This article was contributed to us by Ohmyhome, Singapore’s First One-Stop Property Solution.
It is every seller’s nightmare to find themselves with an HDB flat that takes longer than expected to sell. Adding to the difficulties are the bumper crop of 30,500 DBSS and BTO flats that would have fulfilled their Minimum Occupation Period (MOP) this year.
What makes a HDB flat difficult to sell? Common reasons why certain units take longer to sell than others are: limited ethnic quota, proximity to the rubbish chute, blocked views by a carpark, distance from MRT or town centre, ambient noise from an expressway way or main road, being on a lower floor or having a flat facing an undesirable direction, such as towards the afternoon sun.
To help mitigate some of these issues and help improve your chances to selling your HDB flat, here are some practical tips we gathered from housing agents themselves.
#1 Set A Realistic Selling Price
One way to increase the attractiveness of the unit and get buyers to start enquiring is to set your unit’s selling price slightly below market price.
For example, if other 4-room units around your area are selling at $450,000, peg your selling price at around $430,000.
Realistically, hard-to-sell units shouldn’t have a similar asking price to other preferred units. As such, it is best to price the unit accordingly.
#2 Make Your Unit Look More Appealing To Buyers
The direction of the unit and its floor number might be impossible to change but one shouldn’t always throw in the towel without emphasising on other winning qualities of the unit.
To get the unit to look it’s very best, and thus increase its attractiveness to buyers, be sure to keep the flat sparkling clean, clutter-free and in good condition. Give that much-needed love and attention to the general upkeep of the unit.
This involves fixing what needs to be repaired, painting over cracks and/or peeling paint, and getting rid of the items that have accumulated over the years. It’s a simple fix to elevate the look and feel of the unit.
#3 Make Efforts To Show How Weaknesses Can Be Mitigated
There are reasons for a home to be harder-to-sell, and some of these cannot be fixed, such as an unfortunate view, proximity to a loud street, or unfavourable sun direction. However, rather than trying to explain to potential homebuyers how these factors are not deal-breakers, take steps to show how these weaknesses can be managed instead.
If your home has an unfortunate view of the rubbish chute or air-con compressor, sellers could paste sticker decals on windows to show that living with the view isn’t necessarily so bad. Doing so don’t cost a fortune and if chosen right, they add a subtle decorative touch to your windows.
If your home is right by the highway and traffic noise comes with it like a packaged deal, you can always DIY ways to help dampen the sound that trickle in through your windows. A recommendation to sellers is to invest in thick, sound-absorbing curtains to effectively minimise the unwanted noise coming from outside – in general, the thicker, the better the sound isolation.
And if your unit has an afternoon sun affliction, blackout blinds are the best way to curb the strong glare. Not only do they look great, but they serve an important purpose of shutting out all unwanted light, keeping the home nice, cool and cozy.
#4 Engage A Home Staging Service
The best way to dress up your unit to its finest and make it look like a million bucks is to engage a home staging service. With carefully picked furnishings and fittings, a professional home staging company can give your unit has the same stylish appeal like a carefully-curated Ikea showroom.
Our agent says this is an effective way to convince potential buyers of your unit’s untapped potential and may even tempt the buyer to ask if he can purchase the unit with the furniture intact.
Putting Your Flat’s Best Foot Forward
After making the necessary preparations in making your home look amazing, that’s the best time to whip out your smartphone and start taking great photos of your home before posting your listing!
By applying these tips and putting in hard work, you can give your hard-to-sell unit the best possible chance to find a serious buyer.
If you prefer a more hands-off experience in your housing journey, you can consider using services like Ohmyhome that can help take care of the entire selling process for you, from listing, viewings, paperwork and all the way to the handover.
Ohmyhome is Singapore’s leading PropTech Solution and a CEA-licensed real estate agency. It makes property transactions simple, fast and affordable through their DIY platform, agent services, mortgage advisory, conveyancing services, and more.
You can download the Ohmyhome app to check out their comprehensive range of services such as in-app valuation and cash proceeds calculators, mortgage advisory, home staging, home renovation, and even painting.
Source: DollarsAndSense