Here's a breakdown of how to sell your 5-room HDB flat in Sengkang and the associated costs:
**1. Eligibility to Sell:**
* **Minimum Occupation Period (MOP):** Ensure you've fulfilled the 5-year MOP before selling.
* **Ethnic Integration Policy (EIP) and Singapore Permanent Resident (SPR) Quota:** Check if your block has any EIP or SPR quota restrictions.
**2. Valuation and Pricing:**
* **HDB Valuation:** Obtain a valuation report from HDB. This gives you an indicative market value for your flat.
* **Market Research:** Research recent transaction prices of similar flats in your area to gauge the current market value.
* **Pricing Strategy:** Set a competitive asking price based on the valuation and market research. You can slightly adjust the price to attract buyers while ensuring you get a fair deal.
**3. Selling Options:**
* **DIY (Do-It-Yourself):** You can handle the entire process yourself, from marketing to paperwork. This is more cost-effective but requires more effort and knowledge of the process.
* **Engage a Property Agent:** An agent can help you with marketing, viewings, negotiations, and paperwork. They typically charge a commission of 2% of the selling price.
**4. Costs Involved:**
* **Seller's Stamp Duty (SSD):** If you sell within three years of purchase, you may be liable to pay SSD.
* **Agent Commission (if applicable):** Typically 2% of the selling price.
* **Legal Fees:** Range from $2,000 to $3,000 for HDB conveyancing.
* **Resale Application Fee:** $40 or $80, depending on flat type.
* **Administrative Fee:** $120 (if you use an agent, this fee is included in their commission).
**5. Selling Process:**
* **Register Intent to Sell:** Submit an Intent to Sell application on the HDB Resale Portal.
* **Grant Option to Purchase (OTP):** Once you find a buyer, grant them an OTP, which gives them the exclusive right to buy your flat at the agreed price for a specified period (usually 21 days).
* **Exercise OTP:** If the buyer decides to proceed, they will exercise the OTP by paying a deposit (usually 1% of the price).
* **Submit Resale Application:** You and the buyer must submit the resale application to HDB within seven days of exercising the OTP.
* **Completion:** After HDB approves the application, you'll attend a completion appointment at HDB, sign the documents, and hand over the keys to the buyer.
**Additional Tips:**
* **Marketing:** Use online platforms and social media to market your flat. Highlight its unique features and benefits.
* **Viewings:** Be flexible with viewing schedules and present your flat in the best possible light.
* **Negotiation:** Be prepared to negotiate on price and other terms of the sale.
By understanding the process and costs involved, you can make informed decisions and successfully sell your HDB flat. Good luck with your sale!
WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255
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