Are you planning to sell your condo in Singapore? While the process might seem overwhelming, there’s no need to worry. We’ve prepared a comprehensive guide to help you through the condo selling process with ease. From start to finish, we’ll provide helpful tips to ensure a smooth and successful transaction.
Here is a step-by-step guide to selling your condo in Singapore:
- Understand Seller’s Stamp Duty (SSD) obligations
- Research the market
- List your condo
- Give your home a touchup
- Schedule viewings and negotiate offers
- Engage a lawyer and issue the Option to Purchase (OTP)
- Complete the sale!
Understand Seller’s Stamp Duty (SSD) obligations
Before you list your condo for sale in Singapore, it’s important to check if you need to pay the Seller’s Stamp Duty (SSD). SSD is applicable if you’re selling the condo within three years of purchase.
Here are the rates effective from 11 March 2017:
| Holding period | SSD rate (on the actual price or market value, whichever is higher) |
| Up to 1 year | 12% |
| More than 1 year and up to 2 years | 8% |
| More than 2 years and up to 3 years | 4% |
| More than 3 years | No SSD payable |
Data source: IRAS
Payment must be made within 14 days from exercising the Option to Purchase (OTP). If you’re close to the three-year mark, you might as well consider renting the condo out to earn some income and avoid the SSD altogether.
Looking for a new property close to an MRT station of your choice? Check out 99.co’s MRT map here.
Research the market
Next, conduct thorough market research to understand the current condo market in Singapore. Compare recent transaction prices of similar condos in your area to gauge what you can expect. This will help you determine the lowest price you are willing to accept.
Make sure to consider factors such as the age, condition, furnishings, and location of your property, as these elements greatly affect your condo’s value.
Utilising tools like the X-Value tool can provide accurate and up-to-date estimates of your property’s worth. This tool offers property insights, including capital gain calculations, nearby transaction overviews, rental value estimations, and price trend analyses, helping you make informed decisions.
And if you’re still looking for your next home, try using 99.co’s affordability calculator to better determine your budget!
Pro tip: When listing your condo for sale, don’t rush to accept the first offer. Take your time to research and read guides to make well-informed decisions. Alternatively, you can hire a reliable property agent in Singapore to assist you with the listing and selling process.
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List your condo
Now that you have a price in mind, it’s time to list your condo for sale. A well-crafted listing is crucial to attract potential buyers.
Make sure your listing includes comprehensive details, such as:
- Size of the home
- High-quality images
- Nearby facilities (E.g., distance to primary schools, malls, wet markets, hawker centres, recreational parks, etc.)
- Proximity to MRT stations
- Unique facilities within the development (E.g., swimming pools, gyms, concierge services, basketball court, tennis court, BBQ pavilion, etc.)
Brownie points? Highlight future developments in the area to make your property more attractive to potential buyers.
Curious to see if your property make the 2024 en bloc list? Find out here: List of En bloc (Collective sale) in Singapore 2024
Give your home a touchup
A well-presented home attracts more buyers.
Start by decluttering and cleaning thoroughly. You might want to repaint walls and rearrange furniture to create a minimalist, elegant look. Remove personal items such as family photos and branded products to make the space feel more inviting to potential buyers.
If necessary, consider minor renovations. Focus on repairs like fixing lighting fixtures, doorknobs, and bathroom fixtures. Adding more electrical points to accommodate modern lifestyles can also be a valuable improvement. These small changes can significantly enhance the appeal of your condo.
If you’re short on time, consider hiring a home staging service. These services can decorate your condo to enhance its appeal, covering areas like the living room, bedroom, study room, and kitchen.
Need a detailed home staging guide? Read on here: 7 home staging tips to take note of before selling your home
Schedule viewings and negotiate offers
Once your condo is ready, the next step is to arrange viewings and prepare for negotiations.
Schedule and manage property viewings through your agent, who will set up appointments with potential buyers. If you’re still living in the property, ensure it looks tidy and presentable during viewings. Hosting multiple clients simultaneously can also help create a sense of demand and urgency among buyers.
Be prepared to negotiate with buyers to reach an ideal sale price. Use the data from your market research to justify your asking price during negotiations. Leveraging the skills and market knowledge of property agents can be beneficial in securing the best possible price.
Rather look at condos that will MOP this year? Have a read here: Upcoming Executive Condos (ECs) that will MOP in 2024 & 2025
Engage a lawyer and issue the Option to Purchase (OTP)
Engaging a lawyer is necessary for drafting the OTP and preparing transfer documents.
Once you find a potential buyer, the OTP process begins. The buyer pays 1% of the condo selling price as the Option Fee to secure the offer. You then sign the OTP to start the Option Period, which typically lasts 2 to 10 weeks. The buyer must exercise the OTP within 14 days by paying an additional 4% as the Exercise Fee.
After the buyer exercises the OTP by paying the Exercise Fee, you enter into a Sale and Purchase Agreement (S&P) with the buyer. If the buyer fails to exercise the OTP within the stipulated period, the Option Fee is forfeited, and you may seek another buyer. This clause protects you by ensuring the buyer is committed to the purchase.
Interested in upcoming new launches for the year? Take a look at your options here: 8 new launches expected in Q2 of 2024
Complete the sale!
Your lawyer will handle most of the paperwork and transactions from here. You’ll need to sign documents to finalise the sale and prepare to hand over the keys to the new owner. Start packing early and arrange for the move to your new home. Planning ahead ensures a smooth transition and less stress.
If, touch wood la, you need to stay in the property beyond the transfer date, arrange for an extended stay through a private agreement with the buyer.
Thinking of selling your condo? Get started here.
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