You’re ready to sell your property. It’s an exciting time! However, there are always hurdles to any big endeavor, and property sales are no different. Here are the seven key things that might come up in the property sale process.
1. Rules Related To Your Property Type
Every property is different. Depending on where you live and what kind of home you own, you’ll have to follow certain rules. For example, if you want to sell HDB flat housing, a few of the rules to consider include:
- Meeting a minimum occupancy period before the sale
- Registering your intent to sell
- Filing other paperwork related to the sale
2. What’s Going On In The Housing Market
If it’s a buyer’s market, then you might find it challenging to sell your property. Or, at least, to sell it for the price that you’d like to get out of it. You can’t control the market. However, if you have some leeway about when you sell, then you can watch the market carefully to choose a good time to put the property up for sale.
3. Big Problems With the Home
One of the things that you have to decide before selling your property is how much work you want to do before the sale. Do you want to sell it as is? Or do you need to put money into fixing it up first? If the home has huge problems, then selling it can be difficult. For example, roofing problems can be big hurdles to good property sales.
4. Problems with Permits
What type of permits do you need to have for your property? For example, if you added a room to a house, then you likely had to get certain construction permits. If you don’t have records of those permits then selling the house could get complicated. Try to get all of your paperwork in order before you even start the process of selling a property. Similarly, make sure that you know if your property has any code violations.
5. Financial Complications
Issues with money can obviously impact house sales. Most commonly, the buyer is the one who has a problem that tanks the sale. For example, they fail to qualify for a mortgage. But problems on your end as a seller can also complicate things. For example, if you went through a divorce during the time you owned the property, then financial rules related to the divorce agreement might come into play.
Make sure you do your research to find out everything you need to know about the financial options and requirements when you sell an HDB flat or other property.
6. Trying To Do It All Yourself
Selling property is a professional job. People do it full-time. Therefore, if you try to do it all yourself, then you’re probably going to make mistakes. You need to work with an agent that’s going to be able to assist you with all the nuances of selling property.
7. Emotional Attachment or Indecision
Sometimes the only hurdle to selling your property is, well … you. You might want to sell because you think it’s the right thing to do. On the other hand, part of you might wish that you could keep the property. If you’re wavering back and forth, then it can make the sales process more challenging than it needs to be. Make sure that you really want to sell your HDB flat or other property before embarking on the endeavor.