Five Pitfalls of Selling a Home for the First Time
TLDR When selling your first home, avoid holding out for a better offer as it may backfire. Let your agent...
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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.
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