Sell House Singapore
Welcome to your ultimate guide on how to sell your house in Singapore. Whether it’s a landed property, an executive condo, or a dream home with a swimming pool, selling your property often seems like a daunting task. But don’t worry! We’re here to make it simple and stress-free. Our guide provides you with invaluable insights and tips to prepare your properties for sale.
The best property agent to sell your house in Singapore are STUART CHNG, Auctionjia, ERA Realty Network, Propseller, and Propnex Realty
We’ll also share the latest news about new developments. Because in today’s fast-paced and mobile world, having the right information at your fingertips, down to the last mobile number, can make all the difference in achieving a successful sale. So, are you ready to leap into the exciting world of real estate in Singapore? Let’s get started!
- Best property agent to sell your house in Singapore are STUART CHNG, Auctionjia, ERA Realty Network, Propseller, and Propnex Realty
- When planning to sell your house in Singapore is understanding the current property market trends and setting a competitive pricing strategy to attract potential buyers.
- Successfully selling your house in Singapore involves a clear understanding of the local property market trends, a competitive pricing strategy, and selecting the right property agent, all of which contribute to attracting potential buyers and achieving a profitable sale.
- Understanding the Market – The real estate market in Singapore can be volatile. It is essential to have a thorough understanding of the current market conditions before deciding to sell your house.
- Engaging a Property Agent – Property agents in Singapore are well-versed with the process of selling houses and can provide you with the necessary guidance and support during this process.
- Setting the Right Price – Setting an appropriate selling price can be a deciding factor in how quickly your house will sell. It is advisable to consider recent sales of similar properties in your area to set a competitive price.
- Legal Requirements – Ensure to understand and adhere to all the legal requirements associated with selling a property in Singapore, such as the Seller’s Stamp Duty (SSD).
- Home Staging – Present your home in the best light to attract potential buyers. This can include decluttering, cleaning, and arranging furniture in a way that showcases the space effectively.
- Marketing Your Property – Utilize various channels to market your property, including online property listing sites, social media, and print advertisements. The more exposure your property gets, the higher the chances of selling it quickly.
Process on How to Sell Your House in Singapore
- Arrive at the asking price for your property: Delve into the real estate market to look up the recent sales of properties nearby or in your building to have a fair understanding of the current market price of your property. The Urban Redevelopment Authority (URA) website maintains track of recent sales of properties in Singapore with all the relevant Information such as date of purchase, size, unit price by PSF, floor level and the like parameters.
It is crucial to price your property reasonably because reasonably priced listings tend to get more enquiries and viewings and transact faster.
- Prepare your property for sale: Declutter, stage, and make necessary repairs or renovations to make your property lucrative to potential buyers.
- List your property on various marketplace portals and market them for sale: This involves listing your property on various real estate portals and other marketing channels to reach potential buyers. When you list your property for sale, make sure you have all the details ready, including the property’s square footage, a detailed description of the property and its features that will appeal to potential buyers, and pictures of your home. Additionally, consider posting a virtual tour giving a 360-degree view of your property.
- Show your property: Provide contact details when listing your property for sale, so interested buyers can schedule a physical tour. During the viewing, it’s essential to highlight the property’s strengths and be prepared to answer any questions the buyers may have.
- Negotiate offers: Once you receive offers from potential buyers, you can negotiate the best terms. This involves discussing the terms of the sale, such as the sale price, closing date, and any other conditions that need to be met.
- Hire a conveyance lawyer: The legal process of selling real estate to a new owner is known as conveyancing. A conveyance lawyer must conduct a title search to claim that your property is free from any encumbrances.
The sale and purchase agreement (SPA) or option to purchase (OTP) initiates when your buyer’s lawyer engages with your conveyance lawyer. You may thus proceed with selling your property in Singapore legally after this has been confirmed.
- Grant the Option to Purchase (OTP) to the buyer: The OTP is sent to the prospective buyer, who must exercise it within the specified time frame of 14 days after obtaining it to enter into a sales contract with you.
You should negotiate an option fee. Usually, 1% of the property’s purchase price is charged as the option fee, and OTP is set to maintain the buyer’s interest in acquiring the home.The conditions of the sale and purchase of your property will be outlined in the option to purchase.
OTPs for HDB flats can be downloaded from the HDB website; however, OTPs for private properties have to be drafted up by a lawyer or an agent authorised to handle legal documents relating to the property.
- Sign the Sales and Purchase Agreement (SPA): Once the Buyer exercises the OTP, the seller has to collect a 4% Exercise Fee from the buyer and then engage in a Sale and Purchase Agreement with them.Usually, the Sales and Purchase Agreement states Information about each party, property’s address, square footage, price, whether it’s being sold furnished, whether an inventory list is necessary, the move-in date; Option Fee already paid; instructions on how and when the remaining payment is to be made; Rights and obligations of the buyer and seller.
- Complete the transaction: You may need to pay a Seller’s Stamp Duty (SSD) if you sell or dispose of the property within 4 years of acquisition. SSD is payable within 14 days of the date of the Contract/Agreement.
- Close the sale: The sale is complete when the buyer has taken possession of the property and the necessary documentation has been processed. You will receive the sale proceeds at this point, and the buyer will take over responsibility for the property.
It’s important to note that the selling process of an HDB residential property is slightly different from that of a private residential property. For HDB flats, the seller must fulfil the Minimum Occupation Period (MOP) before selling the flat and obtain approval from HDB to sell the flat. HDB will list the apartment on the resale market, and prospective buyers will need to apply for an HDB loan if they still need one.
Best Property Agent to Sell Your House in Singapore
1. STUART CHNG
|430 Lor 6 Toa Payoh #08-01 OrangeTee Building S319402
|+65 9691 9907
|Open 24 hours
Stuart Chng Division, a part of Navis Living Group, stands out as the premier choice for property agents in Singapore. With a dedicated team of over 280 highly skilled professionals, they have firmly established themselves as industry leaders. When it comes to the best deals, flexible terms, and leases, trust Stuart Chng. Experience their exceptional services and witness the remarkable difference they bring to the world of property agents in Singapore.
|3 Pickering Street #02-04, Nankin Row, China Square Central, Singapore 048660
|(65) 6223 2801
Auctionjia is a cutting-edge real estate agency that operates both online and offline. They specialize in conducting online property auctions and private treaty sales, offering you the flexibility to sell your property on your own terms. With a vast network of interested buyers and a highly skilled team, Auctionjia excels in marketing your property to reach thousands of potential buyers. Choose Auctionjia for competitive fees starting from 0.9% and maximize your savings while achieving outstanding results. Selling your property online through auctions in Singapore has never been easier with Auctionjia.
3. ERA Realty Network
|Residential Leasing, Commercial Leasing, Private and HDB Residential, and Property Management
|229 Mountbatten Rd, Singapore 398007
|(65) 6226 2000
|Monday to Sunday, 9:00 am – 9:00 pm
ERA Realty Network, the largest property agency in Singapore, distinguishes itself with an extensive branch network throughout Asia and strong international connections. Offering a wide range of services, including project marketing, property auctioning, and real estate research, ERA provides comprehensive solutions. With over 38 years of experience and a proven track record of serving more than 50,000 satisfied customers, ERA Realty Network is a prominent and trusted name in Singapore’s property market.
4. Propnex Realty
|Selling, Buying, Renting: HDB, Condominiums, Landed Houses
Video Home Tours, Social Media Marketing
|480 Lor 6 Toa Payoh, #18-01 East Wing, HDB Hub, Singapore 310480
|Monday to Friday: 9:00 am – 6:00 pm
Propnex Realty is the premier property agent in Singapore, renowned for its extensive network of skilled real estate consultants and its commitment to providing innovative, customer-centric service. With a robust portfolio that includes residential, commercial, and luxury properties, they offer unparalleled expertise and a comprehensive range of services to cater to diverse real estate requirements.
|Selling, Buying, Renting: HDB, Condominiums, Landed Houses
Video Home Tours, Social Media Marketing
|380 Jln Besar, Singapore 209000, Singapore.
|+65 6797 8808
|Monday to Thursday: 9:00 am – 9:00 pm
Friday to Sunday: 9:00 am – 6:00 pm
Propseller is a modern property agency that prioritizes value, transparency, and exceptional service for property owners. With our team of experienced Real Estate Consultants, advanced technology, and dedicated marketing professionals, we ensure thoroughness and professionalism at every step. Our comprehensive valuation report, professional photos, and regular updates are complemented by a competitive commission rate of just 1%. Our Owner Dashboard empowers sellers and landlords to effortlessly track viewings, feedback, and offers. Backed by positive reviews and expertise in marketing, Propseller is your go-to choice for a hassle-free property sale.
Cost of Selling Your House in Singapore
When you plan to sell your house in Singapore, it’s critical to understand the costs involved. These include:
1. Agent Commission: The cost of employing a real estate agent to help sell your house in Singapore typically ranges from 1% to 2% of the selling price. This commission pays for the agent’s expert advice, marketing services, and time spent on viewings, negotiations, and paperwork.
2. Legal Fees: You will also need to pay legal fees to a lawyer for the conveyancing process. This generally costs S$2,500 to S$3,000.
3. Seller’s Stamp Duty (SSD): As mentioned earlier, if you’re selling your property within 4 years of purchase, you’ll be liable for Seller’s Stamp Duty. The SSD rate varies depending on how soon you sell – from 4% to 16% of the property price or market value, whichever is higher.
4. Mortgage Discharge Fee: If you have an outstanding mortgage on your property, there will be a fee (usually around S$200 to S$300) to discharge the mortgage.
5. Property Tax: You will also need to settle any outstanding property tax.
6. Maintenance Fees: If your property is in a condominium or housing development with shared facilities, you’ll need to cover any outstanding management and maintenance fees.
Remember, all these costs can add up, so factor them into your calculations when deciding on your selling price.
Sell House Singapore
The process of selling your property in Singapore, whether it’s an HDB flat, executive condos, or a new development, requires careful planning and strategic execution. Crucial steps include accurate pricing, effective marketing, successful negotiation, and legal compliance. Each step should be handled meticulously, and professional help can make the journey smoother.
Keep in mind the key points mentioned in this guide, and you’ll be well-prepared to take your property to the market successfully. So go ahead, make your move, and sell your house in Singapore with confidence!
Since you’ve made it to the end, why don’t you check out more of our blog posts down below:
- Best Communal Living Spaces in Singapore (2024)
- Best Sentosa Cove Houses in Singapore (2024)
- Ultimate Guide For Foreigners Buying Property in Singapore (2024)
- Ultimate Guide To Resale HDBs in Singapore (2024)
Frequently Asked Questions
If you have any questions about Sell House Singapore, you can refer to the frequently asked questions (FAQ) below:
What are the best property agent to sell your house in Singapore?
The best property agent to sell your house in Singapore are STUART CHNG, Auctionjia, ERA Realty Network, Propseller, and Propnex Realty.
How to sell your house in Singapore?
Here’s a step-by-step guide.
Set an asking price for your property.
Find a suitable agent on PropertyGuru and get them to list the property for sale.
Make your home attractive to potential buyers.
Allow viewings of your property.
Negotiate on the price.
Hire a conveyancing lawyer.
Issue the Option to Purchase.
Is it a good time to sell property in Singapore?
Best time to sell your property based on historical statistics. Sale transactions typically peak during the second and third quarter of the calendar year. As seen from figure 1, there is generally a higher volume of resale HDBs transacted in the second half of the year, compared to the first half of the year.
Can I sell my own property in Singapore?
In conclusion, the process of selling a residential property in Singapore involves preparing the property for sale, pricing it realistically, marketing it to reach potential buyers, negotiating offers, signing a Sale and Purchase Agreement, completing the transaction, and closing the sale.
Can I sell my house without agent Singapore?
Answer: Homeowners can independently sell their properties through platforms like Carousell, 99.co, or via newspaper ads or social media. This method, said Propseller’s Inside Sales team lead Jesslyn Yap, is known as the Do-It-Yourself (DIY), or “For Sale By Owner” (FSBO), approach.
What are some key factors to consider while pricing my property in Singapore?
Consider factors like the current market climate, recent sales of similar properties in your area, the unique features of your property, and its overall condition while setting the price.
How can I effectively market my property for sale?
Listing your property on various real estate portals, using high-quality photos and detailed descriptions, and leveraging social media platforms can help in effective marketing.
What is the role of a conveyance lawyer in the sale of a property?
A conveyance lawyer handles the legal aspects of the property sale, conducts a title search, facilitates the sale and purchase agreement or option to purchase, ensuring the legality of the transaction.
What is the Option to Purchase (OTP)?
The OTP is a legal document that a seller grants to a prospective buyer, giving them the exclusive right to purchase the property within a specified time frame.
What are the differences between selling an HDB flat and a private residential property?
For HDB flats, the seller must fulfill the Minimum Occupation Period (MOP) before selling and get approval from HDB. Additionally, HDB flats are listed on the resale market, and prospective buyers may need to apply for an HDB loan.
Additional Useful Articles
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