Money Hacks Season 2: Step-by-step tips for HDB flat sellers in today's market
Synopsis: In this podcast series, The Straits Times and The Business Times break down financial tips so you can get started after listening to this episode.
We host sisters Rhonda (front row on right) and Race Wong (front row on left) - who are co-founders of Ohmyhome. Ohmyhome is an online one-stop shop with a 30% market share, that is aiming to make housing transactions in Singapore simple, fast and affordable.
Here are their top step-by-step tips for HDB sellers in today's market.
1. Register an Intent To Sell in the HDB resale portal (which is valid for 12 months)
2. How to check data and set your flat price more accurately as today's more price-sensitive and educated buyers are able to compare flat prices and past resale values in your area, and use apps like Ohmyhome's on iTunes and Google Play.
3. For initial eligibility checks, visit HDB's portal to check ethnic integration policy and related quota in various estates
4. Ensure you fulfil the minimum five-year occupation period
5. Decide if you want to engage an agent or consider a do-it-yourself approach, and how to ensure you have done the proper financial calculations and timeline planning for selling and buying your next flat so you will not be without a home in between.
Later in our podcast, we pose the scenario: If you had bought your HDB flat for $500,000 15 years ago, and sell it for $520,000 now, does it mean you automatically have a $20,000 cash profit?
Do you like direct responses from buyers and sellers? Apps like Ohmyhome's has a pool of ready buyers and sellers who can suggest their own flat listings directly to the buyer who indicates interest in a flat in their area. Can you save on agent's commissions with Ohmyhome?
Download HDB's app too.
Produced by: Ernest Luis and Christopher Lim
Edited by: Adam Azlee
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Do note: Any financial or investment information in this podcast is for use in Singapore only and is intended to be for your general information. Any particular investment or decision should only be made after consulting with a fully qualified financial adviser.