The Importance of Due Diligence in Property Investing in Singapore
Investing in property can be a lucrative venture, but it also comes with its own set of risks and challenges....
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TLDR
When preparing to sell your house, research the average prices in your area for a realistic figure. Consider factors like capital appreciation, rental yields, nearby sales, and sales volume. Decide on a pricing strategy exceeding the average but know when to reduce. Use uplights to enhance your property’s appeal. Hire a home inspector to uncover hidden flaws. Communicate with your MCST about facilities. Inform neighbors before viewings. Seek advice on buying or selling. Connect with perfect buyers through effective strategies.
If you are planning to sell your house, it is advisable to prepare it properly for sale, whether or not you are using a real estate agent. This will increase the chances of getting a good price.
To achieve this, you need to establish the average prices in your area to set a realistic figure for your property.
While setting a higher price is possible, keep in mind that it may take longer to find a buyer, especially if it is a buyer’s market.
You can start by checking listing portals for properties near your house that are up for sale.
In addition, take note of details such as:
- Capital appreciation over the years
- Rental yields in the area
- Nearby en-bloc sales
- The volume of sales in the development, and surrounding projects
Your real estate agent can assist you in conducting thorough research on this matter. However, I recommend that you contact me initially to obtain an estimate of your house’s selling price.
Utilizing X-Value technology, this service provides you with an approximation of your property’s value, pricing trends, potential rental income, and potential appreciation in value.
Determine Your Capacity To Hold, And Adhere To A Predetermined Strategy
The prudent approach is to decide on a price that exceeds the average.
However, it is essential to consider the threshold for reducing the price.
Is it after a month or three months of no response? Additionally, determine the minimum price you are willing to accept and the price at which you will promptly agree to sell.
In case of an urgent buyer, have a plan in place.
It is recommended to create a plan or script to guide you during the selling process.
This strategy will help you avoid impulsive decisions and reduce anxiety. Ensure that you are well-informed and prepared to make informed decisions promptly.
Conduct Preliminary Research On The Functioning Of Listings And Advertisements Using Straightforward Language In A Professional Tone
It is beneficial to have a fundamental understanding of how listing sites function, even when being assisted by a real estate agent.
Property agents allocate a specific amount of money to elevate the visibility of the listing. They also take responsibility for creating appealing videos and images of the property, as well as highlighting its most attractive features.
Consider Acquiring Uplights To Brighten The Rooms During Photography Sessions For Listings (And Also For Viewings)
It is a frequent mistake for many vendors to excessively depend on downlights, lights that shine directly from the ceiling. Instead, it is advisable to use uplights that emit light from the ground towards the ceiling.
This technique is less intense and provides a warmer look to your property, which is often the reason why designer apartments in magazines appear so appealing.
Uplights can take various forms, such as floor lamps or track-lights. They are usually affordable and provide the quickest way to improve the appearance of a house.
However, if you have a property agent, they can arrange for someone to stage the house for you, saving you the trouble.
Consider Hiring A Professional Home Inspector To Assess Your Property Before Potential Buyers Conduct Their Own Inspections
A professional home inspection typically costs between $450 to $650, depending on the size of the unit. Even though it may seem like an added expense, it is essential to uncover any hidden flaws that might negatively impact the sale of your home.
It’s not recommended to conceal any defects or damages in your home during the sale process. Buyers may be more forgiving if you’re upfront about such issues, but if caught hiding them, it could lead to a loss of trust and even result in the buyer withdrawing from the sale.
Apart from identifying damages, hiring a home inspector can also help you answer any questions the buyer may have.
For instance, if there are any marks on the ceiling, you can explain that they’re due to a previously repaired water heater and not a major leak from the unit upstairs, which some buyers may wrongly assume.
Determine The Plans of MCST Regarding Facilities That Are Impaired Or Non Operational
It’s important to keep your condo facilities in good working condition to ensure that you get the best price when you sell it. You should communicate with your MCST (Management Corporation Strata Title) to find out how they plan to address any issues that may arise.
You can ask when the sauna will be reopened, when the gym equipment will be replaced, or when the car park will be cleaned up if it has become a dumping ground.
If you’re selling a resale HDB flat, it’s important to contact your town council if the common corridors are in poor condition or if the stairwell areas need repainting, especially if there is still visible graffiti under a thin coat of paint.
Potential buyers will inquire about these issues, so it’s crucial to have answers instead of simply shrugging them off.
Inform Your Neighbours That You’re Doing Some Viewings
It is commonly observed that most neighbors are empathetic. If you inform them in advance about the prospective buyers visiting your property, they will cooperate by maintaining a peaceful environment.
However, if you fail to notify your neighbors of the situation, it would be unfair to expect them to cancel their plans for a band practice or a party.
Such activities may give a negative impression of the neighborhood to potential buyers.
Moreover, some buyers tend to gather information about the locality from the neighbors. If your neighbors are aware of your house being up for sale, they might speak positively about your property to the buyers.
Should You Buy, Sell or Wait?
If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?
It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.
I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.
I can help you by:
- Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
- Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.
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