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5 Things Homeowners Should Know About Selling Their Home

15 Sep 2017

Tips & Advice

Second-hand flats are now more attractive after the government upped grants for first-time resale buyers of HDB flats in February. Here are five points to note so you don’t gabra (read: fumble) when selling your house.

1. Read The Rules First

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HDB flats are public housing built by the government and this means there are plenty of rules for buying and selling them. The Minimum Occupation Period (MOP) lays out how long different sellers must live in their flat before they can sell, while sellers must also ensure sales don’t mess up race and citizenship quotas for the neighbourhood.

HDB has a nifty website with all the rules you need to know and e-services to help assess your eligibility. No harm learning about them first, right?

2. Agent Or No Agent?

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So you have checked the rules and found out that you can sell. Great! Now you must decide if you want an agent or not. More people are saving thousands in agent fees by selling their homes by themselves on property portals and social media, but it takes time and effort to handle the selling process and its risks.

On the other hand, agents do the wheeling and dealing for you by advising on pricing, advertising your flat, and screening buyers. They are also much more familiar with the procedures which can smoothen the sale. They charge about 2% to 4% of the selling price, so they may give more bang for your buck if you own a house that is less expensive.

3. A Picture Paints A Thousand Words

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The first thing any buyer wants to see when buying a house is a photo. If you don’t provide any, chances are buyers will not remember your house from all the others available.

Agents will usually guide you on what and how many photos to take but if you are doing it yourself, arm yourself with a good (not phone) camera and take high resolution photos that flaunt the best angles of your home. Good photos set you apart from the competition and entice buyers to visit. Once they decide to visit …

4. Make Buyers Feel Comfortable

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For an open house, remember two golden rules: tidy up and make sure as few household members are present as possible. Good photos won’t matter if buyers are greeted by dust balls and floor stains, so do some spring cleaning and make the men relive their NS standby area days.

Buyers enter houses trying to imagine themselves living in them, and this is tough when your own household members are also present. If you are selling the house, make sure only you are showing the buyer around. If you have an agent, bring your family out for the day and let your agent work for his or her commission.

5. Relax and Let Go

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When is a flat not a flat? When it is about to be sold. It can be hard to bid your flat goodbye when it holds fond memories for you, your spouse, your kids, or even your parents. But selling one house usually means the buying of a new one and the chance to build the dream home you’ve always wanted.

Have ideas for your new home but don’t know where to start? Get inspiration from our gallery or dive into our library of articles to find more tips, trends, and advice!

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