Whether you decided to sell or rent out your unit depends on your financial situation, lifestyle needs and if you are able to service the mortgage. If you do not have the holding power, then you will have to consider selling your property. Depending on the number of years you have owned the property, a Seller's Stamp Duty (SSD) may be payable.
If you can hold on to your property, you may consider renting it out. The rental income may cover your mortgage. You may consider engaging an agent to market the unit and rent it out for you.
Engaging an agent will ensure the agent markets the property for you and selects the right tenant within a short period at a market price. There is also other paperwork that an agent must do such as e-stamping with IRAS and ensuring that your tenant is a legitimate tenant with the Immigration and Checkpoints Authority (ICA).
All types of private residential property are subjected to an occupancy cap of six unrelated persons per property.
Do note that the minimum rental period for private residential property is 3 months.
A landlord is required to check original NRIC or FINS of the tenants and occupiers for forgery and make copies. check photographs on NRICs or FINS against the actual persons to confirm identity and verify the validity of the passes with MOM database and/or ICA database. As an added due diligence, you may also ask for letter of employment from employer. This is to deter illegal immigrants or vice activities. This is required by the Council of Estate Agencies for compliance with the Immigration and Women's Charter.
Hope this answers your question.
Depends on which type of property as well as the profile like balance lease and etc. Also depends on you if you are ok to manage tenants' issue like maintenance, late or non-payment of rent and etc. Not 1 plan suits all man. We can discuss more such that perhaps we may run through more potential scenarios before you make an informed decision.
I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.
I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.
Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.
With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.
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I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.
It depends on a few factors such as market condition, age of property, pricing trends in the locality and whether any potential for future capital upside based on URA master plan. Happy to analyze in detail the best course of action. Most importantly, would you be cashing out for a personal objective or are there still thoughts to continue to use property to grow the wealth further?
May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.
Ivan Ng Realtor
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-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --
I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.
-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --
I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan.
-- HDB Jurong West 5-RM Sellers, Exec Apartment Purchasers, Lenz & Michelle --
We would like to thank you for ensuring a smooth and well-explained process throughout the whole selling and buying of our property. We got to know you thru Property Guru, where we are scouting for condo around West area. We remember that we are quite tight in our budget in purchasing the condo unit,but you are still very willingly explaining and calculating our financial liabilities. You are always having your smiles whenever we met for discussion.
We appreciated your process of selling and buying of our property are very systematically and well executed, from financial calculation to the purchase procedure of our new house. We are always being updated thru our group chat during the engagement of your service.
We would never expect such a smooth sailing experience of selling and buying of property. Your professionalism in work will definitely be remembered and rewarded. All the best in your property venture!
Mark, your RIGHT choice
The decision on whether to sell or rent depends on whether there is further upside potential on the property. It is good to look at the recent and past transaction information to determine whether there are any more upside for the house that you are holding on to.
If there are, then rental is a good way to generate positive cash flow while waiting for further price appreciation. If the price is already past the peak, then you may want to consider selling the property and using the funds to invest in other assets.
Please feel free to contact me so that I can do up a detailed analysis for you so that you can make an informed decision.
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Testimonial from Satisfied Clients
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)
I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)
“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)
“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)
“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the custom
Although market condition does plays a part, I still think the main consideration whether to sell or to rent would be your plans going forward.
Your age and family profile is also another crucial factor. For example, if you're retired, you may not be able to secure another loan to purchase another property. In this situation, you might wish to continue renting out the property for passive income for your retirement.
Questions to ask yourself includes:
What is your intention and plans in the next 5-10 years?
Does this property contribute passive income for your retirement years?
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.
Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you in the current market.
This scenario is best to use the opportunity cost analysis.
Lay out your options and analyse them individually. Say if you were to rent you are getting 2.5% rental yield on your property.
Option 1 :
Sell. You get the proceeds of money. Then whats next? do you have a better place to use your money? It has to generate more than what you get from renting.
Rent. Say you are getting 2.5% rental yield on your property. You are able to sell with tenancy but it would be harder to find a buyer because of that so it might affect your opportunity to sell at a good price. If you suddenly need the cash from the proceeds of the sale of your property then this might be a problem.
Ultimately its a case by case basis and it depends on your situation.
I believe that there are many considerations to this.
1. What are your short and long term intent? Are you looking to have passive income in the future through rental? Or are you upgrading to built a long term home for stay and for your family?
2. Is the time right for you to sell your property to get another one at a suitable price. Are your financing right? I do have tools at my disposal to preliminary give you an idea of the finances you would be able to attain through the selling of your current property.
3. Of course there are also other things to look at depending on the circumstances and current market condition.
I do have resources to leverage on to help market and in the process hopefully to assist you in your real estate journey. I was able to close deal within 2 day of listing. Do drop me a message via WhatsApp at 91871843 for a chat to allow me to understand how I can be part of your real estate journey!