So you want to sell your home. From learning about the end-to-end process of selling property in Singapore to gauging the market value of your property, and ultimately looking for a reliable property agent to work with, selling property for first-timers can feel overwhelming.
Luckily, selling a property is now easier than ever thanks to the many online tools at your disposal.
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Table of contents
Selling Property in Singapore: How to Sell Your Home?
1. Valuate Your Property and Set An Asking Price
As prospective buyers are likely to try to negotiate with you, you need to know what is the lowest price you are willing to accept.
Unless you’re an industry expert, you may need to do some research on the current market prices and estimated value of your property to set a fair price. A ‘fair price’ is usually somewhere around the property’s valuation.
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If you are not in a hurry to sell your home and would prefer to wait if it means getting a better price, you should think about the price you would like to place on your property listing. Researching the prices of similar properties in your area can help you come up with a reasonable figure.
2. Find a Reliable PropertyGuru Agent to Help You List Your Property
A good property agent handles the administrative aspects of the sale, such as creating property listings to reach potential buyers, liaising with buyers, and setting up viewing sessions.
Use the PropertyGuru agent directory to search for expert agents by region, speciality, agent or agency name to generate a list of suitable agents and their contact details.
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Browse PropertyGuru’s directory of experienced property agents for your home selling, buying, and/or renting needs.
The easiest way to use our directory is to key in your property address and discover a list of agents that specialise in your area. This list is compiled based on the number of transactions the agents have done in your area, according to the CEA Public Register.
3. Read Property Guides to Better Understand How to Sell Property in Singapore
With a good agent and a reasonable asking price, you may receive enquiries and viewings from day one. However, hot as the property market may be, selling your home will take a while. You may not want to take up the first offer you get, especially not before you do your research on the property market and what to expect in the selling process!
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4. Make Your Home More Attractive to Potential Buyers
Once you have engaged an agent to sell your home for you, you can expect to be contacted by potential buyers any day now.
Before they arrive, you might want to do some home staging, which is the process of preparing your property for sale and making it look attractive in the eyes of potential buyers.
On a basic level, this means cleaning up and getting rid of any clutter. Other tactics include making strategic use of potted plants, removing any furniture that does not look good, and moving existing furniture into a more suitable arrangement. Brightness is usually prized by buyers, so experiment with lighting and keep your curtains open to achieve a light and airy look.
5. Allow Viewings of Your Property
Your agent will now help to set up viewing appointments with potential property buyers. This can be done either when you are at home, if you are still living in the property, or your absence.
If you are still living in the property, you will want to ensure that you and your household look your best when a prospective buyer is coming over. The behaviour and appearance of your household can subconsciously influence a buyer’s assessment of your home. So, make sure everyone cleans up their messes, is polite, and looks sharp if they are around during a home viewing session.
6. Negotiate the Best Price for You
The buyer is likely to try to negotiate on the price that has been indicated on the property listing, so be prepared to enter into negotiations with a firm idea of your bottom line.
Once you and the buyer have arrived at a price you are mutually comfortable with, it is time for both of you to commit to the sale and purchase.
7. Hire a Conveyancing Lawyer
If you are selling an HDB flat, you will have the option of using HDB’s lawyers. For both HDB and private property, you can contact a private lawyer to handle the matter for you.
Do note, however, that HDB lawyers will require you to attend the meeting at which the sale is completed, while a private lawyer can handle completion without your presence, which is a little more convenient if you are travelling or on a tight schedule.
8. Issue the Option to Purchase (OTP)
The Option to Purchase (OTP)
is issued to an interested buyer, usually in exchange for an option fee. Once the buyer receives the Option to Purchase, he or she must exercise it by the deadline, typically about 21 days, to enter into a contract for sale with you.
Your agent should provide an OTP which the buyer will later have to exercise to signal his commitment to the sale.
If you are not working with an agent, you can ask your lawyer to draft an OTP to be issued to the buyer.
The buyer should exercise the OTP by returning the signed document to your lawyer together with the required deposit before the deadline.
If this has been done correctly, congratulations, you are now officially selling your property.
9. Complete the Sale and Prepare to Move Out
From here on out, your lawyer will be the one handling the transaction on your behalf. He or she will inform you as to what documents and payments you need to sign and furnish, and so on.
Your lawyer will also provide you with a timeline, so you will know when the completion of the transaction takes place. That is the day the keys will be handed over to the buyer.
In the meantime, you should prepare to move out by the handover date. That means you’ll be packing up belongings and furniture and arranging for transportation to a new home. Do this as early as possible so you have the time to sell any unwanted items in the second-hand market and arrange for transportation of your belongings.
Disclaimer: The information is provided for general information only. PropertyGuru Pte Ltd makes no representations or warranties in relation to the information, including but not limited to any representation or warranty as to the fitness for any particular purpose of the information to the fullest extent permitted by law. While every effort has been made to ensure that the information provided in this article is accurate, reliable, and complete as of the time of writing, the information provided in this article should not be relied upon to make any financial, investment, real estate or legal decisions. Additionally, the information should not substitute advice from a trained professional who can take into account your personal facts and circumstances, and we accept no liability if you use the information to form decisions.