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Author: Maelyn Lagman

5 Expert Tactics to Market Your Property Listing Like a Pro

Posted on by Maelyn Lagman

Marketing is the lifeblood of any business — even real estate. That’s why you need to know how to market your property listing in order to get it out there and increase your chances of selling your home, because the more people you can reach, the better your chances are at finding a ready buyer.

It’s not that complicated either; the marketing of a property listing should be the same as the marketing of any other product.

Think of Nike. They’ve marketed their products so well that, at one drop, buyers flock to their stores to cop the latest pair of, say, Jordans. It’s not like there are no competitors in the market, though.

You’ve got the likes of Adidas, Puma, and New Balance fighting for the attention (and wallets) of sneakerheads, yet Nike remains at the top of buyers’ minds when they want a trendy, comfortable, and functional pair of shoes. Whether they’re an athlete or your regular Joe.

But how do you build such a high level of awareness and reach among buyers that, no matter how saturated the market is, you can attract the right property buyer to your listing? 

Here are five marketing tactics you can do right now to list your property like a pro:

1. Market your property listing as soon as possible

You know what they say, the early bird catches the worm. So if you’re a hungry bird, the quickest and easiest way to catch a worm is to be where it always goes. In this case, that’s a property search platform.

With Ohmyhome, you can list your property for free! Simply download the app on App Store or Google Play to get access to over 20,000 users — one of whom can very well be the buyer you’ve been waiting for. 

You can download the Ohmyhome app to post your listing here.

On the other hand, if you engage a property agent to sell your home, you’ll have access to even more potential homebuyers.

More often than not, the property industry is governed by who you know more than how much you know. And as professionals whose living is to sell properties, property agents would have a wide network of co-brokers and potential homebuyers. And they can easily send a message or two about your listing and immediately get enquiries from their buyers in return.

Another thing: If you engage an Ohmyhome agent, your listing will be posted on all the top property platforms, including PropertyGuru, 99.co, and SRX. It will also be boosted on all platforms, for higher exposure and reach.

Your listing will, of course, be posted on the Ohmyhome website and app. 

You can find your listing on the Ohmyhome website along with other homes for sale.

We will also send your listing to potential homebuyers via WhatsApp, thanks to our data-matching algorithm. You can learn more about it here.

2. Optimise your listing with Search Engine Optimisation (SEO)

Most homebuyers today are tech-savvy and educated. From our interview with several homebuyers, they will conduct their research online before committing to a purchase. This lets us know that Google is a battleground you need to be fighting on.

The way you, the seller, gets your listing in front of buyers’ eyes is through SEO, which helps a website or web page rank higher on a search engine like Google to drive more traffic to your site. In this case, SEO will help your listing (which, if you followed Tactic #1 above, will be on a property listing platform) show up at the top of a Google search results page.

So how do you do that?

When listing your property, it’s all about using the right keywords. What do buyers search for when they’re searching for a property?

You may have a better understanding of what buyers search for than you may think because, if you’re selling a property, then you’re most likely in the market for a new home as well. Take some time to perform a keyword search on Google and type different variations of ‘homes for sale‘, like ‘HDB resale flat for sale woodlands’ or ‘Woodlands HDB listing for sale’.

With Google’s autocomplete function, you’ll immediately find the most-searched terms that buyers use, which will be the right set of keywords to use for your listing.

Click any search result and you’ll see how other websites use SEO to rank higher on Google’s search results pages. 

If you can master the basic SEO best practices, you stand a better chance at reaching more buyers, and the easier it will be for you to track the responses to your listings.

Once you get the hang of it, you can adjust your listing descriptions and images for better results. 

With the right keywords, your listing page can rank higher on a search engine like Google so you can remain top-of-mind among property seekers. 

Conducting keyword research will also help you get to know your target buyer better. Besides, if you’re selling a property, then you’d probably be in the market for a new one as well, so you know the kind of information a buyer such as yourself will want to know. With that in mind, you can include every sellable detail in your listing. 

Some basic unit details that you’ll need to fill in any property listing platform include:

Here’s what a home listing for sale will look like on Ohmyhome:

We’ve included a field for sub-property type for you to further detail if, as shown above, it’s an Executive Condominium, which is technically still considered under HDB.

There’s also a field for you to fill the Ethnic Quota available in your HDB block, further filtering buyers who are actually eligible to buy your property.

Remember: a good listing description contains all the information that buyers are interested in knowing and blends it with SEO best practices.

For example, this Ohmyhome listing:

  • Denotes that the listing is special and fresh by using the words ‘exclusive’ and ‘new’

  • Reiterates the sale price in the beginning, usually the first thing that buyers will ask for

  • USP #2: The area is quiet!

  • USP #3: Within walking distance to public transportation

  • USP #4: Close to amenities for your daily necessities

  • USP #5: Proximity to schools

3. Make an impactful first impression with good listing images 

Think of your listing as your first impression to your buyers. How do you want them to perceive your home? Do you want to invite them in or turn them away?

If you’re selling your home, we’re sure you want to invite them in. This is how you do that.

To invite buyers to connect with your home on an emotional level and inspire them to imagine themselves living in it, your listing photos have to sell the lifestyle they envision for their future. Is it understated luxury they’re aiming for?

Lucky for you, if you hire Ohmyhome, you get a property agent who’s trained in the basics of property photography and is assisted by an in-house marketing team with professional photographers to:

  • Highlight the space of your home through different angles
  • Declutter so your unit looks clean and organised in the listing
  • Find the best lighting to accentuate the interior design of your flat
  • Adjust elements in your home, such as furniture, for a more aesthetic look 

Take a look at this photo, taken by Ohmyhome’s in-house photographer, for a now-sold $1 million resale HDB flat in Toa Payoh. It highlights the space of the home and the open floor-plan concept from an angle from which you may not have thought of taking the picture.

The space is also free of clutter and the decor they do have are arranged neatly. It may look like your average HDB flat, only the furniture is arranged just so and the floors are gleaming, showing off the marble — it’s spick and span and each piece is in its rightful place.

If photos speak a thousand words, then your listing should be saying, This is the home of your dreams. And you can do that with Ohmyhome on your side.

4. Create a striking video that sells a lifestyle, not just a property

While a listing image is absolutely necessary when you’re posting a listing on a property platform, a video is not as important. But it is more impactful.

Here’s how you can create a great video tour when selling your home:

See, you can’t just sell your property. You also have to sell a lifestyle — the kind of life they’re already envisioning in their heads, and the life they can aspire to if they live in your home. In your neighbourhood.

And the best way to sell a lifestyle today is through a video.

The reason why brings us to our next point…

5. Leverage social media to spread the word about your listing

The rise of social media — namely, Facebook, YouTube, Instagram, and more recently, TikTok — has shaped the way we consume content and buy products, even one such as real estate. And since its conception, these platforms have paved the way for video to become the best medium for property advertisements. The success of a certain group of property agents is proof enough that it’s true. And it works.

Today, agents have found various ways of selling a home. On TikTok, you’ll find smooth, gliding home tours of luxury apartments with every beat of trending audio dictating the flow and cut of the video. 

@ohmyhomesg

Live out life’s finer pleasures at first-ever Quincy-branded luxury residence at One Holland Village #property #condo #newlaunch #singapore #investment #hometour #propertytour #condotour

♬ Team – Lorde

On YouTube, an in-depth home tour that shows you every nook and cranny of a property while also highlighting its unique selling points: Show your target buyer what makes your home special!

Does it really have a rare high ceiling that’s rare in Singapore?

Or is it located in a well-connected neighbourhood where public transport is easily accessible, highways are nearby, and amenities are within walking distance?

Social media is your best friend when it comes to promoting your listing in this day and age. A Facebook post or Instagram story will bring your listing into the direct eyesight of buyers.

And if you follow the marketing tactics mentioned above, you can catch their attention, draw them into clicking your listing, making an enquiry, and eventually, an offer that you can’t ignore.

We’re sharing all this with you to keep you updated and better informed on the best ways to market your listings, or how property agents market usually market theirs. Whether you engage an agent to sell your home or not, it’s good to know the lay of the land so you won’t be shortchanged.

But if you’d rather leave the marketing of your property listing — and the selling of your home — to actual licensed professionals, Ohmyhome is your best bet.

Sell your home fast and at the best price with Ohmyhome!

Sell your home for a high price in no time, hassle-free. Our Super Agents are CEA-certified and among the Top 1% in Singapore. With more than 180,000 happy customers served, we’ve garnered 4-star ratings on both Facebook and Google! Because at Ohmyhome, we‘re always by your side, always on your side.

Call us at 6886 9009 to secure an appointment with any of our Super Agents or message us in the chatbox at the bottom, right-hand corner of the screen. You can also WhatsApp us at 9755 9283!

4 Things to Consider Before Buying HDB Resale Flat in 2022

Posted on by Maelyn Lagman

An older version of this article is still available here.

If you’re in the market for a resale HDB flat and want to lock in your actual dream home that ticks the boxes of all your requirements, check out this guide before you make any decisions.

#1: What type of HDB flat are you looking to buy?

There are different types of HDB units for different types of buyers. For example, a 2-room flat is great for singles or low-income families and the bigger, 4-room types are more suited for young couples or families.

To know what will work for you, here are the different HDB flat types and the buyer profiles they may be intended for:

  • Studio apartment – For one or two people who wish to live independently. They are available in 36 and 45 sqm varieties. Even the elderly can opt for this.
  • 2-room flat – Hovering at 45 sqm, this dwelling targets smaller households.
  • 3-room flat – Coming at 60-65 sqm each, this flat is a great living option for growing families who are still on a budget.
  • 4-room flat – At a modest 90 sqm, this unit affords its owners an adequate amount of space. The best part about it is that it’s customizable; the space can be tailor-fit for whatever your needs may be.
  • 5-room flat – A much more spacious variation of the other flats, this variety offers a full 115 sqm of living space, which is more than enough for most.
  • 3Gen flat – Specifically for multi-generational families, the 3Gen comes at 115 sqm. If you want to see them for yourself, units like these can be found in Yishun.

#2: How much can you afford?

Buying a home will be one of the biggest investments you’ll make in life, and they’re not exactly cheap, so it’s important to know your budget before committing to a flat purchase.

To determine your budget, you should review your bank statements and spending habits for the last couple of months to figure out how much you’re spending on everything from phone bills to streaming services to restaurant takeouts.

You should also calculate:

  • How much you can loan from HDB or the bank
  • The amount of CPF savings you have in your Ordinary Account
  • If you’re eligible for any CPF housing grants
  • Your total cash savings and how much you’re willing to fork out for this property purchase

This is important to work out because your budget will be used for:

  • Property purchase price
  • Stamp duty
  • Legal fees
  • Resale levy (if any)
  • Moving expenses (if any)
  • Renovation (if any)
  • Furnishing
  • Maintenance

You can use Ohmyhome’s Affordability Calculator to work out the sums. Simply fill in the details for each field, like how much For a more in-depth financial calculation and professional advice from an experienced property agent, WhatsApp us at 9755 9283 and our Relationship Managers will connect you with one of our agents.

Now that you have a better sense of your budget, figure out where you want to live.

#2: Where do you want to stay?

Location is one of the main things that potential home buyers consider, and it might be the same for you. But how do you even go about choosing where you want to live?

1. Choose a neighbourhood

What makes a good neighbourhood? The answer to that question is going to be different for everyone. But you can quickly narrow your choices by focusing on some key factors:

  • Where can you afford a home?
  • Are you working from home or commuting?
  • Do you want to be near good schools?

Spend some time in the neighbourhoods you’re considering and check out the shops, restaurants and public spaces to get a better feel for the place. This will give you a better sense of your proximity to amenities, such as schools, malls, grocery stores and recreation/entertainment centres, that will aid your lifestyle.

2. Visit the property and go for a viewing or open house

Chances are that even before you’ve officially started your home search, you’ll have spent a little time browsing property search platforms such as Ohmyhome, to see the homes available in the town you’re considering.

To zoom in on what you truly want, you may eliminate sections of your chosen town that don’t have the style or size of home you want at the price you can afford. Going to open houses and home viewings can also help you get a better sense of what’s in store in the area.

Is the HDB block right next to the road or a playground? If it is, it may get noisy at certain hours. After school, the sound of children screaming may grate on your nerves. Or during peak hours, you may hear more honking and engines revving.

Seeing the state of a home in real-time and getting to poke around the space will also reveal things that video simply can’t. What if your property agent is using an old Samsung instead of the latest iPhone and due to poor video quality, you can’t really tell if the wall paint is peeling or if there are pests hiding in nooks and crannies?

That’s why, during the viewing, you should:

  • Open the closets to check the storage space.
  • Pull back the curtains to consider the view, especially from your bedroom. Is it facing the loading or unloading bay? These areas can get noisy during peak hours.
  • Does your kitchen catch the afternoon sun? This is important as it’s where homeowners usually hang their laundry to dry. North-South facing is also generally preferred by buyers for a lesser amount of direct sunlight and better cross-ventilation throughout the year.
  • Inspect the pipings, ceilings and walls to consider the maintenance needed to keep the flat in shape.
  • Ask a lot of questions: How far is the home from trains and buses? If you are working from home, what is the daytime noise level? Why do the sellers want to move? When were the last improvements? How much do utilities cost? Have any offers already been made?

If you have a packed schedule, opt for virtual tours instead! Thanks to advanced technology, most listings will be accompanied by a 3D walkthrough of the home. You may also ask your agent to view a unit for you while on a video call with you.

#3: Is the flat maintained well?

Maintenance is key when owning a home. But with a resale HDB flat, you can never be too confident of the previous owner’s home maintenance efforts. Here are some things to check:

  • Are the floor tiles in good condition?
    Check if they’re cracked or uneven, which may happen over time. Tiles may even dislodge if the temperature dips. Replacing your tiles may add to your already long list of expenses in buying a home, so if you don’t want to include tiling works in your home reno — if you’re even planning on one — ensure that the tiles are in good condition.
  • Are the doors still intact?
    Doors may sag over time and become misaligned with the latch. When this happens, you can adjust the loose hinges — but this takes time and effort that you may be better spent somewhere else.
  • Are the electric sockets still working or do you need to get them replaced?
    Electronics like your TV and appliances like your refrigerator are just some of the essentials that you need to plug in, and damaged electric wiring and sockets can be troublesome. More importantly, if it’s in good condition, you can avoid electric leakage that could lead to potentially fatal electric shocks or even a fire-related accident. 
  • Are there any choked or leaking pipes? A clogged or leaking drain pipe may seem like a small problem, but it can snowball into a bigger and more expensive issue like flooding, corrosion, slow water drainage, or even sewage backup.

#4: How old is the HDB flat?

The longest remaining lease a resale HDB flat can have is about 94 years. When HDB flats are first built, they have a fresh, 99-year lease. For it to become a resale flat, you will need to wait 5 years — the typical Minimum Occupation Period (MOP) — before you can sell it on the open market.

So if you deduct the 5 years from the 99-year lease, then a freshly MOP-ed resale HDB flat has about 94 years left — assuming that you sell it immediately upon MOP.

Now, resale HDB flats decrease in value once it only has about 30 or 40 years left on their lease, which makes it harder to sell in the future, maybe even risking selling it at a loss. Lee Hsien Yang calls this “the ticking time bomb of lease decay”, in which HDB flats turn into “depreciating assets worth zero”.

So a relatively newer resale flat may be better for you, with at least about 80 years’ lease left. They may be in better shape and require less renovation work as well.

Looking for an HDB or private property?

Let Ohmyhome’s smart data-matching technology MATCH you with the right home, according to your specific needs. Submit your preferences to us and our algorithm will filter all our available listings based on those, and we’ll WhatsApp them to you once we find a match. We’ll also send you relevant content that you can use for your research and inform your home buying decision, so you no longer have to spend hours searching online for the information that you need. Because at Ohmyhome, we’re always by your side, always on your side.

You can message us in the chatbox at the bottom, right-hand corner of the screen to secure an appointment with any of our Super Agents.. You can also WhatsApp us at 9755 9283!

How to Make Your Neighbours (And HDB Officials) Love You in 12 Easy Ways

Posted on by Maelyn Lagman

Finding a home can be difficult, and moving in may be more exhausting than you think, but nothing is worse than realising you’ve spent half of your life savings on a new home only to live next to a neighbour who slams their gate daily, fills the corridor with bulky bicycles or caged birds, or disposes of literally anything out their window, posing as a safety hazard for the rest of the block.

If that sounds like a nightmare to you, then you should make sure you’re not that kind of neighbour either.

You don’t have to clean your whole block twice a month like this middle-aged woman in Tampines. All you have to do is abide by HDB’s rules so you can keep your neighbours safe and avoid run-ins with the authorities.

Here are the 12 rules you should follow if you’re living in an HDB flat

#1: Do not obstruct the corridor with your personal belongings

That includes potted plants, bicycles, bird cages or what have you. Not only will clutter block the area’s accessibility, but it will also make it look aesthetically displeasing.

Cluttered corridors can be a fire hazard. | Source: AsiaOne

If you own a corner unit, you shouldn’t treat the generous space outside your house as your personal storage room. That means, keep your spare bicycle wheels and cleaning supplies inside.

Don’t get carried away with the space and start setting up your own cafe nook there, either. It is not your balcony; other people will still need to access it to get to a staircase or a lift. So those chairs and tables will have to stay in your kitchen.

Speaking of staircases, it should be clear of stuff too. Leaving anything there may hinder search and rescue attempts by authorities, and block you and your neighbours’ escape routes, in case of fire or other emergencies.

#2: Do not smoke in the corridor, stairwell or void deck

Despite the large warning labels on cigarette packaging, there’s no stopping those who want to smoke from smoking. And you know what, fair enough. You do you, as they say. Just don’t smoke in the corridor where the smoke can travel into your neighbour’s living room where their baby could be sleeping.

Smoking in HDB corridors and void decks is illegal.

You’re not allowed to smoke in the stairwell or void deck, either.

Aside from these places, you should be good.

#3: Do not walk around your flat in the nude with your windows wide open for all to see you

Singapore may be progressive about certain things, but not public nudity. That means, you have the liberty to be as au naturale as you want inside your home, but not when other people can see you.

Invest in some curtains instead and remember to draw them before stepping out of your clothes or towel. If you’re caught walking around nude in your flat and flashing your neighbours, you can be arrested and fined at least $2,000 under Section 27A of the Miscellaneous Offences (Public Order and Nuisance) Act.

#4: Do not keep a cat in your HDB flat

Sadly, you’re still not allowed to keep a cat in your flat. Though Nee Soon GRC Member of Parliament (MP) Louis Ng tried really hard to get it reviewed by Parliament.

An excerpt of Nee Soon GRC MP Louis Ng’s Facebook post on why cats should be allowed in HDB. | Source: Facebook

According to HDB, cats are not allowed in flats because “they are generally difficult to contain” and “tend to shed fur and defecate or urinate in public areas when allowed to roam indiscriminately”. Oh, and they “make caterwauling sounds”, which can inconvenience your neighbours. (Not that dogs don’t shed fur or bark, but that’s beside the point.)

On the other hand, dogs are allowed to be kept in HDB flats. But only one. And only of a certain kind.

#5: Do not keep more than one dog, and only if they’re of a breed approved by HDB

You are allowed to keep only one dog in your flat, and it must be one of the 62 breeds that HDB listed here.

Here are the 62 HDB-approved dog breeds

AffenpinscherAustralian Silky TerrierAustralian Terrier
Bichon FriseBohemian TerrierBolognese
Brussels Griffon (Griffon Bruxaellois)Bichon HavaneseBorder Terrier
Boston Terrier
(a) Lightweight
(b) Middleweight		Cairn TerrierCavalier King Charles Spaniel
ChihuahuaChinese Crested DogChinese Imperial Chin
Chinese Temple Dog (Classic and Miniature)Coton de tulearCzech Terrier
Dachshund (Light and Miniature)Dandie Dinmont TerrierEnglish Toy Spaniel
Griffon BelgeGerman Hunting TerrierGriffon Brabancon
Hairless DogItalian GreyhoundJack Russell Terrier
Japanese Spaniel (Chin)Japanese SpitzLhasa Apso
Little Lion DogLakeland TerrierMaltese
Manchester TerrierMiniature PinscherMiniature Schnauzer
Norfolk TerrierNorwich TerrierPapillon
PekinesePomeranianPoodle
PugPoodle (Miniature)Schipperkee
Scottish TerrierSealyham TerrierShetland Sheep dog
Shih TzuSilky TerrierSmall Continental Spaniel
Small English TerrierSmall SpitzSmooth Fox Terrier
Toy Fox TerrierToy TerrierTibetan Spaniel
Volpino ItalianoWest Highland TerrierWire-Haired Fox Terrier
Welsh TerrierYorkshire Terrier

Your pet dog must also be licensed by the NParks Animal & Veterinary Service (AVS).

Other pets you can keep are fish, hamsters and birds.

#6: Do not throw your trash outside your window

It may seem more convenient to dispose of your trash out your window, but it’s not the cleanliest nor the safest way to do so.

Whether it’s smaller items such as a candy wrapper, tissue or noodles, or bigger ones such as books or bags of clothes, it is unsafe. It’s also littering, which is bad for the environment, and most importantly, illegal.

Speaking of throwing trash…

#7: Bag your trash before disposing of it in the rubbish chute

Put your trash in a bag before chucking them in the rubbish chute.

You can easily find rubbish chutes in HDB flats and blocks. If you live in an older flat, you’ll find a rubbish chute inside your home, and if you live in a newer flat, it will be near your floor’s lift. So why throw something out the window when trash disposal is already made so convenient?

That said, do put your trash in a bag before chucking them in there, even if it’s just your parcel package. But don’t put too much at one time or it will all be stuck there and you’ll have a whole other problem on your hands.

Remember: Do better!

#8: Do not hang dripping-wet laundry outside

Laundry hanging on bamboo poles is pretty much the picture of HDB living. It’s part of the HDB lifestyle and everyone does it. That’s not the issue.

Source: HDB

The issue is if you hang your laundry to dry outside and it is dripping wet. You should drain any excess water from your clothes before hanging them to dry so you don’t get the drying clothes on the floor below yours wet too.

#9: Keep things quiet from 10.30 p.m. to 7 a.m.

We get it: When you’re belting out Aerosmith’s I Don’t Wanna Miss A Thing on karaoke with your BFFs, you may not feel time passing. But you really should because once the clock strikes 10.30 p.m., you have to keep things down. Be conscious of those around you and avoid playing music too loudly or holding social gatherings late into the night, like playing card games and drinking on a stairwell.

HDB residents playing card games at a Yishun HDB stairwell in the wee hours of the night until early morning. | Source: Mothership

Renovation works are also not allowed to occur between 10.30 p.m. and 7 a.m.

HDB has received 3,200 noise-related complaints a month in 2021, up from around 400 a month in 2019. Let’s all work together to bring that number down and be mindful of each other’s needs, i.e. rest, sleep, peace.

#10: Do not list your home for rent on Airbnb

If you don’t know this yet, now you do: short-term rentals are illegal. That means putting up your flat for rent to tourists on Airbnb is also a no-go.

The minimum rental period is 6 months for HDB flats (3 months for private housing) and they cannot be rented out to tourists. Read this quick guide on regulations for renting a property in Singapore.

#11: Do not use your flat as an office for your big-scale business

If you’re a freelance artist, photographer or writer, you are allowed to work from home. This is according to HDB’s Home-Based Small Scale Business Scheme.

If you bake or sew for a living, do hairdressing, or if you’re a nail technician and offer mani-pedi services, you’re also allowed to run your business at home.

You do not need to seek approval from HDB for the above-mentioned small-scale businesses.

Small home-based businesses are allowed to be operated in HDB flats, like manicure and pedicure services.

What’s not allowed, however, is businesses that involve the hiring of workers as third parties and non-resident employees are not allowed to work in the flat. A home-based business must be operated by the flat owner, though, or a registered occupant or tenant (with the owner’s consent, of course).

Massage services are not allowed in HDB flats as well. (If you want a massage at home, just get your family or friends and cook them up a meal as payment.)

Speaking of services…

#12: Do not have more than 3 tuition students at a time in your flat

Tuition centres exist for a reason, one of them being so you won’t have to set up one at home. So if you provide tuition services, you should only be teaching three students at a time to reduce the noise coming from the kids you’re teaching. Because we all know, studying or not, children can make a lot of noise.

Looking for your own HDB flat?

Let Ohmyhome’s smart data-matching technology MATCH you with the right home, according to your specific needs. Submit your preferences to us and our algorithm will filter all our available listings based on those, and we’ll WhatsApp them to you once we find a match. We’ll also send you relevant content that you can use for your research and inform your home buying decision, so you no longer have to spend hours searching online for the information that you need. Because at Ohmyhome, we’re always by your side, always on your side.

You can message us in the chatbox at the bottom, right-hand corner of the screen to secure an appointment with any of our Super Agents.. You can also WhatsApp us at 9755 9283!

5 Fundamentals of Selling Your HDB – You’ll Never Go Wrong With These

Posted on by Maelyn Lagman

For all the tips and tricks in the world on how to sell your resale HDB flat, these are the five things you really need to keep in mind before starting the process. They’re easy to understand and follow, which is why you shouldn’t neglect them. You can listen to Ohmyhome co-founders Rhonda and Race Wong explain these steps in more depth on Business Times’ podcast, Money Hacks.

1. Price your unit correctly

Striking the right balance is key to selling your HDB flat. Set the price too high and you may drive home buyers away; set it too low and you might face a deficit in your profits.

Rhonda and Race say, “Benchmark the price of your property against the other units in your area.”

The quickest way to do that is now online! Get a free home e-Valuation on Ohmyhome for an instant estimation of how much your unit is valued today. You can also download our app to access our in-app valuation calculator.

2. Declutter your unit before a viewing

There are simple ways you can do now to actually increase the value of your home before you sell. Decluttering your home before a viewing or taking a photo for your listing can accentuate the space of your home and draw buyers’ interest.

Be sure to concentrate on busy areas of the home like the kitchen, kid’s room, bathroom and living room.

3. Meet your Minimum Occupation Period (MOP) before selling

The Minimum Occupation Period sets the baseline for how long you are required to physically occupy your flat before you can sell it. The MOP is typically 5 years, though it can be shorter or longer depending on your flat type. To be safe, you can check your flat’s MOP on the HDB website.

4. Remember to register Intent to Sell

You can’t begin your home-selling journey if you don’t register your Intent to Sell in the HDB Resale Portal.

The reason this is so important is this is the stage where HDB will assess your eligibility to sell. Upon registration, you will also receive information on the Ethnic Integration Policy (EIP) and the recent transactions in your area.

The Intent to Sell will be valid for only 12 months.

5. Be mindful of the Ethnic Quota

Familiarise yourself with the Ethnic Quota (also known as EIP, as mentioned above). Simply put, it is a cap on the number of households within the same ethnic group that can occupy an HDB block or neighbourhood.

This is important to know because once a particular ethnic group has been reached, additional households of the same ethnic group will not be eligible to move into the affected block or neighbourhood.

Checking your EIP eligibility is straightforward. Simply go to HDB’s EIP enquiry page and indicate your address, ethnic group, citizenship status and whether you are a buyer or seller. It literally takes less than a minute, and the results are instantaneous.

Sell your home fast and at the best price!

Sell your home for a high price in no time, hassle-free. Starting at 1% + GST of selling price. Our Super Agents are CEA-certified and among the Top 1% in Singapore. With more than 180,000 happy customers served, we’ve garnered 4-star ratings on both Facebook and Google! We go in-depth about what you can expect when you engage an Ohmyhome HDB Seller Agent.

Call us at 6886 9009 to secure an appointment with any of our Super Agents or message us in the chatbox at the bottom, right-hand corner of the screen. You can also WhatsApp us at 9727 5270!

Related posts:

For Foreign Students: How to Start Renting a Home in Singapore

Posted on by Maelyn Lagman

On top of being considered an advanced technological hub in the East, a premier tourist’s paradise, and a strong economic juggernaut, Singapore is also known for being an amazing destination for students who want to study abroad.

The country’s natural mix of varied cultures in addition to its inherent high quality of education makes it a great place for experiences of all kinds, be it educational in nature or otherwise.

First things first though. If you’re one of the many students-to-be in Singapore, then you’ll need a decently priced yet well-maintained place to stay.

1. Keep your money in check

As a student, you’re bound to have a fairly limited budget. Of course, you won’t spend all that on your rent alone as you still have utilities, everyday expenses and savings to pay for.

The rate isn’t the only thing to look out for either; read your contract carefully and keep in mind that contracts set the minimum renting time for HDB units at 6 months. Luckily, this can be extended to up to a year or more.

2. Choose an optimal place to live

Keep in mind that you’ll travel back and forth between your home and University at least 5 days a week. That ought to be tiring if you live a considerable distance away, so you’ll want to get a unit that’s as close as possible.

If that’s not an option, then consider familiarizing yourself with Singapore’s easy-to-use, well-maintained transport system instead. Live near an access point and take advantage of all the LRT and MRT stops that are available across the country’s many districts.

Buses and taxi services add to the modes of public transportation, making it easy to get around quickly without having to spend too much.

Read more about renting a home in Singapore as a foreigner:

3. Figure out your space requirements

You’d be surprised at the range of HDB flat sizes. It can go from pretty much living in a closet to having enough room for a small family. Rent an HDB flat that matches the space you need and use your extra money to travel around the country.

On the other hand, getting a roommate to split the costs with is also another viable option. A little companionship never hurts.

4. Get a roommate if you can

With all the time you spend together, your housemates may very well end up as the highlight of your stay in the country. Better yet, they may even turn into lifelong friends.

Those with previous contacts should take advantage of that opportunity. If you already know someone who’s established in Singapore, don’t hesitate to ring them up and ask to settle in with them.

Just be sure to offer something in return for additional payment or help around the home!

Students who are bound to stay in Singapore are sure to have a good time, as long as the basics such as housing and finances are settled. We can help you start searching for a home to rent in Singapore.

On our free mobile app, you can post a ‘ShoutOut’ to publicly share the exact type of home you’re looking for. This can be seen by landlords, who will suggest their listing directly to you if your preferred home matches their listing. Let’s say you’re looking for a 1-room HDB flat in Clementi, because you’ll be attending SIM Global Education to get your Bachelor’s Degree. If landlords see this ShoutOut on the app, they can click ‘Suggest Listing’ and start up a conversation with you immediately. No upfront costs whatsoever for you or for the landlord.

Save time and money by renting a home with Ohmyhome!

Let out smart data-matching technology MATCH you with the right home, according to your specific needs. Submit your preferences to us and our algorithm will filter all our available listings based on those, and we’ll WhatsApp them to you once we find a match. We’ll also send you relevant content that you can use for your research and inform your home buying decision, so you no longer have to spend hours searching online for the information that you need. Because at Ohmyhome, we’re always by your side, always on your side.

You can message us in the chatbox at the bottom, right-hand corner of the screen to secure an appointment with any of our Super Agents.. You can also WhatsApp us at 9755 9283!

What Young People Can Do to Start Saving for Their Future Home

Posted on by Maelyn Lagman

You want to own a home someday, but you’re only just getting started in your career. There’s so much you need to learn, a home will cost you a fortune and there’s some hot competition in the market. How are you supposed to make that happen?

Don’t worry, I’ve got your back. There are things you can do right now that will push you toward your dream of homeownership in the future:

1. Learn about home buying in general

A good place to start is familiarising yourself with the home buying process. I’ve detailed all the steps you’ll need to take to buy a resale HDB flat or condo (be it a resale property or a new launch project) with the help of a property agent or through a Do-It-Yourself (DIY) platform, in these articles:

Buying a home is a monumental life decision and financial commitment, no matter how young or old you are, knowing what you’re getting into is extremely important. Especially because it can get complicated at times, with so many things to take note of, such as your level of affordability and eligibility for the type of property you’re purchasing.

“Wealth accumulation can come from maintaining a simple lifestyle.”

Ohmyhome co-founder and Chief Product Officer Race Wong

2. Track your spending

Ohmyhome co-founder and Chief Product Officer Race Wong has some practical financial advice for young people: “Know where your money goes, count up the costs and expenses. Choose savings when you can and stick to your financial goals.”

Tracking expenses is integral to identifying your monthly and yearly budget, which will eventually form your funds to finance your future home. The easiest way to do this is by creating a tracking sheet. You can find free templates on Google Sheets which only need to be filled up with your expenses, such as food, travel, entertainment and others that apply to you. Doing so will inform you of the black holes that vacuum your funds from your bank.

Need vs want

Knowing where and what you often spend on can then bring you closer to this nifty trick you may forget in the haze of a really good sale: deciding whether an expense is a need or a want. When you can differentiate a need from a want, you are fundamentally prioritising your future goals. If you truly want to own a home in the future, with the knowledge of the current property market and doing your due diligence to research what it could be like in five to ten years, you’ll be incentivised to cut the unnecessary expenses in your life and prioritise saving.

3. Prioritise saving

“Wealth accumulation,” Race says, “can come from maintaining a simple lifestyle. Think of simple swaps you can do in your everyday life that may save you maybe $10-$20 a day – swap a cab for the bus or MRT, bubble tea for water, an expensive holiday for a more reasonable one. These small changes can add up to a few thousand dollars a year.”

Let’s pause here for a second, because I can guess what you’re thinking. This is simple in theory but difficult in practice. And that’s alright — sustaining good habits is a gradual change you should commit to, no matter how long it takes to master it.

Cut unnecessary expenses in your life and prioritise saving.

4. Lease out your first property, rent a more affordable one

If you’re considering investing in property, then this strategy may work for you.

Race gives this example: Say you lease out your newly purchased condo for $5,000 and rent a smaller, more affordable HDB flat to live in for $2,000.

She says, “That’s $3,000 every month, or $36,000 annually. In three years, that’s more than $100,000. That’s a lot of money to help you pay off the mortgage.”

“If you buy a private property for your ownstay, you lose any earning potential from what may be your biggest asset at this point. Not only have you spent the bulk of your savings with this move, but you also now have a bigger mortgage to service and not much cash left over for other investments.” 

Sit down with your partner and have that talk

If you’re planning to get married and have a family, have that talk with your partner; the important one concerning your finances. Here are some tips to navigate that conversation.

“Having a dual-income household is also important.” Race suggests in this article, “To supervise the household and help with your kids while both of you are at work, perhaps you could enlist the help of your parents or in-laws. If they are retired and willing, having them in your home could go a long way in easing your concerns.

“If properly managed,” she says, “combined incomes allow couples to increase the size of their monthly savings.” 

5. Look for other property investment opportunities outside Singapore

Ohmyhome co-founder and Chief Executive Officer Rhonda Wong has had her fair share of this question thrown at her by young couples: How do we even go about owning an investment property when houses are so expensive?

She acknowledges that yes, it is expensive and difficult to save for one. “Knowing this,” she says in this article, “I’d say consider investing somewhere else. The world is big and there are other places that’s great for investments too.”

Rhonda also suggests looking at properties in the Philippines, which are more affordable in terms of price per square footage compared to Singapore. For example, a residential property in a prime location in the Lion City can easily cost more than S$1,800 per square foot (psf), while in Manila (the capital of the Philippines), it would only be S$500 psf.

You can also expect a gross rental income of about S$500 per month, which amounts to a rental yield of 6% per year. In comparison, with S$100,000 in Singapore, “most people leave it in their bank account with little interest returns or in a fixed deposit account with a 1% return. So a condo rental yield would hover between 1 to 3%.”

See where she’s going with this? That’s not all. For property investments, the potential for capital appreciation also needs to be carefully considered. And in fact, from March 2015 to March 2021, the annual average growth in prices of residential property in the Philippines was 3.4%. Increasing urbanisation, an expanding middle class, the growth of their Business Process Outsourcing industry and the increasing remittances of Filipinos working abroad are just some of the factors that are fuelling this growth.

“Consider investing somewhere else. The world is big and there are other places that’s great for investments too.”

Ohmyhome co-founder and Chief Executive Officer Rhonda Wong

And here’s the catch: Property prices are highly correlated with that growth. Rhonda says, “If you want to grow your wealth through property capital appreciation, you can look into the Philippine market while real estate is still affordable.”

The steps outlined above aren’t necessarily hard, but they will require your constant effort. The sooner you start taking your dream of homeownership seriously, the quicker you can make the necessary steps to attain it. And the more time you have to save, budget and plan your moves, the smoother your homebuying journey will be in the future.

We want to hear your stories on how young people can start saving for a home and/or get a leg up in the housing market. What strategies do you use to save money? Are there any major hurdles to home ownership or other concerns you wish we had covered? Comment your thoughts and opinions on our Facebook post!

Know someone who’s looking for an HDB or private property?

Refer them to us! We’ve got a smart data-matching technology that will MATCH them with the right home, according to their specific needs. All they’ll need to do is submit this form detailing their preferences (budget, size, location) and our algorithm will filter all our available listings based on those, we’ll WhatsApp them to you once we find a match. We’ll also send them relevant content that they can use for their research and inform their home buying decision, so they no longer have to spebnd hours searching online for the information that they need. Because at Ohmyhome, we’re always by your side, always on your side.

Simply reach out to us via our hotline at 6886 9009 or WhatsApp at 9755 1009, or secure an appointment with any of Super Agents on the chatbox at the bottom, right-hand corner of the screen.

Disclaimer: While every reasonable cause is taken to ensure the accuracy of information printed or presented here, no responsibility can be accepted for any loss of inconvenience caused by any error or omission. The ideas, suggestions, general principles, examples and other information presented here are for reference and educational purposes only. This blog article is not in any way intended to provide investment advice or recommendations to buy, sell or lease properties or any form of property investment.

2022 Guide to Buying a Condo in Singapore: How to Buy?

Posted on by Maelyn Lagman

If you want to buy a resale condo in 2022 and don’t know where to start, then this guide will help you navigate the complexities of making a significant life decision.

That private property you’ve been eyeing on a property portal recently? Get ready to make it yours with these easy-to-follow steps, which will take you through how to start your financial planning to collecting your keys upon completion of the sale.

Table of Contents:

  1. Start financial planning
  2. Begin your home search
  3. Contact a lawyer
  4. Make an offer
  5. Get Option To Purchase (OTP) and pay Option fee to the seller
  6. Exercise Option
  7. Make payment for stamp duty and legal fees
  8. Completion and key collection

Step 1: Start financial planning

Check the maximum home loan amount and property purchase price you can afford based on your income, age, and loan commitments.

Some financial costs to note:

  • Additional Buyers Stamp Duty (ABSD): If you’re a Singapore Citizen buying your first home, this does not apply to you. Permanent Residents and foreigners, however, are liable to pay 5% and 30% in ABSD, respectively.

  • Total Debt Servicing Ratio (TDSR): This sets a limit on how much you can borrow from financial institutions (FI), who must ensure your monthly repayment for all debts (including mortgage, credit card bills, car loans and personal loans) does not exceed 55% of your gross monthly income.

  • Loan-to-Value Ratio (LTV): Your LTV limit is up to 75% for your first housing loan. If you purchase a unit above valuation, you’d need to cover the difference out of your own pocket.

Discover the best home loan rates across all the banks in Singapore with Ohmyhome. We’ll draw comparisons of them all for you and advise you on which one you should go with according to your loan eligibility. We’ll also assist you with obtaining the in-principle approval (IPA) from the financial institution on the loan amount.

The IPA will be based on your financial capabilities and credit history and may take 7-30 days depending on the financial institution, the accuracy of the information you’ve provided and whether you’ve submitted all the necessary documents.

We suggest going for a higher IPA amount at this stage because you can always request to lower the loan after approval but not always vice versa once you place the deposit.

Doing this will ensure that you do not lose the Option fee, which is typically 1% of the property purchase price. Payment will need to be made once the seller has granted the Option to Purchase (OTP).

Do research on property platforms by shortlisting the units that match your preferences and needs, from location, budget and property size. Ohmyhome’s free listing platform offers detailed filters for you to find exactly what you’re looking for. Simply download the Ohmyhome app on the Play Store or App Store:

  • Once you log in to our app as a buyer, you’ll find all the available listings immediately on the home page.
  • To filter your search, inputt an address, MRT station, nearby school, budget or desired number of rooms on the search bar.
  • You’ll be pleased to know that there are no duplicate listings on the Ohmyhome app as each address can only be used once.
  • Post a ‘ShoutOut’ to publicly share the exact type of home you’re looking for. This can be seen by buyers, who may suggest their listing directly with you if it matches.
  • Otherwise, you can also click ‘Chat’ to make an appointment or enquire with the sellers or our agents.

If browsing through thousands of listings is an issue due to time constraints, you can submit your preferences to Ohmyhome’s MATCH algorithm to get yourself a curated list of suitable units and homebuying content that will be sent directly to your phone.

Step 4: Contact a lawyer

At this stage, you’ll need to engage a lawyer to help you exercise the OTP on time, as well as with the rest of the conveyancing process. This involves the legal transfer of homeownership from the seller to you, the buyer.

If you will be using your CPF funds and/or getting a home loan to finance your home purchase, consider appointing a law firm from CPF’s panel and your FI’s panel. This will ensure that you won’t have to engage two lawyers for those two things, saving you hundreds of dollars in legal fees.

Pro-tip: Settle all your legal conveyancing needs with Ohmyhome’s legal partners. A great consideration if you’re looking for a seamless end-to-end engagement, where everything can be settled at a single touchpoint!

Step 5: Make an offer

Be sure to do your research by checking out the recent transactions and current market prices at Ohmyhome before making an offer through the in-app chat.

Once you’ve found the right home at the right price, you can make an offer!

After negotiating and agreeing on the property price, the seller will issue the Option to Purchase (OTP).

Step 6: Get the Option to Purchase (OTP) and pay Option fee

The OTP is a legal agreement between you, the buyer, and the seller to buy the private property.

Once the OTP has been granted by the seller, you will need to pay the Option Fee, which is usually 1% of the purchase price. After doing so, you’d have successfully expressed your interest in this private property, and the seller is not allowed to issue OTPs to other buyers.

Step 7: Exercise Option

You will have 14 days to exercise the OTP and prepare the remaining 4% downpayment in a cashier’s order. This process has to be done by your conveyance lawyer and sent to the seller’s lawyer.

We suggest handing the 4% cashier’s order to the lawyer when you exercise the OTP at least a day in advance to avoid delays.

To cancel the purchase of the resale condo, you must first inform the seller that you are not proceeding with buying the property. You may let the OTP lapse and forfeit the 1% option fee.

The financial costs listed on Step 1, such as BSD and ABSD (if applicable), will be based on the property’s purchase price or market value, whichever is higher.

Your legal representative will advise you on when to make the payment. Usually, it is within 14 days from exercising the OTP. If payment is not made on time, you will incur penalties and face enforcement actions from the Inland Revenue Authority of Singapore.

Step 9: Completion and key collection

Once you’ve completed the final payment and your home loan has been disbursed, it’s time for the moment you’ve been waiting for – collecting the keys to your new home

The completion date will be approximately 8-12 weeks (depending on your agreement with the seller from the date you exercised the Option). Your lawyer will inform you to collect the keys on this date.

Looking for an HDB or private property? Here’s how you can speed up your home search!

Let Ohmyhome’s smart data-matching technology MATCH you with the right home, according to your specific needs. Submit your preferences to us and our algorithm will filter all our available listings based on those, and we’ll WhatsApp them to you once we find a match. We’ll also send you relevant content that you can use for your research and inform your home buying decision, so you no longer have to spend hours searching online for the information that you need.

You can message us in the chatbox at the bottom, right-hand corner of the screen to secure an appointment with any of our Super Agents.. You can also WhatsApp us at 755 1009!

Frequently Asked Questions

1. When is a good time to buy a Condominium?

There is always an opportunity in every market condition, such as the low-interest rates in the current market.

2. What are the costs involved when buying a new condo in Singapore?

On top of the purchase price, be prepared to set aside money for the Buyer Stamp Duty (BSD), Additional Buyer Stamp Duty (ABSD) and other legal and mortgage fees.

3. Are foreigners allowed to acquire a condo in Singapore?

Yes, foreigners can purchase a condominium unit without approval under the Residential Property Act. It is also worth taking note that this approval does not exclude them from the ABSD.

For Condo Owners: How to Buy HDB Flat After Selling Private Property?

Posted on by Maelyn Lagman

Are you thinking of selling your private property and buying an HDB flat as your subsequent home?

Finding the right home can be a challenge, especially when dealing with private and subsidised housing in Singapore. Rules and regulations are often a source of frustration as sellers and buyers navigate the complicated journey of figuring out if they meet the eligibility requirements or if they’ve considered all the important factors.

But no more. In this article, we’ll be exploring the various reasons people consider selling their condo and buying an HDB flat:

Table of Contents:

  1. Reasons why do people sell their condo and buy and HDB
  2. Factors to consider when selling condo and buying HDB
  3. HDB eligibility conditions
  4. Cannot buy BTO or take HDB loan
  5. Can buy resale HDB flat, but need to sell within six months
  6. Financial planning
  7. TDSR and MSR rules
  8. CPF rules to buy HDB flat
  9. Buyer’s Stamp Duty
  10. No need payment for ABSD, SSD and/or resale levy

Why do people sell their condo and buy an HDB flat?

Difference in priorities and needs

For example, an older couple with an empty nest has different needs from a younger, newly-wed couple.

Empty nesters, parents whose children have grown up and left home, may choose to sell their condo and move into a smaller HDB flat. Not only will it be more suitable for their new lifestyle, but it will also be easier to maintain and finance, especially with the Silver Housing Bonus (SHB) scheme.

can-you-buy-hdb-flat-after-selling-your-private-property
Older, married couples might want a smaller HDB flat compared to a newlywed couple who may want a condo that’s better-suited for their lifestyle.

Newly-wed couples, on the other hand, will have only begun the process of family planning. As they envision a future with children, they may consider selling their condo for a larger HDB flat. Having extra space that can later be converted into a bedroom, nursing room, study room, or playroom is essential in creating a home fit for an expanding family.

Saving for retirement

As older homeowners reach retirement age, continuing to pay a sizable home loan may provide too much financial strain. As such, they can consider selling their condo and buy an HDB flat for a lower mortgage each month and channel their savings into their retirement fund.

Financial strain

It’s no secret that condos have higher upkeep costs compared to HDB flats. While condo residents share the burden of paying for the development’s monthly maintenance fees, some might find it:

  • Redundant if they don’t personally don’t use the amenities
  • Too expensive after adding up all the miscellaneous fees

A condo’s average monthly maintenance fee is estimated to be about $250 while service conservatory charges for HDB flats range from $65 and upwards*.

*You can check the full amount of your service conservatory charges with your Town Council.

Investment opportunities

Location versus property type is a relevant factor when discussing the housing process, as most savvy buyers will choose the former over the latter.

They may decide to sell their condo located in a non-mature neighbourhood for an HDB flat in a better location — an essential aspect of what is considered ‘prime’ residential property.

For example, homes near public transportation or schools, shopping centres, grocery stores, and key economic centres have higher rental yield and capital appreciation. It brings homeowners in a better position to reap financial gains from leasing or selling their HDB flat after reaching the 5-year Minimum Occupancy Period (MOP).

can-you-buy-hdb-flat-after-selling-your-private-property
Which do you prioritise when looking for a home? Good location or property type?

Wherever you land in the scenarios mentioned above, you need to watch out for 7 things when selling your condo and buying an HDB flat after.

What to consider when you sell your condo and buy an HDB flat

The Housing Development Board, more commonly known as HDB, has some of the most confusing and strictest regulations for buying or selling property. If you are staying in a condo right now and are planning to sell it and buy an HDB flat, here are the important factors to take note of:

1. Eligibility to buy a new or resale HDB flat

First and foremost, you will need to meet HDB’s eligibility conditions before you can buy an HDB flat, be it new-Buy-to-Order (BTO)-or resale. It includes citizenship, age, family nucleus, Ethnic Integration Policy (EIP) and SPR quota, income ceiling, and other special conditions related to the housing grants by CPF or the HDB.

For three-room BTO flats or bigger:

can-you-buy-hdb-flat-after-selling-your-private-property
Source: HDB

Income ceiling for three-room BTO flats or bigger:

can-you-buy-hdb-flat-after-selling-your-private-property
Source: HDB

For new two-room flexi flats:

can-you-buy-hdb-flat-after-selling-your-private-property
Source: HDB

2. Cannot buy BTO or take HDB loan

For a minimum of 30 months, starting from the date you sold your private property, you are not eligible to:

  • Buy a BTO
  • Buy an Executive Condominium (EC)
  • Apply for CPF Housing Grants
  • Secure an HDB housing loan

With a BTO purchase, you may need to rent a unit as you wait for the 30-month period to be over. After which, you will have to ballot for a BTO and wait for a few years to get your keys.

If you’re willing to wait for your BTO flat, then this is for you; but if you’re looking for a home you can move into immediately, consider buying a resale HDB flat instead.

Can buy resale HDB flat, but need to sell within six months

After selling your private property, you are allowed to buy a resale HDB flat. Note this caveat, though: You need to sell your private property within six months of your flat purchase.

That means you can buy a resale flat even before selling your private property, so long as you sell it within six months. You can also take a bank loan to finance it.

Whichever of the two you choose depends entirely on your timeline and financial planning.

3. Financial planning

can-you-buy-hdb-flat-after-selling-your-private-property
Every home purchase is dependent on the right financial planning.

a. Pay your outstanding loans

Speaking of financial planning, make sure you pay off any existing or outstanding loans on your private property. This will help you immensely with how much you can loan for your new home.

b. 3-month notice period (more common with bank loans)

If you took a bank loan for your private property and are paying it off early, make sure to give them a 3-month notice. If you provide less than three months of notice, they may charge you a hefty fee for the shortfall in the notice period. It can amount to anywhere between $3,000 to a percentage of your outstanding loan, depending on the bank.

c. Lock-in clause (more common with bank loans)

If the loan package you took for your private property came with a lock-in clause, you might have to bear the penalty for refinancing your home loan before the period ends. The penalty is typically around 1.5 per cent of the outstanding loan amount, but do note that it may vary depending on which bank you choose. You can check it in your Letter of Offer.

d. Loan-to-Value ratio

The maximum loan amount you can get will depend on your age, loan duration and property type, and most importantly, if you have existing home loans. According to the Monetary Authority of Singapore (mas), LTV limits vary depending on the number of home loans the borrower already has.

LTV limits for loans on residential properties where the Option to Purchase (OTP) is granted on or after 6 July 2018:

Outstanding home loansLTV limitMinimum cash downpayment
None75% or 55%
5% (for LTV of 75%)

10% (for LTV of 55%)
145% or 25%25%
2 or more35% or 15%25%
Apply the lower LTV limit if the loan tenure exceeds 30 years (or 25 years for HDB flats), or the loan period extends beyond the borrower’s age of 65 years. | Source: MAS

The table above shows that you can get a higher loan amount if you sell your private property before buying a flat. It is because you would have no properties under your name at the time of buying, which also means you would have no outstanding home loans.

4. Total Debt Servicing Ratio (TDSR) and Mortgage Servicing Ratio (MSR)

The TDSR and MSR protect borrowers from overextending themselves for their monthly loan repayments. Essentially, the TDSR and MSR limit the amount of money that can be withdrawn from the gross monthly income to pay off monthly mortgages.

Here’s a quick recap of what TDSR and MSR refer to:

  • TDSR: The portion of a borrower’s gross monthly income that goes towards repaying the monthly debt obligations, including the loan being applied for. It can be a combination of car loans and housing loans, etc. Under the current TDSR rules, borrowers may only use a maximum of 60% of their monthly income for monthly loan repayments.
  • MSR: The portion of a borrower’s gross monthly income that goes towards repaying all property loans, including the loan being applied for. The current MSR regulations limit borrowers to using a maximum of 30% of their monthly income for monthly loan repayments.

Don’t forget about the Income Weighted Average Age (IWAA)

can-you-buy-hdb-flat-after-selling-your-private-property
Your mortgage increases as you grow older, which means it’s highly important you factor it in when doing your financial planning with your Super Agent.

It’s also important to note the IWAA, which takes a couple’s combined age and income to calculate the amount of their monthly mortgage payment.

The basic idea is that your mortgage increases as you grow older. Hence, it’s important to factor this in the home selling and buying process.

5. You can still use your CPF to buy an HDB flat

When you sell your private property, you can still use the CPF monies you returned to your account (with accrued interest) for your HDB flat purchase.

As of 10 May 2019, you can withdraw up to 100% of the market value or the property’s purchase price from your CPF account, whichever is lower.

The youngest owner must also live up to 95 years of the property’s leasehold, or the amount of CPF available for withdrawal will be prorated.

6. You will need to pay Buyer’s Stamp Duty (BSD)

BSD is the tax payable on all property purchases, be it residential, commercial, or industrial, calculated based on the property’s purchase price or market value, whichever is higher.

Take note that BSD rates vary depending on the purchase price or market value of the property.

7. No need to pay Additional Buyer’s Stamp Duty (ABSD), Seller’s Stamp Duty (SSD), or Resale Levy (conditions apply)

  • ABSD: The tax levied on your second or subsequent property, based on the percentage of your purchase price or valuation, whichever is higher.

If you buy a second property, you’ll first need to pay the ABSD as usual, within 14 days of completing the sale. Married couples, however, can apply for a remission if they sell their first home within six months of buying the second one.

For example, if a married couple’s first home is a condo and they decide to move to a resale HDB flat, they’ll have to pay the ABSD within 14 days of buying the flat. After which, they can apply to get their money back once they have sold their private property within six months of the next home purchase. (Two important things to remember: The couple must remain married at the time they apply for the remission and haven’t bought more properties before the application.)

New laws from 9 May, 2022 with regards to residential properties transferred into a living trust:

Additional Buyer’s Stamp Duty (ABSD) of 35% will now apply on any transfer of residential property into a living trust. ABSD will be payable even if there is no identifiable beneficial owner at the time the residential property is transferred into a trust.

  • SSD: The tax payable to IRAS on all properties sold within the three-year holding period.

You will only need to pay SSD if you sold your property within the three-year, minimum holding period. That means you need to live in your home for at least three years before you can sell it without incurring SSD.

  • Resale Levy: The cost that would be incurred from buying a new flat, intended to reduce the subsidy on the second subsidised flat.

This is only applicable for those buying their second, subsidised property. If the first property you’ve owned is private property, then the Resale Levy does not apply to you. But if you have owned a subsided property from HDB before, you will need to pay a fixed amount to the Board as a Resale Levy, depending on the size of the flat you’re buying.

Avoid making costly mistakes in your housing journey. Get professional assistance from real estate salespersons who can help you with all the necessary financial calculations, timeline planning, home loan comparisons, and everything else you need to make a savvy decision.

Looking for an HDB or private property?

Let Ohmyhome’s smart data-matching technology MATCH you with the right home, according to your specific needs. Submit your preferences to us and our algorithm will filter all our available listings based on those, and we’ll WhatsApp them to you once we find a match. We’ll also send you relevant content that you can use for your research and inform your home buying decision, so you no longer have to spend hours searching online for the information that you need. Because at Ohmyhome, we’re always by your side, always on your side.

You can message us in the chatbox at the bottom, right-hand corner of the screen to secure an appointment with any of our Super Agents.. You can also WhatsApp us at 9755 1009!

HDB Resale Completion Appointment: 6 Frequently Asked Questions

Posted on by Maelyn Lagman

If you have exercised the Option to Purchase (OTP), submitted your resale application and received the HDB resale approval, congratulations on finding your dream home! After the eventful weeks or months of finding your home, you are now at the final lap of completing your purchase.

Let’s have a brief recap of the 9 steps in buying your home:

  1. Register Intent to Buy– at this stage, home searching and negotiation with the Seller happen.
  2. Get the OTP from the Seller– after successful negotiations, you make an offer. Once the Seller accepts it, you pay the option fee and within the option period of 21 days, you exercise the OTP and pay the exercise fee.
  3. Choose your mode of financing your flat– whether it is through HDB Loan or Bank Loan.
  4. Submit a ‘Request for Value’– a buyer who is financing the purchase of the flat with CPF savings or a housing loan from HDB or bank/financial institution must submit a ‘Request for Value’ to HDB to determine the value of the flat which forms the basis for CPF usage and/or the reference for a housing loan from HDB or bank/financial institution.
  5. Submit the Resale Application– you need to agree with the seller on the resale application date, you and the seller will submit it separately, but the second party must submit it within 1 week from the first party’s submission.
  6. Endorse your Resale Documents– you will receive an SMS notification within 10 working days after your resale application. You need to accept the terms and conditions within 6 days of receiving the SMS.
  7. Pay the Resale Application Fees Online– both you and the seller are required to pay an administrative fee, which is non-refundable payable by credit card.
  8. Receive the Approval of Resale Application– you will receive an SMS and email notifying you of HDB’s approval of the resale transaction.
  9. Attend Resale Completion Appointment– this concludes your home buying journey.

You are about to complete these steps, but you may have a few questions in mind. Here are the answers to the common questions home buyers asked about HDB resale completion appointment.

HDB resale completion appointment: 6 frequently asked questions

  1. Who must attend the resale appointment?
  2. When does the completion appointment happen?
  3. What happens during the resale completion appointment?
  4. Can you start occupying your new home on the completion appointment date?
  5. What are the charges that must be paid by the sellers by the completion appointment date?
  6. What are the charges that I need to pay on the resale completion date?

1. Who must attend the resale appointment?

Both you and the sellers are required to attend the resale completion appointment at HDB. You will need to be present if you have engaged HDB’s solicitor to act for you.

But, what if you cannot attend the scheduled completion appointment? You need to contact your Customer Relations Manager (CRM), who will advise you accordingly which can be found on the HDB Resale Portal. If you have engaged your private solicitors to act for you, your solicitor representative can attend the resale completion appointment on your behalf.

2. When does the completion appointment happen?

The Completion Date is scheduled at about 8 weeks after the HDB’s acceptance of your resale application. You will be notified via SMS about the actual date and time of your resale completion appointment at HDB Hub, once it is scheduled. You can also check the appointment details from the HDB Resale Portal.

3. What happens during the resale completion appointment?

All Legal documents which require physical signatures will be signed by you and the sellers at the completion appointment.

The completion appointment is for the HDB to witness 3 things:

  • The signing of the transfer document by the seller of the resale flat
  • The signing of the mortgage document/ agreement by you (if you are taking an HDB housing loan)
  • The handing over of the keys from the seller to you (or to your lawyer if you took a bank loan and engaged the bank’s lawyer to act for the purchase) after
hdb-resale-completion-appointment-6-commonly-asked-questions-home-buyers-answered-HDB-witness-3-things

4. Can you start occupying your new home on the completion appointment date?

Definitely! During the completion appointment, you confirm that the flat has been vacated and the conditions are acceptable.

Eight weeks from the resale flat application up to the completion appointment must be sufficient for the sellers to prepare the flat. That’s why it is important to agree with the seller on the date of resale application because after your purchase of the resale flat is legally completed, the seller is required to move out. During your completion appointment, you can immediately start making beautiful memories in your new home sweet home. The wait is over!

However, sellers can arrange with you for a temporary extension of stay of up to 3 months after the legal completion of the resale transaction, if they are unable to move out immediately.

5. What are the charges that must be paid by the sellers by the completion appointment date?

Service and Conservancy Charges

The sellers have to pay the service and conservancy charges up to this day of resale completion. This means that even if you the resale application has been approved a month ago, the sellers are still the ones who need to pay for the S & C charges. It is only during this completion appointment that the deal will be sealed, which means you are now the legal owner of the property.

Property Tax

As for property tax, the sellers are required to pay up to the end of the year

6. What are the charges that I need to pay on the resale completion date?

Balance of the Purchase Price

If you are taking an HDB housing loan, you must pay the balance of the purchase price of the flat on this day.

Outstanding Stamp Duty

You are required to pay Buyer’s Stamp Duty (BSD) for documents executed for the sale and purchase of the property. BSD will be computed on the purchase price as stated in the document to be stamped or market value of the property (whichever is the higher amount).

You can print a copy of the payment advice on the HDB Resale Portal, and bring it along for payment (by Cashier’s Order and/or NETS) at the Payment Office, Level 3, HDB Hub, before you meet the Customer Relations Manager for the Resale Completion.

Still looking for an HDB or private property?

Here’s how you can speed up your home search

Let Ohmyhome’s smart data-matching technology MATCH you with the right home, according to your specific needs. Submit your preferences to us and our algorithm will filter all our available listings based on those, and we’ll WhatsApp them to you once we find a match. We’ll also send you relevant content that you can use for your research and inform your home buying decision, so you no longer have to spend hours searching online for the information that you need. Because at Ohmyhome, we’re always by your side, always on your side.

You can message us in the chatbox at the bottom, right-hand corner of the screen to secure an appointment with any of our Super Agents.. You can also WhatsApp us at 9755 1009!

Source: HDB

What You Need to Know When Selling an HDB Flat During a Divorce

Posted on by Maelyn Lagman

No one enters a marriage expecting it to fail, but it happens every day. Divorcing couples often have to make a host of difficult decisions in the face of their new emotional and financial reality, such as selling their matrimonial home — typically an HDB flat for most Singaporeans. Going through such an event can be both emotionally and mentally draining.

Source: Ohmyhome Research, Singstats

To get an idea of what are the annual number of divorces, we went to look at some data that were available publicly.

Based on the statistics retrieved from Singapore Department of Statistics, the total number of divorces and annulments were 6,959 in 2020.

And according to the Ministry of Social and Family Development (MSF) report, a higher number of recent marriages are ending as compared with those who wed much earlier

The first questions include when can one sell it? What are the documents needed to sell it? Who does the flat go to after the divorce?

We asked Ohmyhome Super Agents to answer these and other frequently asked questions most divorcing couples have about selling their matrimonial HDB flat. 

Top 5 questions about selling an HDB flat during divorce

What happens to the HDB flat when a married couple divorcesRequirements
Neither party is allowed to retain the HDB flatDivorce due to:
– Non-consummation of marriage
– Annulment of marriage
Retain the flat (with children)– Parents were listed in the flat purchase application Have child’s custody (care and control) 
– Meet HDB’s eligibility conditions to retain the flat
Retain the flat (without children)– Singapore citizen
– At least 35 years old
– Matrimonial flat is a resale flat purchased from the open market, without the CPF Housing Grant for Family (subject to final judgement)
Sell flat in the open market– Flat has reached its five-year
– Minimum Occupation Period (MOP) by the final judgement date of the divorce

(If the MOP has not been met, you can seek special approval from HDB to resell in the open market.)

1. Who gets the HDB flat after a divorce?

If the HDB flat is a matrimonial asset

If it was purchased by the couple as part of a joint application or under the HDB fiancé/fiancée scheme, it will be considered a matrimonial asset and divided between them equally. 

But it will ultimately depend on the final judgement of divorce, which marks the end of the marriage and concludes the divorce proceedings. 

If the flat was purchased before the marriage by either party, it will only be considered a matrimonial asset if fits the following conditions under Section 112(10) of The Women’s Charter:

  • One or both parties, or any of their children, enjoyed the flat for household, education, recreational, social or aesthetic purposes; or
  • It was substantially improved during the marriage by one or both of them

If the HDB flat is not a matrimonial asset

Where there is no agreement to define the flat as a matrimonial home, both parties need to submit their respective positions through their divorce lawyers to be presented during the ancillary matters hearing. 

If the court deems that either party is not eligible to retain the flat, it will have to be returned to HDB at a justifiable compensation price (subject to approval) or resold in the open market (subject to the terms of the final judgement). 

If the flat has reached its five-year Minimum Occupation Period (MOP), it can also be sold in the open market. 

Who gets the HDB flat after a divorce ultimately depends on the final judgement of divorce.

However, either party can request special approval from HDB to resell it if it has not reached its MOP. 

The sale proceeds will be used to finance any outstanding mortgage loan and reimbursement to the Central Provident Fund Board of the amount used for the purchase of the flat with accrued interest. The remaining balance will be divided between both parties according to the court order for the divorce.

To sell the HDB flat, either party must produce the following documents: 

  • Interim Judgment and Certificate of Making Interim Judgment Final; or
  • Court Order (if any)

2. How does the division of matrimonial assets work?

For Muslims

According to section 52(7) of the Administration of Muslim Law Act, the Syariah Court has the power to dispose of, sell or divide the property between both parties as it thinks just and equitable.

This depends on whether the divorce is due to any of these reasons: 

  • Khuluk (divorce by redemption or compensation); 
  • Cerai taklik (divorce by breach of marriage condition); or
  • Fasakh (annulment of marriage)

The Syariah Court and the MUIS Appeal Board have amended the matrimonial assets in Women’s Charter in early 2019, and as per the amendments:

  • If an asset is a gift or inheritance, it cannot be divided upon divorce except if it is a matrimonial home or has been substantially improved during the marriage.
  • The Court can pass orders for the payment of “Mahr” (a husband’s gift to the wife on solemnization day), marriage expenses (hantaran belanja) or consolatory gift (mutaah) to the wife, as the court thinks is just.
  • It also decides the custody, maintenance and education of the minor children of the parties; as well as 
  • The disposition or division of shared property on divorce or nullification of marriage.
To sell the matrimonial flat during a divorce, it must have reached its MOP by the divorce completion date.

For Non-Muslims

The division of matrimonial assets depends on the following factors, according to Section 112(2) of The Women’s Charter:

  • The extent of contributions each party has made in terms of money, property or work towards acquiring, improving or maintaining the matrimonial assets
  • Any debt owing or obligation incurred or undertaken by either party for the joint benefit of any child in the marriage
  • The extent of contributions each party has made towards the family’s welfare, such as looking after the home or caring for the family or any aged relative dependent on either party
  • Any agreement between the parties with respect to the ownership and division of matrimonial assets owing to the deed of separation
  • The assistance provided by one party to the other (this can be material or immaterial), including assistance that helps the other party to carry out his job or business
  • Any period of rent-free occupation or other benefit enjoyed by one party in the matrimonial home to the exclusion of the other party
  • The needs of the children involved
  • The length of the marriage
  • The income, earning capacity and standard of living and financial resources, which the family experienced before the separation and is likely to change in the anticipated future. 

3. Can I sell before the final judgement of my divorce has been finalised?

Generally, the matrimonial property can only be sold after the final judgment, obtainable three months after the Interim Judgement of Divorce (marking the end of the court proceedings’ first stage).

4. I’m currently in the middle of divorce proceedings. Can I take over the current house from my ex-spouse?

If the court has granted either party to take over the matrimonial flat through a change in flat ownership or a resale of part-share, they may submit an application for it only after the final judgement. (Of course, the party must also meet the eligibility conditions to take ownership of the flat.)

That means the applicant must have received the Certificate of Final Judgement for a civil divorce or a Certificate of Divorce for a Muslim divorce. HDB will not accept applications for an ownership change if the divorce has yet to be finalised. 

5. What happens if I get divorced before MOP?

To sell the matrimonial flat during a divorce, it must have reached its MOP by the divorce completion date. If not, either party can request special approval to sell the flat upon receiving the final judgement (subject to approval). 

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