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Thursday, December 31, 2020

How to sell your condo in Singapore

Singapore real estate
Singapore Real Estate, Photo by Penrose Condominium


5 Steps to Sell your Condo in Singapore

Sponsored by srxproperties.com, Singapore’s Real Estate Community

The property market in Singapore has always been one of the most complicated.
Aside from exhibiting high property prices, it also has a rigorous process of buying and selling property.
Property is one of the smartest investments that we can make. The majority of property investments tend to appreciate over time. This is because it is considered to be one of our necessities.
In Singapore, it is one of the most expensive investments as there is only a limited supply. That is why it is advisable to invest in property in Singapore. 

You can liquidate your property investment anytime. One of the easiest properties to sell is condominiums since there is a high demand for them. For example, popular nowadays are the units in Penrose Condominium as they offer the best deals. Another good investment is units in The M Condo. 

However, since Singapore has complicated processes, here is an overview of how to sell your condo in Singapore. 

1- Decide on a price

The price of the property depends on the type of property that you are selling. Since you are planning on selling a condo unit, the price range is usually higher compared to apartments or other properties. This is because there is a relatively higher demand for condo units. You can have an idea of how much your condo unit might be valued through the internet. It can also be decided on the condition of the unit and how much you got it for. 

For example, Penrose Condominium can be priced starting at Singapore dollar S$1,000,000 (i.e. about US$ 752,558.7 according to the latest currency conversion, Dec. 2020) for a 1-bedroom unit. It can go up to S$2,111,000 for a 4-bedroom unit. There are a lot of factors that can differentiate the price range of these condo complexes. For The M Condo, units start at S$1,100,000 for a 1-bedroom unit up to S$2,400,000 for a 3-bedroom unit. The price range in selling a condo usually ranges from this amount. Your unit price will also be dependent on many factors such as location, condition, age of the building, and amenities included in the condo complex. Ensure that your condo price falls within this range to be able to sell your units faster. 

2- Decide whether to hire an agent or DIY

When you know how much you are willing to sell your unit, you can now decide your mode of selling. One of the most helpful ways to sell a unit is to hire a property agent. Agents know the property market very well. They have a pool of connections wherein they know who’s looking for the exact type of unit that you are selling. For example, if you are selling a unit for The M Condo, they have a bunch of buyers that are looking to buy in the condominium building. These lists of clients may be their own or maybe from other agents that they are in contact with. 

There are many advantages to hiring an agent. However, the downside is that it is more costly than doing things alone. The help you get from them will also come at a significant cost. Instead of getting the whole unit price, a portion would then go to your agent as a fee for helping you sell the unit. For example, if you were able to sell a unit from Penrose Condominium alone, it would take a little longer but you would get the whole amount the buyer would pay. However, if you sell it with the help of an agent, a certain amount would go to the agent. This is why you should weigh the pros and cons before hiring an agent.

3- List the property

Once you have decided on these things, you can now post or list your unit. In the listing, you have to make your property as attractive as possible to engage more possible buyers. For example, the Penrose Condominium unit that you are selling must have all the available amenities. List down every possible perk of living here for it to be more attractive to buyers. 

When it comes to The M Condo units, perks like a garden, a pool, and a clubhouse may be listed down to also increase appeal to buyers. You can have this listed on various online property markets. This way you can have more audience ensuring a faster way of selling.

4- Allow viewings and negotiate on price

To be able to sell your Penrose Condominium faster, you can allow viewings. However, since there is a pandemic, online viewing might be possible. This can be done by touring your possible buyer around your unit through a video call. If you hired a property agent, then they can arrange these kinds of measures for you and the buyer. When the potential buyer has signified interest after viewing your property you must be open to negotiating theory.

If The M Condo unit that you are selling costs around S$1,800,000 then you must be open to lowering the price as most buyers would try to bargain.

5- Settle other fees and finalize the transaction at a law office

Once both parties have agreed on a price, you can now issue an Option to Purchase fee to your buyer. This will serve as a reservation fee for the property. Your duty as a seller is to settle the Seller Stamp Duty or SSD. It is equivalent to 12% of the final selling price of the property. To legalize the purchase, all documents must be done and finalized by a lawyer. This way, both parties’ protection is secured.

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Know more about the various prices of the Singapore property market. In SRX Property, we offer the best guides through one of the most complicated property markets in the world.




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