HDB Selling Tips: 4 Tips to Ensure a Fast & Smooth Transaction

Before you put your HDB on the market for sale, go through these 4 selling tips for a better seller’s experience.

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     Table of Content

• Tip 1: What is Sold “As-Is””?
• Tip 2: Bank Loans Matters
• Tip 3: Bargain Up with “Intangibles”
• Tip 4: Declutter is Easier than Home-Staging

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📌Tip 1: What is Sold “As-Is”?

• When you sell the property “as-is”, it means that the buyer must be willing to accept the home in its current condition.
• The sellers do not need to make any repairs or alterations to the property.
• Some sellers will choose to inform the buyers that certain fixtures are not working well to avoid any future disputes.
• Normally, all fixtures will be included as part of the sale.
• Fixtures are generally “screwed-in” items and they cannot be easily removed without hacking
• If you have items like the antique ceiling lamp or Wall-Mount TV that you wanted, remember to inform the buyers before Option to Purchase (OTP) is issued to avoid misunderstandings

📌Tip 2: Bank Loans Matters

• If you have a bank loan, call the banks to see if there will be any prepayment penalties.
• For private properties, banks may impose a penalty (usually 1.5%) if you fully redeem your loan during the lock-in period.
• Note that there will be no prepayment penalties for HDB loans.
• For those who chose to buy the replacement home first before selling your first home, your maximum loan amount will be limited to 45% of property value

📌Tip 3: Bargain Up with “Intangibles”

• Sellers tend to base their asking prices on unit conditions and locations etc.
• “Intangibles” like Enhanced Contra facility for buyers, Sellers do not need Extension-of-Stay etc., are often overlooked
• These are valuable bargaining chips when you are negotiating prices with buyers who need the above concessions. 

📌Tip 4: Declutter is Easier than Home-Staging

• Home Staging is commonly proposed by property agents.
• Personally, I feel home-staging is more suitable for vacant units.
• This rented hardware will bring much inconveniences to you and family
• Decluttering the entire house will be an easier option.
• Keep the unit neat and tidy. Fix the spots that seems like an eye sore.
• Replace faulty light bulbs to ensure adequate brightness.
• Most importantly, remove unwanted items to make your unit look more spacious.

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