Engage Our Service to Sell Your Property in Singapore with Confidence
Putting your property on the market can be a difficult and emotional endeavour. We understand the significance of this decision, and that’s why our dedicated team is here to guide you through the entire process with confidence and assurance.
Getting it right can have a substantial financial impact. The right real estate agency, along with a knowledgable property consultant, can significantly increase the potential profit and streamline the entire process of selling your property in Singapore.
Here are the reasons why you need to engage the professional services of a Singapore property agency:
Familiarity with the legal requirements of a property sale in Singapore
Property transactions, whether buying or selling, generally involve regulations and legal requirements. This is especially true in Singapore, where the property market is closely monitored by the government to prevent overheating due to speculative activities. The government has implemented taxes or stamp duties, structured legal processes, and specific documentation lists required for a legitimate property sale.
Moreover, regulations change over time; for instance, the Seller Stamp Duty (SSD) has been adjusted through the years and varies for different scenarios. Keeping track of all these regulatory requirements would require someone who is exceptionally meticulous, unless you are involved in property sales and purchases on a daily basis.
This is precisely why a property agent can provide added value by keeping you informed of all the updated requirements and legal procedures needed for your home sale. They can assist in reminding you to prepare the relevant documents, submit them on time, and ensure you meet all the necessary deadlines.
Advice on financial matters
From the beginning of the sale process, your real estate agent will calculate and analyse your finances for you, advising on the relevant taxes or fees. Hence, they can help you avoid painful financial pitfalls.
Network of clientele
An additional benefit of engaging a real estate agent to sell your property lies in their existing pool of potential buyers, allowing for effective marketing outreach. Conversely, if you’re selling your property on your own, you must proactively seek out potential buyers and strategically utilise marketing channels to promote your property listing.
Although posting your condo or property online may seem straightforward, consider the complexity of rapidly listing your property on multiple relevant digital platforms that align with your property type. Furthermore, would you possess the capacity to diligently monitor listing performance, promptly initiate targeted advertising when necessary, and consistently refresh and repost the listing on each platform? The demands involved may present a considerable undertaking.
By entrusting a professional agent with these responsibilities, you can be assured of an efficient and proficient approach to selling your property, ultimately achieving optimal results.
Connection to relevant resources
Regardless of your home’s current condition, you may find it necessary to undertake refurbishment or repairs to enhance its marketability. Some homeowners may even opt for staging their property to facilitate a smooth sale. Undertaking these tasks independently can be akin to conducting another renovation project on your own.
However, with a real estate agent at your service, you gain access to a network of reliable and skilled contractors, painters, or handymen who can efficiently give your condominium or property a refreshing makeover in no time. This ensures that your property is presented in its best possible condition for a successful sale of your condo in Singapore.
A property agent can assist you in sizing up potential inquiries or leads, qualifying potential quality buyers, and effectively presenting the appealing qualities of your home to interested parties. Additionally, they are skilled negotiators who can work to secure the best price for your property. It’s important to remember that the buyer may also have their own buy-side property agent, whose aim could be to negotiate for a lower price on behalf of their clients. However, an experienced real estate agent with a proven track record of negotiating and closing numerous sales can skillfully advocate for the best price on your behalf.
While some people may perceive selling a property as merely handling a few paperwork, the reality is quite different. It involves a significant amount of time, careful consideration, and hard work starting from the initial marketing of your property, sifting through potential buyers (qualifying the leads), arranging multiple viewings with various parties, to skillfully negotiating for the optimal pricing and eventually closing the sale at the right time. Engaging the services of an agent not only saves you valuable time but also ensures that your property sale is executed smoothly, and you achieve the best price for your property.
The common scenarios you may want to avoid for a property sale
Genuine buyers looking to buy; however, your property still has a long lease, and the buyer can’t wait.
There will not be many issues to have your property sold with or without a tenancy.
Sales completion will generally be two weeks option period + 12 weeks completion.
Things to Note for a Condo Sale
Suppose you have a bank loan. In such cases, the redemption penalty is usually 1.5% of the outstanding loan amount.
However, if you choose to take up another loan from the same bank, you may be able to avoid the redemption penalty.
To navigate these situations successfully, the salesperson must be well-informed and have excellent communication with the property owners.
We have experience handling most variations of such scenarios.
Condo Sale Case Study
Sell a four-bedroom condo
Buys a two-bedroom condo for own stay
Buys a new launch for rental income
(Buys in trust or use a single name)
Home owner only moves one time and don’t need any temporary accommodation
First, we need to plan out the sale based on the seller’s motivation, whether he is looking to upgrade, downsize or cash out.
Some scenerios that we recently handled:
- Sells private condo and buys a HDB.
- Sells the leasehold inter-terrace house and buys a freehold landed.
- Sells the 20 year-old leasehold condo and buys a 3 year-old 99 leasehold condo.
- Sells a studio apartment and upgrade to a two bedroom apartment.
We don’t just talk theory; we have hands-on experience handling all types of properties and diverse scenarios.
Things can become a lot easier when you appoint someone who knows what they are doing. Speak to our best property agent in Singapore and we will provide you with the right solution.Contact Us Now
FAQ on Selling Your Singapore Property
You have the option to access the annual value of your property for the current year and the past five years. Property owners can retrieve the current annual value of their properties at no charge by logging into mytax.iras.gov.sg.
In general, the proceeds from selling a property in Singapore (known as capital gains) are typically not subject to taxation. Nevertheless, if your primary income comes from property trading, the profits made from property sales will be subject to taxation.
Selling a condominium in Singapore can present more challenges compared to selling an HDB flat. Dealing with a private property involves fewer regulations, making it essential to have a dependable agent to oversee the entire process diligently. However, it doesn’t imply that you can simply sit back and relax.
As a landlord, deciding to sell your property with or without current tenants can be challenging. Factors to consider are your financial situation, the property type, and the tenant type.
Pros of Selling with Tenant:
- Rental income and utility bills are covered during the selling process.
- Shows potential investors that the property is leasable, offering immediate rental returns.
Cons of Selling with Tenants:
- Owner-occupiers may be discouraged, reducing the buyer pool.
- Uncertainty about how tenants present the property for marketing and inspections.
- Tenant comments could influence potential buyers negatively.
Here are the 7 key steps to successfully sell your property in Singapore:
- Determine the desired price for your property.
- Find a suitable real estate agent and have them list the property for sale.
- Enhance the appeal of your home to attract potential buyers.
- Let the property consultant arrange property viewings.
- Negotiate the sale price with interested buyers.
- Engage a conveyancing lawyer.
- Issue the ‘Option to Purchase’ to the buyer.
- Await the buyer’s decision to exercise the ‘Option to Purchase’.
- Prepare to move out (if you currently reside there) and finalise the sale with your lawyer.
Yes, you have the option to sell the condo on your own, but it can be a time-consuming and cumbersome process if you’re unfamiliar with the steps or lack experience. Engaging a property agent’s services can save you time and effort. By doing so, you can also leverage their expertise, resources, and network to achieve the best possible price for your property.
Professional Services in Real Estate
Work with Buycondo.sg and Team, Gary Lim & Associates.
Having a knowledgeable, experienced, helpful Salesperson with valuable information and the right marketing approach can make a big difference in your property investment or selling experience.
We put pride and Maximum Effort into every client who appointed us.
Make Informed Decisions. I will give my Personal Insights.