Your search results

6 Indicators and Measures to Determine if Your Home Has Unrecognized Profits

Posted by Jayson Ang on November 11, 2024

| All, Blog Posts, Buying Tips, Opinion, Selling Tips

| 0

TLDR

The booming real estate market presents opportunities for homeowners to profit from selling their properties. Two key signs that your home could be lucrative are increased interest in your neighborhood and frequent flyers from real estate agents. To evaluate potential gains, check recent transactions of similar properties using HDB or URA services. Consider both the property’s appreciation and expenses incurred over ownership (e.g., agent commissions, upgrades, CPF accrued interest). Calculate total costs of selling, including conveyancing fees and agent commissions. Despite market conditions, individual situations vary, so seek professional advice tailored to your needs.

Amidst the flourishing real estate market, tales of record-breaking sales and homeowners reaping profits from selling their properties abound. As you revel in these inspiring success stories, it begs the question – could you too capitalize on this opportune moment and sell your home for a handsome sum?

Two Indications That Your House Could Bring You Profits

1. There Seems To Be A Significant Amount Of Interest In The Development You’re Overseeing

Have you noticed an influx of new faces in your neighborhood, each accompanied by a lanyard-clad companion? These mysterious figures may actually be property agents, ushering eager buyers to tour potential homes – and potentially become your new neighbors.

But beyond the excitement of potential new community members, this could also indicate that a current resident is parting ways with their humble abode. And the continuous stream of visitors at varying times? It’s a telltale sign of high demand for properties in your development.

2. You Receive Numerous Flyers From Real Estate Agents Requesting You To Put Your House On The Market For Sale

Transform your curiosity into valuable knowledge by checking your mailbox for the latest property flyers! These informative leaflets, crafted by dedicated agents, not only showcase recent transactions in your neighborhood, but also spotlight essential services like comparative market analysis and home staging.

And for an added treat, some flyers even reveal the potential selling price of your beloved abode, utilizing our trusted sister brand SRX’s cutting-edge X-Value technology. So why not take a peek inside your mailbox? You may just discover the true worth of your property and unlock its full potential.

To Determine If You Might Be In A Position To Make Some Profit, You Can Assess Your Current Investments Or Assets To See If There Is A Possibility For Growth In Their Value

Check Recent Transactions Nearby

If you’re considering selling your property, it’s always wise to keep an eye on the latest transactions in your neighborhood. For HDB flats, rest easy knowing that you can easily access the most up-to-date resale flat prices through HDB’s reliable service.

Private property owners, on the other hand, can rely on URA’s user-friendly e-service for transaction information. Another option is to explore our website for the transaction history of specific condos. For example, imagine owning a 1,200 sq ft condo in the charming Bright Hill area, built in the 2000s.

Take a look at the recent transactions of similar properties in the vicinity to get a sense of how much your prized possession could fetch in the market.

Condo name	Blk and floor range	Floor area (sq ft)	Sale price	Sale date
Bishan Point	11th to 15th	1,270	S$1.78m	Nov 2022
The Gardens At Bishan	6th to 10th	1,227	S$1.8m	Oct 2022
The Gardens At Bishan	1st to 5th	1,227	S$1.8m	Oct 2022
The Gardens At Bishan	11 to 15th	1,206	S$1.89m	Oct 2022
The Gardens At Bishan	6th to 10th	1,227	S$1.8m	Sep 2022
The Gardens At Bishan	16th to 20th	1,206	S$1.8m	Sep 2022
The Gardens At Bishan	11th to 15th	1,206	S$1.86m	Sep 2022
The Gardens At Bishan	6th to 10th	1,227	S$1.84m	Sep 2022

Calculate How Much You’ve Spent On The House

As you ponder over the estimated value and recent selling prices of your neighbors’ homes, you can’t help but wonder, “Wow, could I really make that much profit?”

Let’s take a trip down memory lane to 2002, when you purchased your unit for S$600,000. Fast forward to today, with a potential selling price of S$1.8 million, you could potentially make a capital gain of S$1.2 million. But before you start counting your profits, remember to factor in the various expenses that come with owning a house. Don’t just subtract the purchase price from the potential selling price and call it a day – that’s just a paper gain.

Be sure to include costs such as:

To give you a better idea, here’s a breakdown of the estimated expenses you may incur while owning the unit:

Selling an HDB flat? Don’t forget to consider these as well:

– A 1% commission for the property agent, if you hired one for the resale transaction – Upgrading costs for your block and flat through programs like the Lift Upgrading Programme (LUP) and the Home Improvement Programme (HIP) – A resale levy if you plan on buying a second subsidised HDB flat after selling this one, whether it’s directly from HDB, a new launch EC, or a resale flat with subsidies

And last but certainly not least, don’t overlook the 2.5% CPF accrued interest if you used your CPF monies to pay for your house – be it for the downpayment, monthly instalments, or HDB grants. Keep in mind that this interest will be returned to your CPF account and can still be used for your next property purchase.

Disclaimer: The calculations above assume that you did not use your CPF monies for your house. Always consult a professional for accurate and personalized advice.

Calculate How Much You’ll Need To Spend To Sell The House

Don’t overlook the necessary expenses that come with selling your house. Remember to factor in the conveyancing fees and property agent commission, as they can significantly impact your bottom line.

Enlisting the help of a property agent can prove to be beneficial, as they possess the expertise to market your home and negotiate for a higher selling price.

To give you a better idea of the costs involved, here is a breakdown of the estimated expenses for selling your house:

If you decide to sell within three years, don’t forget to account for the Seller’s Stamp Duty. However, in this scenario, it is not applicable as the holding period is 20 years.

Once all expenses are deducted, you can determine the amount you stand to gain from selling your house. Let’s take a look at an example of how to calculate this estimated gain:

With the current booming property market, it may be the perfect time to explore selling your property and unlocking its gains. This is especially true if you have owned it for a minimum of 10 years.

Our previous article on homeowners’ capital gains in November highlights that 20 out of 30 sellers who held onto their properties for over a decade saw triple-digit-percentage gains. Depending on your needs, these profits can be utilized for upgrading or right-sizing your living situation.

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.

You May Also Like …

All Buying Tips Opinion

Bayshore: Reinventing the Experience of Living by the Beach

Jayson Ang – May 4, 2024 –

TLDR When deciding on buying or selling property in Bayshore, consider the recent developments and potential future growth. With a...

All Buying Tips

Crucial Facts : All First Time Buyers Need to Know

Jayson Ang – December 7, 2022 –

TLDR When it comes to property investment for first-time buyers in Singapore, careful planning and early action are key. Consider...

All Blog Posts Buying Tips

Downsizing From A Spacious 4-Bedroom Condo To A Cozy 2-Bedder: How I Chose A Condo Over A HDB

Jayson Ang – April 28, 2023 –

TLDR Mdm Sim's decision to trade her four-bedroom house for a two-bedroom condo is explored, highlighting the benefits of right-sizing....

Mandarin Top 5

5 Resources That Can Help You Find Your Dream Home In Singapore

Jayson Ang – March 12, 2024 –

It's 五新房产, Finding your dream home can be a daunting task, but with the right resources, it can be a...

Mandarin Top 5

5 Reasons : Why Investing In Commercial Real Estate Can Offer Stable Long-Term Returns

Jayson Ang – June 26, 2024 –

Investing in commercial real estate has become an increasingly popular choice for investors seeking stable long-term returns. There are several...

All Opinion

Why En Blocs Often Fail to Succeed

Jayson Ang – April 26, 2024 –

TLDR In this blog post, the focus is on the challenges and complexities of en-bloc transactions in Singapore's property market....

All Blog Posts Buying Tips

Investing in Singapore Real Estate as a Foreigner

Jayson Ang – January 1, 2023 –

TLDR The blog post discusses the rules and regulations for foreign investors looking to purchase real estate in Singapore. It...

Mandarin Top 5

Singapore’s Top 5 Property Investment Hotspots for 2024

Jayson Ang – April 4, 2024 –

As one of the world's leading financial centers, Singapore has always been a popular destination for property investment. With a...

All Blog Posts Buying Tips

What Will Happen When Your 99-Year Housing Lease Expires?

Jayson Ang – February 11, 2023 –

TLDR We delve into the challenges faced by Singaporeans with expiring 99-year housing leases. It explores the types of leases...

All Blog Posts Buying Tips Opinion

I Decided to Pay the Additional Buyer’s Stamp Duty to Purchase a Condominium While Retaining My HDB: My Reasons

Jayson Ang – October 15, 2024 –

TLDR Despite a 20% Additional Buyer’s Stamp Duty (ABSD) for second properties in Singapore, Yang chose to hold onto his...

All Blog Posts Buying Tips

Discover the Benefits of a SORA Home Loan in 2023: Why Consider SORA Interest Rates

Jayson Ang – May 17, 2023 –

TLDR The article discusses the transition from SIBOR and SOR to SORA as the new benchmark rate in Singapore's banking...

All Blog Posts Opinion Selling Tips

6 Reasons to Think Twice Before Hiring a Friend or Family Member as Your Agent

Jayson Ang – October 31, 2024 –

TLDR In Singapore, hiring a friend or family member as your property agent can be risky. Disclosing sensitive financial details...

All Blog Posts Opinion

Invest During the Bearish & Exit During the Bullish

Jayson Ang – December 27, 2022 –

TLDR A comprehensive overview of the real estate market trends, emphasizing the importance of strategic property analysis and investment decisions....

All Opinion

What Is The Cost Of Constructing A Landed Property In Singapore?

Jayson Ang – February 24, 2025 –

TLDR Building a landed property in Singapore can be a costly endeavor, with prices ranging from $300 to $500 per...

Mandarin Top 5

Top 5 Instagram-Worthy Spots in Singapore

Jayson Ang – February 21, 2024 –

Singapore, a beautiful city-state known for its stunning architecture, lush greenery, and vibrant culture, is a photographer's paradise. The island...