How Budget 2024 Impacts Singapore Homeowners: Exciting Property Tax Updates and ABSD Benefits
TLDR The 2024 Budget introduces changes to property tax bands, aiming to ensure fair taxation based on Annual Value (AV)...
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TLDR
When selling your house, turn perceived disadvantages into advantages. For sun-facing homes, use UV sheets and blinds to manage sunlight. High-floor units may offer stunning views that outweigh minor inconveniences. Factors like ETTV and RETV help regulate heat transmission in buildings. Even units with ‘bad feng shui’ elements can be attractive with good design. Centralized rubbish chutes in modern apartments reduce pests and odors. Highlight the positive attributes of your property to attract buyers. Understand buyers’ preferences and market your property effectively for a successful sale.
If you’re a homeowner with plans to sell your house, you’re no doubt familiar with the process – you’ll work with an agent and list the property on a property portal.
But what if your house has a feature that could be seen as a potential dealbreaker?
For example, the direct East or West sun-facing can make the house get hotter in the morning or evening. Here’s an idea: use this perceived disadvantage to your advantage!
See how some homeowners get around this and make the sale.
East Or West Sun-Facing Flat
For homes that face East, typically the homeowners would already have left for work by the time the sun’s rays become most intense, which may not be seen as a major downside by prospective sellers with similar work schedules.
However, when it comes to a flat with a West-facing aspect, it can create a problem. After a long day at work, coming home to a place that feels warmer than usual can be an unwelcome surprise.
One of my homeowner, whose kitchen was situated facing the western sun, had the perfect opportunity to make full use of the sunlight; as a home-grown gardener, she could enjoy her plants in her backyard, as well as hang her clothes to dry. Fortunately, she found the ideal homebuyer who had the same appreciation and interests in making the most of the sunlight.
By placing UV sheets, such as solar or reflective films, on the windows, coupled with installing retractable blinds, the homeowner was able to block the light. If a potential buyer could accept these existing fixtures as part of the sale, then that would be a bonus for the seller.
More often than not, the perceived disadvantages of sun-facing apartments facing East or West have other features that outweigh them. For example, a homeowner on a high-floor with a West-facing unit was blessed with a stunning reservoir view – one of those factors that almost always overrides any minor irritations that may come with a morning or evening sun.
Not every prospective buyer is concerned by the sun’s position when viewing an apartment, whether it be facing East or West.
In addition, many contemporary flats now feature steel bars embedded in their concrete walls, helping to redistribute heat throughout the day.
The Building and Construction Authority even has a term known as ETTV (or Envelope Thermal Transfer Value) which calculates heat transmission through different walls and windows of a building, and RETV (Residential Envelope Transmittance Value), for even more efficient heat management.
As construction technologies continue to advance, providing better heat dissipation within national eco-sustainable standards, soon coming home to a sun-facing apartment – be it East or West – won’t be a major concern anymore. Architects and engineers are already utilising these values to comply with various thermal performance standards for buildings.
Corridor-Facing (No Privacy) Or Unit Having Taboo Numbers
Selling a HDB flat with ‘bad feng shui’ elements like a low floor number, facing the expressway, or noisy train tracks can be quite a challenge – just ask the seller who was stuck with a 4th floor unit, facing the common corridor with an LRT track directly opposite! Initially he was worried he wouldn’t be able to find a buyer because, to some Chinese buyers, the word ‘four’ sounds like ‘death’.
He was convinced that the common corridor and LRT track had infringed on his privacy, despite his home being mere metres away from the train station, and having just gone through its Minimum Occupation Period (MOP).
“Prospective buyers tend to favor corner units, yet units with a common corridor view or overlooking a train track or main road can still be attractive–especially if they are well designed and boast other desirable qualities. In the end, it all comes down to how it is presented!”
My homeowner quickly discovered the cause of his issue: since his HDB unit was freshly out of its Minimum Occupancy Period, other residents within the same building (on higher floors, no less) were simultaneously being released into the resale market. Thus, it came as no surprise that potential buyers were typically more interested in the higher-level or corner units.
Despite having multiple viewings and no offers, my homeowner eventually achieved his desired price, finding the right buyer – a non-superstitious one – with my help. There was no need to be anxious – it was all about finding the perfect purchaser at the ideal moment.
In addition, as part of the LTA’s railway noise barriers program, many railway tracks now boast privacy screens that also act as effective sound barriers. Between 2018 and 2023, 27 km of track will have had sound-reducing barriers installed. In a research study conducted by a group of NUS students, it was even discovered that property values increased after these noise barriers had been planned and constructed.
LTA claims that the barriers have the potential to bring down railway noise levels by 5 to 10 decibels.
Unit Is Next To Or Facing The Rubbish Chute
If you’re looking for a flat, one potential downside to watch out for is if it’s situated near or opposite a rubbish chute. Fortunately, modern apartments are now equipped with a centralised rubbish chute, meaning no more pesky pest infestations or costly maintenance issues. In many ways, this is a better system for tenants, helping to make life a little bit easier.
Be mindful that some buyers might prefer a decentralized rubbish chute in their home – especially seniors who would rather not make frequent trips outside. These can be found in older resale flats and there are tips or advisories from Town Councils on how to keep the chute door shut to prevent pests and unpleasant odours.
If you’re a homeowner with a centralized chute, you’ll be glad to know there are units that are located close to or directly facing it. What’s your take on this?
Some claim they rarely leave their front door open to minimize the noise from their neighbour’s rubbish-dumping. However, living closer to the centralized chute is ideal for those who have to get rid of waste frequently, as they don’t have to go too far. Those who live farther away from the chute, on the other hand, tend to accumulate more rubbish throughout the day, making the smell in their home quite unpleasant.
If you’re living on a higher floor, the chances of pests emerging from the chute during fumigation rounds would be much lower than someone residing in a lower-floor dwelling.
Moreover, many centralised chutes are located near the primary elevator lobby, making it a convenient exchange-off for some homeowners.
It is evident that the so-called ‘disadvantages’ of a product may be viewed as ‘advantages’ or even irrelevant by certain consumers, as evidenced by the few examples I’ve shared.
These buyers, with the help of their agents, are prepared to overlook any misconceptions or perceived disadvantages, focusing instead on the far more attractive advantages that these units possess.
These could include the beautiful design, breathtaking unblocked view, attractive pricing, and neighbourhood rejuvenation. Others may appreciate the neighbourliness of the floor or be looking for a home that they can stay in forever. Lastly, some might have no plans to resell the unit and thus, are not worrying about any of these matters.
Highlighting the positive attributes of the unit should be a priority for the seller, even if there are a few drawbacks. After all, the great features will likely be far more attractive to potential buyers than any downsides.
As a seller, it is key to remember that no two buyers have the same perception of the same unit. One could be searching for comfort, while another may be intending to flip.
Each buyer has distinct home habits that may be suitable to the highlights of the home you are selling. You just need to recognize what your buyers are seeking and advertise your property to your benefit, at the ideal time and at the perfect price.
Looking to Sell Your Property?
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Are you approaching the Minimum Occupation Period (MOP) of your HDB apartment or has the Seller Stamp Duty (SSD) window of your condo already passed?
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It is always advantageous to have an understanding of the potential returns if you were to put your property up for sale. Additionally, you need to ascertain if your gains will enable you to upsize to the dream home in the neighbourhood you and your family have been longing for.
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For an easy and reliable way to get a free Property Valuation, just send me a request!
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If you’ve got a property-related story that you’d like to share, don’t hesitate to drop me a message and I’ll get back to you!
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Alternatively, you can send me a DM and I’ll reach out to you
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