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Selling your house is a big decision. It is really hard to make this decision at first, but it is not as easy as you may think. In order to make the best choice, there are many factors that should be considered. In Singapore, the property market can be complicated at times, and you really need to know all the options and the pros and cons before making a decision.

You will not be able to make this decision without knowing these factors. This article is going to list all those factors, so do not skip any of them.

One of the most common questions asked by people who are thinking about selling their house is “How much can I sell my house for?” You will have to know the factors that will affect the price of your house. You need to know if there is a real estate bubble happening in Singapore, or whether you are in a good market. This will help you find out how much your house can sell for.

Let’s see what you should be looking at.

1) The Supply of New HousesThere are a lot of new houses being built in Singapore, and this means that there is a real estate bubble happening. This means that there are a lot of properties for sale, but the buying public has little to no choice because there are so many sellers. Recently, there has been a recent trend of buyers having to wait for a long time and even months before getting their house, especially if they are waiting for the BTO (Build to Order) flats.

For buyers of private homes, the supply situation will also affect the prices. For example, most Singaporeans staying in HDBs will have the aspirations to upgrade their lifestyles, starting with their homes. They may choose to look for an EC (Executive Condominium) or a Private Condominium, which is more expensive. Private Real Estate developers will be the first to spot the trends and plug the gap. This means that there will be an increased supply of private flats which will drive more demand away from the resale market for private homes which will affect your selling price.

2) Demand for HomesWhenever the economy is doing well, there is a demand for private homes. The demand will increase as people start to upgrade their home and lifestyle. If the economy is doing well, it means that more jobs are being created and a lot of companies want to have modern offices to attract new employees. All these factors mean that there will be a high demand for private condominiums and executive condos, where you can sell your house for more money than usual.

Furthermore, there will be an increase in foreign talents looking for homes to buy and rent. Foreigners are able to purchase only Private Condominiums, Privatised ECs and Landed Properties (in Sentosa Cove) if they are not Singapore PRs (Permanent Residents).

This means that if you are a homeowner, this may be the best time to sell your house as the value of your house will go up.

3) Age of the PropertyIf you are selling your house when it is in the middle of its life cycle, first impressions of your home will make a tremendous difference in the market. If your house is not well maintained, it will look unkempt and unkempt can affect the value of your property. Old houses with outdated fixtures and fittings will also tend to lose their appeal.

Therefore, it is important to maintain your house well so that you do not have problems later on when selling it off. It is therefore recommended that if you are thinking about selling your old house, then there should be some renovation work done before listing it for sale. This will help you create a competitive advantage in the market, and you will be able to attract more buyers and fetch a higher price for your house.

4) Financing CapacityIt’s wise to look at your own financial capacity before deciding to sell your house. You need to know how much you can afford to spend on your new home, and whether or not you can afford the amount of money the buyer is willing to pay for it.

If you still have an outstanding mortgage on your house, then you will need to consider how much home equity you have on the house. You will need to ensure that the liquidation amount from the transaction will be able to minimally pay off the remaining loan amount and pay for the upfront costs of your new home.

Also, consider the amount of LTV (loan to value ratio) or the amount of mortgage you will need to take on your new home. If you are planning to buy a bigger house, then you should take note of how much equity is left in your old house for that reason, and how much it is worth. You may have taken a loan for other big ticket items such as a new car purchase, and that will also affect the amount of loan that you will be able to take for your new home.

Final Words:Take note of all the factors that can affect your selling price, but do not let them stop you from selling your house. You need to be smart and realize that there are many factors affecting the market, and you cannot always expect a big jump in the price of your house.

The best way to boost up is to renovate your old house before listing it for sale. Investing in renovations will be a good investment as these works will increase its value by tens of thousands if not hundreds of thousand dollars.

If you have any questions on this article, then feel free to comment below. Do not forget to share this article with your friends so they can benefit from it as well.

Are you still thinking about selling your home? You don’t have to wait for a long time, as we offer fast and easy transaction services in Singapore! Contact us now to see how we can help you out!