To sell or not to sell our pty
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I suggest selling as pte property prices are good now and if you can be free of your bank loan as least you can really start on saving up cash and then later maybe get a pte apartment on cash alone. Or you could use any leftover money from selling to invest in a condo (new launches) and sell it once it TOPs and also earn from there.
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jasmineong:
I suggest selling as pte property prices are good now and if you can be free of your bank loan as least you can really start on saving up cash and then later maybe get a pte apartment on cash alone. Or you could use any leftover money from selling to invest in a condo (new launches) and sell it once it TOPs and also earn from there.
Sell at TOP? Sorry but I don't think it's feasible now with the stringent government measures to curb property speculations. Pls note that there are hefty taxes for the first 4 years! -
maki:
If I am not wrong (according to advice given by a property agent friend), you can buy a condo now that will be ready in about 4 years' time and then 4 years later when you sell, you do not have to pay the seller stamp fee at 16%, it will be much less. So the best to invest in are the new launches.jasmineong:
I suggest selling as pte property prices are good now and if you can be free of your bank loan as least you can really start on saving up cash and then later maybe get a pte apartment on cash alone. Or you could use any leftover money from selling to invest in a condo (new launches) and sell it once it TOPs and also earn from there.
Sell at TOP? Sorry but I don't think it's feasible now with the stringent government measures to curb property speculations. Pls note that there are hefty taxes for the first 4 years! -
jasmineong:
If I am not wrong (according to advice given by a property agent friend), you can buy a condo now that will be ready in about 4 years' time and then 4 years later when you sell, you do not have to pay the seller stamp fee at 16%, it will be much less. So the best to invest in are the new launches.[/quote]Most condo TOP in 2-3 yrs so if you're targetting to sell high at TOP ONLY, you have to be prepared for the stamp fee.maki:
[quote=\"jasmineong\"]I suggest selling as pte property prices are good now and if you can be free of your bank loan as least you can really start on saving up cash and then later maybe get a pte apartment on cash alone. Or you could use any leftover money from selling to invest in a condo (new launches) and sell it once it TOPs and also earn from there.
Sell at TOP? Sorry but I don't think it's feasible now with the stringent government measures to curb property speculations. Pls note that there are hefty taxes for the first 4 years! -
maki:
There are a few coming up that will be ready in 4-5 years' time. I think H2O residences at Seng Kang is one of them. My hubby and I are considering it. Any feedback about it?
Most condo TOP in 2-3 yrs so if you're targetting to sell high at TOP ONLY, you have to be prepared for the stamp fee. -
can we sell our pty on our own… and how can we do it effectively? any advise.
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Tania:
can we sell our pty on our own.. and how can we do it effectively? any advise.
Yes you can but only for private properties only. I did it for my condo last time. Saved on the agent fee.
In fact, all you need is a good lawyer to help you with the conveyancing.
I just advertised in the internet classifieds and waited for the right buyer.
Just print out your own receipts and Option to Purchase letter. You can ask your lawyer or search the internet for a sample.
Keep your property tax documents to show the potential buyer that you are the lawful owner.
Once the deal is done, get the deposit and tell the buyer to sign the Option to Purchase. Then get your buyer's lawyer to contact your own lawyer and they will do the rest. The whole process takes about 3 months then when all the money is settled, your lawyer will get you to hand over the keys.
People only hire agents because they are either too busy or lazy to do the legwork. It's tiring having to put up advertisements weekly and handle so many calls. But I must say that the money saved is totally worth it coz the commission can go up to tens of thousands. One classifieds ad in the Straits Times is only $30+.
A way to cut down the legwork is to specify an Open House timing in your ad so you don't need to waste time. -
cherrygal:
wow, cherrygal, thats great advice! think we only need to take some time to understand the procedures required and save ourselves the agent's commission. what abt buying a private property? do u think its worth looking for one ourselves? or should leave to an agent to bring us around to view the properties and negotiate for a good price?Tania:
can we sell our pty on our own.. and how can we do it effectively? any advise.
Yes you can but only for private properties only. I did it for my condo last time. Saved on the agent fee.
In fact, all you need is a good lawyer to help you with the conveyancing.
I just advertised in the internet classifieds and waited for the right buyer.
Just print out your own receipts and Option to Purchase letter. You can ask your lawyer or search the internet for a sample.
Keep your property tax documents to show the potential buyer that you are the lawful owner.
Once the deal is done, get the deposit and tell the buyer to sign the Option to Purchase. Then get your buyer's lawyer to contact your own lawyer and they will do the rest. The whole process takes about 3 months then when all the money is settled, your lawyer will get you to hand over the keys.
People only hire agents because they are either too busy or lazy to do the legwork. It's tiring having to put up advertisements weekly and handle so many calls. But I must say that the money saved is totally worth it coz the commission can go up to tens of thousands. One classifieds ad in the Straits Times is only $30+.
A way to cut down the legwork is to specify an Open House timing in your ad so you don't need to waste time. -
I never believe the agent is to my best interest no matter I am at buy side or at the sell side or renting. Close a deal is utmost important to the agent rather than price. Sorry to the agents on this forum if you are different.
I still use agent because it can be quite troublesome to handle all the calls, viewings because both my wife and I are working. Our work loads are heavy as well. But I always do my home work. I know how much my house can sell and how much I want to buy.
I remember someone told me before: There is nobody at your best interest other than yourself. -
foreverj:
Personally, I always scour the classifieds ads for a property myself and do the negotiation myself. Agents only want to close the deal and usually use sales tactics to trick you into buying hastily. Never sign any Options to Purchase before getting your bank to agree to the loan amount (this is called \"Loan Approval In-Principle\").
what abt buying a private property? do u think its worth looking for one ourselves? or should leave to an agent to bring us around to view the properties and negotiate for a good price?
Always ask the following questions before making the trip to view a house (a waste of time unless you have nothing better to do).
1. What is the selling price (is it within your budget)?
2. What is the land, the built-in area - check the per sq foot price to make sure it is worth the money.
3. What is the bank valuation - VERY IMPT if you are tight on cash. You are done for if you agree to a price and then the bank tells you you cannot borrow 80% of that amount coz the actual valuation is lower. And get the valuation from the bank you want to borrow from.
4. Is it Freehold, 999 leasehold or 99 leasehold? This is impt in calculating the value of the property.
5. When was it last renovated? Is it in move-in condition or needs reno? Take this into consideration as you need to put aside cash to renovate an old house. You could also take Reno loans but those have higher interest rates and must be paid off in 5 years. Quite stressful.
6. What is the monthly maintenance fee (for condos)? This can eat into your monthly expenses.
7. How many parking lots are allocated or available? This is important if you have more than 1 car. Some condos are very fussy about this. Some landed homes are located along such narrow roads that it is tough finding parking for your second car.
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