5 Steps to Sell Your Condo in Singapore
The property market in Singapore has always been one of the most complicated. Aside from exhibiting high property prices, it also has a rigorous buying and selling process.
|Singapore Real Estate, Photo by Penrose Condominium|
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 dollars 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 and 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 who 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
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 hire 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.
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.