Selling property for first-timers can feel overwhelming. It is not just clicking a button that says “sell house”. Home owners need to learn the process of selling (private) property in Singapore, and even gauge the market value of their property.
They may also have to figure out how to sell (private) property in Singapore without an agent, or identify a reliable property agent to work with.
Luckily, selling a property is now easier than ever thanks to the many online tools at your fingertips.
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Table of contents
- Valuate your property and set an asking price
- Find a reliable agent to help you list your property
- Learn more about how to sell property in Singapore
- Make your home more attractive to buyers
- Invite potential buyers to view your property
- Negotiate with buyers on the best price for you
- Hire a conveyancing lawyer to sort out additional fees
- Wait for the buyer to exercise the Option to Purchase (OTP)
- Complete the sale and prepare to move out
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 need to research 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. One quick way is to check property sale listings, but the best way is to use a robust property valuation tool.
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 on your property listing. Researching price trends, together with prices of similar properties in your neighbourhood or block, can help you come up with a reasonable figure.
2. Find a Reliable PropertyGuru Agent to Help You List Your Property
If you go the DIY route, first-timers will need to figure out how to sell (private) property in Singapore without an agent. This might take a long time, as many of us are greenhorns to the selling property process.
With a seasoned property agent at your side, you can leave them to handle the process of selling private property in Singapore. These include the administrative aspects of selling property, such as creating property listings to reach potential buyers, liaising with buyers, and setting up viewing sessions to sell your house – things they know like the back of their hands.
Need help selling your property?
Find experienced property agents with the most transactions in your area.
By selecting veteran property agents who have been selling property in your neighbourhood, there is the added benefit of them being very familiar with the demand, prices, and what attracts buyers to your area.
The easiest way to use our directory is to key in your postal code 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 usually takes a while. You may not want to take up the first offer you get, especially not before you do your own research on the property market and what to expect in the process of selling property in Singapore.
Singapore Property Guides
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4. Make Your Home More Attractive to Potential Buyers
Once you have engaged an agent to sell your house for you, dial up the appeal of your property by doing some home staging. This is the process of preparing your property for sale and making it look attractive in the eyes of potential buyers. It should look good in the photos on the listing too.
On a basic level, this means cleaning up and getting rid of any clutter. Other tips 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
With such gorgeous photos and a fair selling price, you can expect to be contacted by potential buyers any day now! 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 in 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. Take note of your pets too, as some potential buyers may or may not like animals.
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.
Sell Your property confidently
Use our property valuation tool to gain insights, and find experienced property agents to help you sell your house.
7. Hire a Conveyancing Lawyer
As a seller, you will need to hire a conveyancing lawyer to act for you in the sale.
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 calendar days, to enter into a contract for sale with you.
Your agent should provide an OTP that the buyer will later have to exercise to signal his or her commitment to the sale.
If you are selling your property without 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 step 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.
If really needed, you may apply for a Temporary Extension of Stay (HDB’s is up to three months) if your buyer agrees.
For more property news, content and resources, check out PropertyGuru’s guides section.
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