Buying Guide
10 easy steps when buying a new home
How to choose what property suits you?
- We all need to have a roof over their heads. Buying a property that we call home is a very important decision for many.
- Before you decide what residential property type to go for, ask yourself first the purpose of your purchase. Is it for your own occupancy or investment where you hope to make some returns in the form of rental income or gain from the resale of the property?
- Next, determine if you are going for a landed or non-landed property? Landed properties are generally attractive because of their capital appreciation.
- If you have a big or growing family, landed properties would be more suitable as they come with open space for a garden and allows you to own pets. You can also do extension and renovation with prior approval of the local authority or municipal council.
- Landed property types include single or multiple storey link houses, semi-detached units, bungalows, cluster homes and grow homes. Remember this is the place where your children will grow up in.
- Go for non-landed properties if you are looking for better rental returns but don’t forget maintenance and sinking fund fees will be charged. Also, the maintenance cost increases over time.
- The management of the building is another issue that you need to look into. A well managed building means better value for your property investment.
- Non-landed properties cater more for smaller families, the young people, professionals and expatriates. They normally come with 24-hours security, recreational facilities and conveniences such as laundry service and grocery stores.
- Non-landed property types include apartments, service apartments, townhouses and condominiums. Some of these properties come partially or fully furnished.
- It is very much is a lifestyle thingy whether you opt for landed or non-land properties. If you travel a lot and require security, condos would be a good choice given its security, facilities and scenic views which some of them offer.
- You can buy new residential properties either directly from the developer or via its appointed real estate agents. The newspapers, property magazines and property classified advertisements found in websites like Home Trader are other good sources of information.
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Selling Guide
How to sell your property
They are different ways to sell your residential property. You can do it yourself (DIY) or engage the services of a valuer, negotiator or real estate agent.
DIY
- Print flyers containing several photos of your property and distribute to your prospects. You can also place these flyers or notices at your community boards, convenience stores or restaurants. Remember to ask for their permission first.
- Shoot a video your home and upload it YouTube.com. Besides giving a virtual tour, you can also talk about its unique selling points.
- Place an advertisement in the newspaper, property magazines or on property websites like the Home Trader which provides a comprehensive listing of the hot properties up for sale. Online ad placements are getting increasingly popular.
Documentation and Procedures
Engage a lawyer to help you with the sales and purchase documentation, especially when a bank loan is involved. There are standard legal fees, stamp duties and disbursements to be paid.
With the reintroduction of the real property gains tax (RPGT) announced in the 2010 Budget, a fixed rate of 5% gains tax payable on disposal of any real property within five years of purchase now applies. This takes effect from 1 January 2010.
Tips to help you get that sale
- Spruce up your house. You are also sending a strong message that you take good care of the house.
- Do minor repairs to add value to your property. Remember first impression counts, aided by the emotional pull factor of what they see that appeals to them.
- Be conscious of the market values around you. Don’t overprice as no buyers want to pay more than the market value.
- Work with a realtor who is dominant in the market and appoint only one. Constantly monitor the realtor’s progress.
- Get feedback from your prospects or buyers on what they liked and disliked about your house. Try to make the necessary adjustments to overcome especially the objections raised.
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