{"id":8410,"date":"2016-12-27T02:56:35","date_gmt":"2016-12-26T18:56:35","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=8410"},"modified":"2022-07-01T04:05:33","modified_gmt":"2022-06-30T20:05:33","slug":"sell-your-house-fast","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/sell-your-house-fast\/","title":{"rendered":"How to sell your house fast in today\u2019s slow property market"},"content":{"rendered":"
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Singapore\u2019s property market is more affordable than ever. This is a problem for one group of people: sellers. Because according to our survey, \u201c<\/span>one day I\u2019ll sell it at a low price to someone who really needs it<\/span><\/i>\u201d is the motivation of no property investor ever. Don\u2019t worry though \u2013 there are still ways to sell your house fast, without losing your children\u2019s inheritance in the process.<\/span><\/p>\n

\"Minimise
Minimise your loss even before advertising the fact that you need to sell you house<\/figcaption><\/figure>\n
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    Work out a time plan<\/b><\/h3>\n<\/li>\n<\/ol>\n

    Wanting to sell your house \u201csoon\u201d is not a plan. You need to be more specific, such as \u201cI need to sell by March 2017\u201d. Being specific takes emotion out of the question.<\/span><\/p>\n

    Speak to your property agent (or wealth manager) about how much you can afford to lose. Compare this amount to how much the property costs you each month, and some semblance of a cut-off date will appear. <\/span><\/p>\n

    There are many different approaches to this, but here\u2019s a simplified example: if you can stand to lose $50,000, and the property is costing you $3,000 a month, you can hold out for around a year before slashing the price ($30,000 in costs over 10 months, and the remaining $20,000 will be the discount you give on the property if you can\u2019t sell your house by then). <\/span><\/p>\n

    It really gets more complicated than that, and the method has to change based on your personal financial situation. So again, speak to a qualified wealth manager. But you get the picture: crunch the numbers, and set a specific date before which you discount the property.<\/span><\/p>\n

    This isn\u2019t just about money<\/span><\/i>. It\u2019s to stop you waking up at four in the morning, to down seven different anxiety medications. When you have a fixed plan, you can be dispassionate and stick to it. <\/span><\/p>\n

    (If you need tips on how to cut your losses, you can r<\/span>ead our previous article<\/span><\/a>)<\/span><\/p>\n

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      Make sure your property agent(s) grasps the time plan<\/b><\/h3>\n<\/li>\n<\/ol>\n

      You can have two to three agents working to sell your house, if you find that reassuring. I\u2019d like to tell you this speeds up the process, but that would be a lie (sometimes one agent manages to sell it faster than three, because she happens to have the right contacts).<\/span><\/p>\n

      The only important thing is that the <\/span>agent understands your time plan<\/span><\/a>, and is on board with it. If you can only hold on for 10 months, you don\u2019t want the agent to be stubbornly pushing for a price that\u2019s above market valuation on the ninth month.<\/span><\/p>\n

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        \u00a0Maintain, don\u2019t upgrade<\/b><\/h3>\n<\/li>\n<\/ol>\n

        The Return on Investment (ROI) for renovations is seldom 100 percent. In other words, if you spend $10,000 on building a kitchen investment, your house is not automatically worth $10,000 more. So now you have a bit of a conundrum: <\/span><\/p>\n

        You need a good looking house in order to sell it, but you don\u2019t want to compound your losses (which is why you\u2019re selling your house in the first place). <\/span><\/p>\n

        The solution is to maintain, not upgrade. Fix the broken bits, but don\u2019t bother spending on a new feature wall or redoing all the flooring. I\u2019d suggest you have the property agent with you while talking to the contractor \u2013 most agents know what you can and can\u2019t get away with.<\/span><\/p>\n

        In general though, the list of things you <\/span>do <\/span><\/i>want to fix are:<\/span><\/p>\n