucial to attract potential buyers and ensure a successful sale.

7. Decide On The Asking Price For Your Property

Research the market and set a competitive and realistic price for your property. Overpricing can deter buyers from enquiring, while underpricing it will cause you not to realise the true value of your home. The URA website provides data on recent sales transaction, which can help you arrive at a decision.

8. Prepare Your Property For Sale

  • Preparing your property for sale involves several key steps that can help ensure a smooth and successful selling process. By investing time and effort into properly preparing your property, you can attract potential buyers, maximise its value, and increase your chances of a successful sale.

    Here are the essential steps to follow:

  • 1. Deep Clean and Declutter:
    • Start by thoroughly cleaning your property, paying attention to every room including the kitchen, bathrooms, and living spaces.
    • Remove any excessive clutter to make your property appear more spacious and organized.
    • Consider hiring professional cleaners to ensure a thorough deep clean.
  • 2. Repairs and Maintenance:
    • Address any noticeable repairs such as leaky faucets, broken tiles, or squeaky doors to present your property in its best condition.
    • Service major systems like plumbing, electrical, and HVAC to ensure they are functioning properly.
    • Consider repainting walls or fixing any damaged paint to give your property a fresh and appealing look.
  • 3. Enhance Appeal of the Property:
    • Pay attention to your property’s exterior by ensuring it looks inviting and well-maintained.
    • Trim overgrown bushes or trees, mow the lawn, and weed the garden.
    • Add some potted plants or flowers to enhance the aesthetics and create a welcoming first impression for potential buyers.
  • 4. Stage your Property:
    • Consider staging your property, either by hiring a professional stager or arranging the furniture and decor to highlight its best features.
    • De-personalize your space by removing personal photos and belongings, allowing potential buyers to envision themselves living in the property.
    • Rearrange furniture to create a sense of flow and maximise the use of space.
  • 5. Professional Photography:
    • Hire a professional photographer to capture high-quality images of your property.
    • Quality photographs can greatly enhance your property’s online presence and make a lasting impression on potential buyers.

9. List Your Property On As Many Property Portals And Media Platforms As Possible

Work with your property agent to create a comprehensive marketing plan. This could include online listings, professional photography, virtual tours, open houses, and targeted advertising. Your property should be listed on property portals and media platforms to capture a wide audience.

10. Flexibility With Viewings

Be accommodating with viewing requests. The more accessible your property is for viewings, the higher the chance of attracting interested buyers. During the viewings, show buyers the positive aspects of your property, provide floor plans and be prepared to answer any questions the buyers may have.

11. Negotiate The Offers

Be prepared to negotiate. Negotiate the best possible terms for yourself while keeping the buyer’s interest in mind. It is a delicate balancing act to agree on the sale price, completion date, and any other conditions that need to be met (ie: sale with vacant possession or with tenancy etc).

12. Issue The Option To Purchase (OTP)

This essentially means that you are selling your property to the buyer and giving him the rights to purchase within an agreed period and you will not be allowed to issue another OTP until the current one lapses. Understand the legal aspects and go through the Law Society Conditions Of Sale when drafting the OTP. The contract can be drafted by your property agent or your conveyancing lawyer. The buyer has to exercise the OTP within 14 days from the date of option or any period agreeable between both parties.

13. Sale & Purchase Agreement And Property Valuation

When the buyer has exercised the OTP, he will remit the 4% exercise fee to the conveyancing account of your appointed law firm. You will be expected to sign the Sale & Purchase Agreement (SPA), which will state the detailed information regarding the sale. If the buyer is taking a bank loan or using CPF to fund the property purchase, a property valuer will visit your place to appraise the property.

14. Pay Seller’s Stamp Duty (SSD)

If you sell your property within 3 years from the date of purchase, you are liable to pay the Seller’s Samp Duty. The SSD has to be paid within 14 days from the date of exercise of the OTP.

15. Complete The Transaction

This is the final step as you will hand over the keys to your lawyer, sign the remaining documentation and receive the balance sales proceeds. The lawyer will arrange for payments to be made to the respective parties involved in the property transaction.

To conclude, each property sale is unique, and these considerations can help you navigate the process of selling your property more effectively. Having a well-thought-out plan and professional guidance can contribute to an efficient and successful sale.

Frequently Asked Questions On Selling Property in Singapore

i. Can I Sell My Property Without An Agent?

Yes, homeowners can list their properties for sale through For Sale By Owners “FSBO” platforms such as Carousell, Newspapers or 99.co. 

ii. When Is The Best Time Of The Year To Sell My Property?

While we have 12 months in a year to sell a property, technically the best time is to avoid major public holidays, long weekends and school holidays as most people are looking to spend quality time with loved ones or travel during these periods. 

iii. How Long Does It Take To Sell A Property In Singapore?

The timeframe for selling a property can vary depending on various factors. While there is no fixed duration, it is essential to consider the average market conditions and specific circumstances surrounding the property.

Let’s talk about the time needed to complete the transaction assuming there is a buyer for the property. Do bear in mind that while this is the normally accepted timeframe, it is still up to both buyers and sellers to negotiate and agree on it. 

For Private Properties, the completion timeline is between 8 weeks to 12 weeks from the date the buyer exercises the Option to Purchase. The standard option period is 14 days and can be negotiated.

For HDB Flats, the completion timeline is typically between 8 weeks to 10 weeks from the date the buyer exercises the Option to Purchase. The standard option period is 21 days and it cannot be negotiated. 

Now that we have this out of the way, the only variable is the time it takes to market the property for sale. So do plan for at least 3 months to 6 months depending on market conditions and asking price etc. 

iv. How Soon Can I Sell My Property After Purchasing It?

For private properties, you should only sell your property three years after signing the sales and purchase agreement (S&P) to avoid paying SSD.

For HDB flats, you can only sell your property after completing the Minimum Occupation Period (MOP). You can check your eligibility to sell by logging in to your HDB Page

v. Can I Still Buy HDB After Selling My Property?

According to prevailing HDB regulations, you need to wait at least 30 months after selling your private property before you can buy a BTO/Sale of Balance Flat (SBF) or buy an executive condo (EC) from a developer.

For HDB resale flats, you need to wait out a 15-month period from the date of disposal/sale of your condo before applying to buy the HDB resale flat.

vi. Can I Gift My Property To My Children?

Yes it is legal to give away your property without receiving monetary compensation. You can give away property by effecting a Deed of Gift between the transferor and transferee.

However do note there are certain implications when doing so:

  1. The Bank is unlikely to grant a mortgage loan with the property as a collateral until after 5 years from the date of gift. 
  2. Due to the above point, it will be difficult to sell the property within the 5 years timeframe as potential buyers may not be able to obtain financing for the purchase. 

Do consult your lawyer and banker for the latest regulations regarding gift transactions. 

vii. Can I sell my property while it is still under mortgage?

Yes, it is possible to sell your property while it is still under mortgage. However, there are certain considerations and processes involved in doing so. Selling a property that is under mortgage requires careful planning and coordination with your lender.

Here are some important points to keep in mind:

  1. Inform your lender: The first step is to inform your lender about your intention to sell the property. This is crucial because the lender holds a legal claim on the property until the mortgage is fully paid off. They need to be aware of your plans and may provide you with specific guidelines or requirements that you need to follow.

  2. Check for any prepayment penalties: Some mortgage loan agreements may have prepayment penalties that are incurred when you pay off or sell the property before a certain period of time. It is important to review your mortgage agreement or letter of letter or consult with your lender to determine if any prepayment penalties apply in your case.

  3. Assess the property’s value: Before listing your property for sale, it is advisable to get a professional valuation done by a certified appraiser or real estate agent. This will help you determine the fair market value of your property, which will be crucial for setting the sale price and to determine the amount of sales proceeds. This gives you a peace of mind knowing if the sale will be a positive sale or negative sale.

  4. Coordinate with your lender for the payoff: Once you have a buyer and a mutually agreed-upon sale price, you will need to coordinate with your lender to obtain a mortgage payoff statement. This statement outlines the outstanding balance on your mortgage, including any interests and related fees. The buyer’s funds will be used to pay off the mortgage during the closing process.

  5. Proceed with the sale: With all the necessary preparations in place, you can proceed with the sale of your property. The closing process will involve the transfer of ownership to the buyer, the payoff of your mortgage, and the distribution of funds to all relevant parties.

viii. What are the costs associated with selling a property?

When selling a property, there are various costs that you need to consider. It is important to be aware of these expenses so that you can properly budget and plan for them. Here are the common costs associated with selling a property:

  1. Agent’s Commission: If you enlist the services of a real estate agent to help you sell your property, you will typically need to pay a commission fee. This fee is usually a percentage of the final sale price and is negotiated with the agent.

  2. Legal Fees: Engaging a solicitor or conveyancer to handle the legal aspects of the property sale is crucial. The legal fees usually cover tasks such as preparing and reviewing the sales contract, transferring the title, and conducting property searches.

  3. Marketing Costs: To attract potential buyers, you may need to invest in marketing your property. This can include professional photography, virtual tours, online listings, signage, and advertising. The costs for these marketing efforts can vary depending on the level and extent of promotion you choose.

  4. Valuation Fees: Before listing your property, it is common to obtain a professional valuation. A valuer will assess the market value of your property, which is essential for setting the asking price. Typically, a fee is charged for this service.

  5. Home Staging: To enhance the presentation and appeal of your property, you may consider hiring a professional home stager. They will help you declutter, rearrange furniture, and style the property to make it more attractive to potential buyers. The fee for home staging will depend on the size and condition of your property.

  6. Clearance Certificates: In some cases, you may need to obtain certificates to confirm that your property complies with regulations. For example, you might require a pool safety certificate or a building compliance certificate. These certificates may incur fees.

  7. Pre-Sale Repairs or Renovations: If your property requires any repairs or renovations before sale, you will need to factor in the associated costs. This can range from minor touch-ups to larger-scale renovations, depending on the condition of your property and market expectations.

  8. Discharge of Mortgage: If you have an existing mortgage on the property, you will need to pay off the outstanding balance upon sale. There may be fees associated with discharging the mortgage, such as an early exit fee or administration charges.

Are You Considering To Sell Your Property?

You may be thinking what is the next step for you and if it is worth going through the necessary work to sell your property.

When is the best time to sell and can I sell for a better price than my neighbours? 

Here at The Landed Collective, we specialise in residential properties and that means, HDB flats, Condos, Landed Houses and New Developer Sales. 

Before you start anything, speak to us for a complimentary consultation as we will provide you with comprehensive advice, run through the essentials on the property market and answer any questions you may have.