Blk 1xx (to be updated)
Blk 2xx (to be updated)
Blk 3xx (to be updated)
Blk 4xx (to be updated)
Blk 5xx (to be updated)
Blk 7xx
Blk 8xx
Blk 9xx
Monday, March 23, 2009
Thursday, March 19, 2009
Tips on RENTING Your Property!!
Renting Properties
If you are looking to rent a residential property, either private or HDB, make sure that you know all the pitfalls before you sign on the dotted line. Here are some of the major things you should look out for to avoid getting into a legal or financial tangle during the rental transaction.
Selecting an Real Estate Agent
You need to select an agent to service you. Find one who is familiar with the location and type of property you have in mind. Make sure the agent is from a Listed Housing Agency and also a member of the Institute of Estate Agents (IEA). Discuss your requirements with him and be specific. This will allow him to advise and service you in a professional manner.
Considering Factors
References: The above tips are cited from http://www.8links.com/property_rentingtip.htm
If you are looking to rent a residential property, either private or HDB, make sure that you know all the pitfalls before you sign on the dotted line. Here are some of the major things you should look out for to avoid getting into a legal or financial tangle during the rental transaction.
Selecting an Real Estate Agent
You need to select an agent to service you. Find one who is familiar with the location and type of property you have in mind. Make sure the agent is from a Listed Housing Agency and also a member of the Institute of Estate Agents (IEA). Discuss your requirements with him and be specific. This will allow him to advise and service you in a professional manner.
Considering Factors
Decide beforehand on a few likely locations that you'd like to live in. Take into account things like the distance to work places, schools, transportation and places that you visit frequently with your family's lifestyle in mind.
- Size - How large a home do you need? How many bedrooms do you need? Do you need a private enclose space or a garden for your children to play?
- Facilities - Would you like the advantage of a swimming pool, tennis courts and other condominium type facilities? Or, would you prefer to join a recreation club and enjoy a wider variety of leisure?
- Amenities - Are shops, banks, and markets within a short distance away?
- Duration of Lease - Normally landlord prefer the lease period to be at least 12 months or more.
- Furnishing of the house - Do you need the house to be fully furnished, partially furnished or unfurnished?
- Budget - Once you've decided on a location and size of home that you'd like, think about how much you'll be willing to spend. Bear in mind other monthly expenses that come with renting a home eg. utilities and telephone charges.
Ownership
Always ensure that the Landlord is the actual owner of the property. You may wish to request for proof when you are making the rental.
Eligibility to Rent - HDB Flats
Whole Flat : HDB flat owners who wish to sublet their whole flat must seek approval from the HDB Branch Office managing the flat before subletting their flat.
Bedrooms : The number of bedrooms which flat owners can sublet and the maximum number of occupiers* allowed in each flat depends on the flat type.
Owners of 1 and 2-room flats are not allowed to sublet bedrooms.
Viewing Etiquette
Once you have decided on the type of home to rent, your agent will arrange for you to view all available homes matching your criteria. Bring a small notebook and take notes for later comparison. Put down the positive and negative points about the property. This will help you make an informed decision later. Be punctual for viewing appointments. Dress casually but smartly.
Before you enter any prospective home, always take note of the surrounding areas. Don't forget, you can always redecorate the interior of a home but there's no way you can change the surroundings! Also, don't be distracted by a home that looks just the way you would have liked, get carried away and forget to check for things like cracked tiles and fittings that don't work.
Avoid making any negative comments if the landlord are present to avoid offending them. Always try and make a friend. Remember, you may decide to rent their home after all !
Making an Offer
Once you find a home that you like, discuss with your agent with regards to the asking and market price for the property. Compare that property with those that you have viewed. Refer to your notes about the property. Your agent should be able to help you to decide on an offer price.
Remember, you're not the only one looking around for a home. By all means don't rush into making a hasty decision but, if you don't decide soon, some one else will! And above all, always remember that no matter how many homes you look at, there's no way they're going to be 100% perfect. It's best to have an open mind and be prepared to adjust your expectations a little.
Commission
The Institute of Estate Agents (IEA) has finalised and published the recommended commission / fee for real estate transactions.
References: The above tips are cited from http://www.8links.com/property_rentingtip.htm
Tips on SELLING Your Property!!
Selecting an Real Estate Agent
When the time comes for you to put your home on the market, make an effort to select the right agent. Find an agent who is familiar with your type of property. Ask for transaction data. Check to see if the agent is a member of the Institute of Estate Agents ( IEA ) and if yours is an HDB unit, make certain that the agent is a Listed Housing Agent. Interview the agent to ensure he has the knowledge and the skill required to successfully market your property. Most importantly, you must appoint one exclusive agent and allow him to conduct his duties in a professional manner.
- Exclusive Authorisation means a dedicated agent handling the entire marketing process ensuring full discretion and personal reporting.
- Exclusive agents are more willing to share listing information thus ensuring the widest possible coverage within the real estate community thru Multiple Listings and Networking.
- All prospective buyers will be carefully screened by a single agent with your requirement and scheduling in mind thus ensuring a peace of mind marketing effort.
- Accepting a serious offer is easier since your agent is fully aware of all marketing activity associated with your property. This reduces your having to check with several agents for any other offers. Price control is easily achieved.
- An Exclusive Agent is authorised to negotiate on your behalf since you both have a customised marketing strategy, thus resulting in a faster closure at the best possible price.
- Most successful real estate transactions are conducted thru exclusive agency - the preferred method by both agents and sellers.
Formulating a Marketing Strategy
Get your agent to prepare a Comparative Market Analysis ( CMA ). The CMA will clearly illustrate the transacted prices of similar properties in your neighbourhood within a given time span. Discuss and finalise the asking and the reserve price for your property and any special conditions that you might have. Formulate and agree on a marketing strategy.
First Impressions are really important! Taking some time out to present your home in its best possible light can provide a big advantage when your Property Consultant shows your home to a prospective Buyer.To assist in preparing your home for sale, here are a few suggestions which may help.
Exterior Impressions
- Clear the outside areas and remove any unsightly items.
Paint work in good repair-discuss with your Property Consultant if major works are still to be done. - House number and tidy letterbox in easy-to-see position.
- Gutters cleaned and in good repair.
- Garage/Car Porch clean and tidy.
- Garbage tidied or cleaned away.
- Any cracked or broken windows repaired.
- Hedges, shrubs trimmed, edges and lawn cut.
Front Entrance
- Ensure the entrance way is clean, tidy and uncluttered.
- Door bell or knocker works.
General Interior Impressions
- All chipped paint repaired and give stained walls a paint touch-up.
- Cracked plaster repaired, wallpaper tidy.
- Doors, windows, cupboard latches open and close easily.
- Repair loose doorknobs.
- Lights-all working. If needed leave some lights to create ambience.
- Cool home if weather is hot.
- Ensure halls/stairways tidy and clean of clutter.
- Curtains should be open, carpets freshly vacuumed.
- Remove all unnecessary boxes, old furniture and other junk.
- If possible, have cut flowers in various rooms.
- Loud noises distract. Eliminate any possible distraction of the buyer.
- Some people are uneasy around animals and they may distract the buyer's attention. If you have pets, it's suggested they be kept out of the way.
Bathrooms
- All surfaces- mirrors, fixtures, taps, tiles cleaned and polished.
- All taps in good order.
- Seals around bath and basin in good repair.
- Repair leaky pipes.
- Floors cleaned, rubbish containers emptied.
- Cupboards and cabinets neat and tidy inside.
Kitchen
- Sinks and taps cleaned and polished.
- All appliances cleaned
- Small appliances should be put away to avoid cluttered look. Table tops cleaned and polished. Cupboards neat and tidy.
- Clear rubbish bin if any.
Buyers usually ask many questions when being shown through the house. If you have a real estate agent, your immediate presence isn't required at the viewing. If you insist on following the potential buyer around, do not discuss terms, price, etc. Leave the details to your agent.
Successful marketing efforts bring in several offers. The dilemma facing all sellers is which offer to accept. Smart money would be on the highest offer with the least attached conditions. Not all buyers would be willing to wait too long for an acceptance of their offer. Effective negotiating requires being prompt. If you feel it's a fair offer for your property, it is wise to negotiate immediately and enter into a sales contract. It may never be repeated. A bird in the hand is worth two in the bush. Always discuss with your agent as to the eligibility of the buyer, completion period, and your legal obligations as a seller.
It is the sellers obligation to hand over the property upon legal completion as agreed in the contract. In the case of a HDB flat, vacant possession is a requirement. Plan your move early to prevent a last minute rush. Remove all your belongings and discard any unwanted furniture and rubbish. Ensure that all fixtures and items in the inventory list are left behind. Invite the buyer (as required by HDB) for an inspection before completion. In the case of private properties, they can be sold with existing tenancy or vacant possession. The sales contract will specify your legal obligations. Check with your agent if you are in doubt.
The Institute of Estate Agents (IEA) has finalised and published the recommended commission / fee for real estate transactions. Service is not about cutting cost. The commission you pay will determine the marketing budget available to your agent. Since you want the best possible price for your property, be prepared to pay for a good agent as it will make the difference between a successful closure or a lost opportunity. Remember, if you pay peanuts, you will ultimately get monkeys.
References: The above tips are cited from http://www.8links.com/property_sellingtip.htm
Subscribe to:
Posts (Atom)
since 19th March 2009.
