I have been helping home owners to sell their properties since 2009. I have transacted many different types of properties over the years. they range from HDB flats, condominium to landed properties. You can refer to my track record for more information. Here, I have compiled some frequently ask questions and answers that you may refer to.
Q: Is now a good time to sell my property?
A: The right time to sell depends on market conditions, supply and demand in your estate, and your personal plans. Even in slower markets, well-priced and well-presented homes can still sell. A proper market analysis is essential before deciding. Here, it will be good to make an appointment with me to assess your current condition based on your family or investment horizon.
Q: How much can I sell my property for?
A: The selling price depends on recent comparable transactions, unit attributes (floor level, facing, layout), condition of the unit, and current buyer demand. Online price estimates are only a reference; an on-site assessment usually gives a more accurate valuation. I can help to assess an indicative valuation upon our meet up in your premises.
Q: How long will it take to sell my property?
A: This varies widely. Some properties sell within weeks, while others may take several months. Factors include pricing strategy, location, condition, and market sentiment. Setting a realistic price from the start often shortens the selling timeline.
Q: Do I need to renovate or do home staging before selling?
A: Major renovations are usually not necessary. Basic improvements such as decluttering, cleaning, minor repairs, and a fresh coat of paint can significantly improve first impressions. Home staging is more effective for vacant units or for units that are difficult to sell.
Q: What are the costs involved in selling a property?
A: Common costs include agent commission (if applicable), legal fees, and any outstanding loan redemption. Sellers may also incur costs for repairs, staging, or early loan repayment penalties, depending on their situation.
Q: Do I need to pay Seller’s Stamp Duty (SSD)?
A: SSD applies if you sell a residential property within a specified holding period. The rate depends on how long you have owned the property. If the holding period has been met, no SSD is payable. If you have decoupled your property earlier on. Please note that SSD is liable based on the date of transaction.
Q: Should I sell first or buy first?
A: This depends on your financial buffer and risk appetite. Selling first provides price certainty but may require temporary housing. Buying first offers convenience but exposes you to market risk if your existing property takes longer to sell. Ultimately, it depends on the property that you are holding on to, the cash you have on hands and the availability of the property to purchase.
Q: How will my property be marketed?
A: Marketing typically includes professional photography, online property portals, targeted buyer outreach, and viewings. The strategy should be tailored to highlight your property’s strengths and reach the right buyer profile.
Q: How do I know if an offer is genuine?
A: A genuine offer is usually supported by placing a deposit and is accompanied by a reasonable timeline for exercising the Option to Purchase. Your agent should help assess the seriousness of each offer.
Q: What happens after I accept an offer?
A: Once the Option to Purchase is granted and exercised, the transaction moves into the legal completion stage. Your lawyer will handle the paperwork, loan redemption, and coordination leading up to completion and handover.
Q: Can I still change my mind after accepting an offer?
A: Before the Option to Purchase is exercised, sellers may withdraw under certain conditions. Once exercised, the sale becomes legally binding, and backing out may result in legal consequences.
Q: How much is your commission?
A: 1%–2% commission + GST, depending on the property’s price, complexity, and difficulty.
Q: Do you work on an exclusive basis, or are you open to multiple agents marketing the property?
A: Most agents prefer exclusive arrangements as they provide greater certainty and allow the agent to commit fully to achieving the desired price. That said, I understand that some properties may benefit from wider exposure, especially if they are more challenging to sell. I’d be happy to visit your property, assess the situation, and advise whether an exclusive arrangement or a multi-agent approach would be more suitable.
Q: You’re not familiar with my estate. Will that affect your ability to sell my property?
A: Not at all. Even if I haven’t sold a unit in your specific estate before, I always conduct thorough research on the development and surrounding area. More importantly, my experience and negotiation skills enable me to position your property effectively and secure offers at your expected price.
Q: Can I trust you with selling my property? I’ve had bad experiences in the past.
A: I’ve been selling homes since 2009, with over 17 years of experience in the industry. I’ve worked with homeowners from diverse backgrounds and pride myself on delivering a high level of professionalism. I practise open and transparent communication, and I’m not a high-pressure agent. If you’re not comfortable accepting an offer, I won’t force a decision. Ultimately, I let my track record speak for itself.
Q: How much can I actually afford?
A: Your affordability depends on your income, existing debts, age, loan tenure, and available cash/CPF. Banks apply the Total Debt Servicing Ratio (TDSR) of 55%, which caps how much of your monthly income can go toward loan repayments. It’s advisable to do an In-Principle Approval (IPA) with a bank before viewing properties seriously. Else, you can always approach any agents to do a estimate for you.
Q: How much down payment is required?
A: For bank loans, buyers can borrow up to 75% of the property value. The remaining 25% must be paid upfront, with at least 5% in cash and the rest using CPF or cash. Buyers should also factor in stamp duties and legal fees depending on your property counts and nationality.
Q: What are the taxes involved when buying a property?
A: Buyers are required to pay Buyer’s Stamp Duty (BSD). Depending on your profile (citizen, PR, foreigner) and the number of properties owned, Additional Buyer’s Stamp Duty (ABSD) may also apply. These taxes must be paid within 14 days of signing the Option to Purchase.
Q: Should I buy a new launch or a resale property?
A:
Q: Is freehold better than 99-year leasehold?
A: Not necessarily. Freehold properties tend to hold value better over the long term, but 99-year leasehold properties are often more affordable and located in prime or well-developed areas. For many buyers, location and entry price matter more than tenure.
Q: What should I look out for in the location?
A: Buyers usually consider proximity to MRT stations, schools, amenities, business hubs, and future developments. For investment buyers, rental demand and tenant profile are also key considerations.
Q: What are the ongoing costs after purchase?
A: Ongoing costs include property tax, maintenance fees, mortgage repayments, insurance, and utilities. These should be factored into your long-term financial planning. If you have plans to rent it out. Please note that rental income from your property will be added into your assessment income to determine your income tax payable.
Q: Can I rent out the property later?
A: Most private properties can be rented out without restrictions. However, HDB flats and Executive Condominiums are subject to Minimum Occupation Periods (MOP) before they can be rented out fully.
Q: Will this property appreciate in value?
A: Property prices are influenced by location, supply, demand, market cycles, and government policies. While no investment is guaranteed, properties near transport nodes, growth areas, or with unique attributes tend to perform better over time.
Q: Is now a good time to buy?
A: There is no perfect timing. The right time to buy depends on your personal financial readiness, housing needs, and long-term goals rather than trying to time the market.
Q: How much is your commission?
A:
Q: Why must I engage you? I can always buy houses on my own!
A: Yes. You are not wrong. You can technically see and buy houses on your own provided you know what you are doing. But having an agent is like having a pair of safe hands in any property transaction. This is your most expensive financial commitment that you are about to commit. Having someone to advise you will give you that extra confident in your decision making.
Q: Do I need to seek HDB or URA approval to yet out my property?
A: Yes. You will need to seek HDB approval to rent out your HDB flat. As for private property. URA do not require you to submit for approval. But if you are staying in a condominium. The management may require you to update the tenancy with them.
Q: Is my property suitable for renting out?
A: Most properties can be rented out, but demand depends on location, proximity to MRTs, amenities, schools, and the unit layout. Smaller units and well-maintained homes near transport nodes tend to attract tenants faster. Similarly, properties that are poorly maintained or not in ideal condition tend to attract a specific profile of tenants.
Q: How much rental can I realistically achieve?
A: Rental prices are based on recent comparable rentals in your area, unit condition, furnishing level, and lease terms. Online figures are only a guide—actual achievable rent depends on current market demand.
Q: Should I rent the unit fully furnished, partially furnished, or unfurnished?
A: This depends on the type of property, location and the type of tenants you are targeting. Some expats prefer fully furnished units, while local tenants may opt for partial or unfurnished units. Furnishing choices can affect rental yield and tenant quality. Although a fully furnish unit may not increase rental rates very significant.
Q: How long does it usually take to secure a tenant?
A: This can range from a few days to several weeks. Proper pricing, good presentation, and flexible lease terms generally help reduce vacancy periods.
Q: Do I need to do renovation or repairs before renting out?
A: Major renovations are usually not required. Ensuring the unit is clean, functional, and safe is more important. Minor repairs, fresh paint, and servicing air-conditioning units can improve tenant appeal.
Q: What are the costs involved in renting out a property?
A: Common costs include agent commission, minor repairs, air-conditioning servicing, property tax, maintenance fees, and occasional replacement of wear-and-tear items. It will be good practice to set aside half a month of rental for every year of lease to refresh the property. This will keep the property appealing to prospective new tenants.
Q: What is the usual security deposit?
A: The standard practice is one month’s security deposit per year of lease. For example, a two-year lease usually requires a two-month security deposit.
Q: How do I select a good tenant?
A: Tenant selection involves reviewing employment status, pass validity, rental history, and family size. A proper screening process helps reduce rental risks and potential disputes. The communication with the potential tenants during the onset will give you an indicator of what to expect during the tenancy period.
Q: What tenancy rules and regulations should I be aware of?
A: Landlords must comply with URA and HDB regulations, such as minimum rental periods and occupancy limits. It’s important to ensure the tenancy agreement reflects current regulations.
Q: Who pays for maintenance and repairs?
A: Major repairs are usually the landlord’s responsibility, while tenants are typically responsible for day-to-day upkeep and minor maintenance up to an agreed amount stated in the tenancy agreement.
Q: Do I need to pay tax on rental income?
A: Yes. Rental income is taxable and must be declared to IRAS. You can deduct allowable expenses such as agent fees, maintenance, and repairs before tax is computed.
Q: Can I terminate the tenancy early if I need the unit back?
A: Early termination is subject to the terms in the tenancy agreement. Most agreements include a diplomatic clause, which applies mainly to expatriate tenants after a minimum stay period.
Q: What happens at the end of the tenancy?
A: At the end of the lease, a joint inspection is conducted. Any damages beyond fair wear and tear may be deducted from the security deposit, and the unit is returned to the landlord.
Q: Is the agent responsible for collecting rent, handling maintenance issues, and managing matters during the tenancy period?
A: No. Under CEA guidelines, an agent’s formal duties end once the tenant is secured and has moved in. Matters arising during the tenancy—such as rent collection, maintenance, and day-to-day issues—are not part of the agent’s contractual responsibilities. That said, many agents continue to assist landlords and tenants as a goodwill service to support their clients.
Q: How much is your commission?
A: Renting properties: 1 month’s commission + GST for a 2-year lease, or 0.5 month’s commission + GST for a 1-year lease.