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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
Wednesday, March 18, 2009
Useful Links
- Average Valuation by Town & Flat Type
- Bankruptcy Search
- Biz-file (ADRA)
- Biz-Net
- Buying A Resale Flat
- Buying a Resale Flat Announced Under SERS
- CEHA Certificate Search
- Check ownership
- Check Your Tenants
- CPF website
- CPFStatement Request
- CPF Housing Grant Schemes
- Distance Enquiry For CPF Housing Grant
- E-Citizen
- Estimated Date of Completion for Resale of Flat
- E-Stamping
- HDB Renovation Guidelines
- HDB Resale Transactions
- HDB website
- HLE Application
- ICA website
- IEA website
- IRAS website
- INLIS - Title search
- JTC website
- Law Society
- MRT TransitLink - Route Map & Info
- Ministry of Law
- Ministry of Manpower
- Number of Resale Applications Registered
- Online Application
- Postal Code Search
- Resale Transactions
- Resale Price Index
- Singapore Accredited Estate Agencies
- Singapore Land Authority
- SISV website
- SP Services
- URA website
- Status of your resale application
- URA Mobile Services
Feng Shui Tips
Feng Shui tips for your home
1) There should be no shoes or slippers lying around outside the main door of your house. Remove it if you can. Allow that space at the main door to be free and clear. The chi (energy) rides with the wind and will collect all the smell of those shoes and slippers into your house causing sickness. Ch’i then travels about in your house looking for water to stay but if there are no water fountains or fish tanks, then the Ch’i will be dispersed by wind.
2) There should be no television sets in your bedrooms: If you cannot get rid of that habit then after watching the television cover it with a plastic table cloth. Remember it has to be plastic and not simply cloth.
3) There should be no mirrors opposite your bed or at the side of your bed. Mirrors opposite the bed can attract a third party to the relationship. Therefore, do not place mirrors anywhere you like and especially in your bedroom.
4) Place an indoor water fountain in your home, position in a favourable area to attract whatever you want in your life.
5) If you already have a fish tank in your house, be careful. A fish tank placed correctly can bring about greater fortune, as you will tap on the "Divine Water Dragon's Den". But if you tap wrongly, it can cause you to have lawsuits, bankruptcy, work pressure, troubles and problems. If you noticed any of these after placing the fish tank for approximately four months, shift your fish tank to another location.
6) In your kitchen, ensure that opposite your stove there is no refrigerator, washing machine, washbasin and toilet. The fire and water crash causing family members to have disagreements.
7) Try not to allow children to sleep on mattresses on the floor. Yes, this allows young children not to fall off beds but it also causes young children to fall sick frequently. The reason is: chi is not able to flow underneath the bed. Ideally, chi should circulate around the mattress where our children sleep to allow them to be healthy.
8) For young children, try to have their back to the wall when they write. It is important there should be a solid wall behind a children's writing table. This allows the child to have support so that he can sit there and study longer rather than for only half an hour and then they tend to move about because there is no solid wall behind their back. Adjust your writing table.
9) Do not allow children to sleep on double bunk beds even if it means saving space. The child sleeping underneath will not have "fresh chi" and so his health might be weak. But if due to space constraints, then monitor your child's health if not add in a metal 6 rods wind chime or a crystal sphere, to break up the "stale chi" around his bed.
10) Your bed should always have a solid wall behind you. This is important if you wish to have a good rest. A solid wall simply means that you can go into deeper sleep and therefore enabling you to have good rest so that when you wake up in the morning, you will feel fresh and well rested. This also allows you to be able to concentrate on your work better.
11) There should be no beam on top of your bed. The beam above causes chi to be pressured thus enabling you to have pressures in life. Therefore, don't place furniture underneath it or alternatively level the beam. But make sure if you choose the latter, it is important that you have enough height for that space.
12) If you have a lot of work pressure, maybe it's the marble table that you have in your dinning room that causes you to have those problems. Remove that marble table and change to a wooden one or alternatively live with that work pressure!
13) If your child usually falls sick in that bedroom: Then either change them to another bedroom or simply hang a six rod metal wind chime as the metal element will break all the earth energies in that room. After hanging, if the wind could not do the job for you then you will have to "chime" it yourself and then watch for the good results.
14) Do not use a red sofa set: The colour red represent the element of fire. And for Feng Shui, some places simply cannot have the colour red in that sector. For example: the wealth area or some other sectors which without a Feng Shui check would be unable to tell you where it is. A red sofa sets gives rise to heavy work pressure, troubles and obstacles.
15) Always open your bedroom windows at least once 20 minutes a day to allow fresh chi to come in, we do this so that it allows fresh new chi from outside to come into your bedroom, if not you will be sleeping with stale chi every night. And if that happens, then how can you expect your life to bring in more good fortune to come to you? So open that window and never mind if dusts comes in! The great good fortune that you can have will far exceeds the time you take to clean off the dust.
References: The above tips are cited from http://www.fengshuitips.co.uk/
Feng Shui tips for your business and office
1). Always sit with a solid wall behind your back to ensure that you have support in your life, never sit with a window behind you.
2) In the office always place the fax machine, telephone, and computers in the wealth area and future wealth area for more Businesses.
3) The arrangement of tables and chairs should be in a harmonious position so that chi is able to flow smoothly.
4) If you wish to be the leader in your industry, place a Dragon on the right hand side of your desk facing towards the window or the door. The Dragon can also look into your water fountain. A Dragon always chases after a pearl, thus the window; water fountain can signify the pearl
5) If you own a shop try and place the till in your wealth corner, even your petty cash tin. Order books can also be placed here with Chinese coins held together with red ribbon.
6) You should not have any cactus or sharp looking plants in your office as these plants have small sharp leaves and therefore causes "shar chi" in the office. The chi that rides on the wind will have to pass through them causing chi to be fierce and sharp.
7) If your staff always fall sick in that area, then use a metal wind chime made of 6 or 7 metal rods about 1ft long are the best as the sound of metal is the best Feng Shui cure. Others like a metal sculpture or metal object would not be that effective although they are also metal in nature. Place a hanging crystal sphere to activate ch'i or disperse negative ch'i.
8) In your office, never have the main door opening into your table as the chi coming in will hit at your face causing you not to have good luck but instead more obstacles and problems. reorganize your office.
9) In a managers office you should try not to chose a room with two doors, because the ch’I will go into that room and out the other door.
10) The chi from the main entrance of your office should not meet a wall inside the office. This is because the chi once it hits the wall has to turn and therefore causing it to slow down hence your businesses will be slow and not vibrant. Try using a hanging crystal in your office entrance this will enhance ch’i.
11) Do not place the photocopy machine near to the main door. Heat near the main door is frequently not preferred and causes the chi to be hot and dispersed easily as more people are likely to walk in and out thus carrying chi in and out too fast because the chi is not allowed to stay for some time.
12) Do not place a paper cutter machine next to the main door. Cutter machine is to cut papers. Therefore if located here will cause staff to back stab each other and fight too if one is not careful.
13) Do not place an empty vase next to the main door, as the new chi once it enters your office will be sucked into the vase causing nothing much left for the environment.
14) For corporate clients a fish tank placed in the wealth area is the best for great results and success. However there are strict criteria's for the fish tank that one has to follow.
15) The company signboard should be in the wealth area so that no other competitors can be strong enough to beat you at your game.
16) Place an indoor fountain in your wealth corner, to activate ch’i. These also have medical benefits.
17) Do not have clutter in your office; desks must be kept tidy and clutter free. This is so important, an office in China would not have these paper trays on desks, and most American companies now employ the same approach.
18) Place a hanging crystal in your window, this will activate ch’I, as well as looking fantastic, when the hits them they produce the most amazing rainbows
19) Three legged Toad God. This figure is used for attracting wealth and abundance. Place this wonderful creature near your front office entrance, facing into your office for luck and wealth, or place it in the wealth sector of your office to magnify your wealth luck. Always leave the coin in its mouth.
20) Crystal ball, apart from looking into future you can place on top of phone to encourage more business calls. Also to attract wealth. Also to attract wealth and good luck, a great all round cure that every office should have one.
21) Fu Dogs Male & Female, these protective animals are placed near your doorway of your office to protect from evil influences. They are a symbol of valor and prosperity.
22) Ba Gua Mirrors,If you have any negative energy directed at your front office door, these Ba Gua mirrors will disperse the negative energy.
References: The above tips are cited from http://www.fengshuitips.co.uk/
1) There should be no shoes or slippers lying around outside the main door of your house. Remove it if you can. Allow that space at the main door to be free and clear. The chi (energy) rides with the wind and will collect all the smell of those shoes and slippers into your house causing sickness. Ch’i then travels about in your house looking for water to stay but if there are no water fountains or fish tanks, then the Ch’i will be dispersed by wind.
2) There should be no television sets in your bedrooms: If you cannot get rid of that habit then after watching the television cover it with a plastic table cloth. Remember it has to be plastic and not simply cloth.
3) There should be no mirrors opposite your bed or at the side of your bed. Mirrors opposite the bed can attract a third party to the relationship. Therefore, do not place mirrors anywhere you like and especially in your bedroom.
4) Place an indoor water fountain in your home, position in a favourable area to attract whatever you want in your life.
5) If you already have a fish tank in your house, be careful. A fish tank placed correctly can bring about greater fortune, as you will tap on the "Divine Water Dragon's Den". But if you tap wrongly, it can cause you to have lawsuits, bankruptcy, work pressure, troubles and problems. If you noticed any of these after placing the fish tank for approximately four months, shift your fish tank to another location.
6) In your kitchen, ensure that opposite your stove there is no refrigerator, washing machine, washbasin and toilet. The fire and water crash causing family members to have disagreements.
7) Try not to allow children to sleep on mattresses on the floor. Yes, this allows young children not to fall off beds but it also causes young children to fall sick frequently. The reason is: chi is not able to flow underneath the bed. Ideally, chi should circulate around the mattress where our children sleep to allow them to be healthy.
8) For young children, try to have their back to the wall when they write. It is important there should be a solid wall behind a children's writing table. This allows the child to have support so that he can sit there and study longer rather than for only half an hour and then they tend to move about because there is no solid wall behind their back. Adjust your writing table.
9) Do not allow children to sleep on double bunk beds even if it means saving space. The child sleeping underneath will not have "fresh chi" and so his health might be weak. But if due to space constraints, then monitor your child's health if not add in a metal 6 rods wind chime or a crystal sphere, to break up the "stale chi" around his bed.
10) Your bed should always have a solid wall behind you. This is important if you wish to have a good rest. A solid wall simply means that you can go into deeper sleep and therefore enabling you to have good rest so that when you wake up in the morning, you will feel fresh and well rested. This also allows you to be able to concentrate on your work better.
11) There should be no beam on top of your bed. The beam above causes chi to be pressured thus enabling you to have pressures in life. Therefore, don't place furniture underneath it or alternatively level the beam. But make sure if you choose the latter, it is important that you have enough height for that space.
12) If you have a lot of work pressure, maybe it's the marble table that you have in your dinning room that causes you to have those problems. Remove that marble table and change to a wooden one or alternatively live with that work pressure!
13) If your child usually falls sick in that bedroom: Then either change them to another bedroom or simply hang a six rod metal wind chime as the metal element will break all the earth energies in that room. After hanging, if the wind could not do the job for you then you will have to "chime" it yourself and then watch for the good results.
14) Do not use a red sofa set: The colour red represent the element of fire. And for Feng Shui, some places simply cannot have the colour red in that sector. For example: the wealth area or some other sectors which without a Feng Shui check would be unable to tell you where it is. A red sofa sets gives rise to heavy work pressure, troubles and obstacles.
15) Always open your bedroom windows at least once 20 minutes a day to allow fresh chi to come in, we do this so that it allows fresh new chi from outside to come into your bedroom, if not you will be sleeping with stale chi every night. And if that happens, then how can you expect your life to bring in more good fortune to come to you? So open that window and never mind if dusts comes in! The great good fortune that you can have will far exceeds the time you take to clean off the dust.
References: The above tips are cited from http://www.fengshuitips.co.uk/
Feng Shui tips for your business and office
1). Always sit with a solid wall behind your back to ensure that you have support in your life, never sit with a window behind you.
2) In the office always place the fax machine, telephone, and computers in the wealth area and future wealth area for more Businesses.
3) The arrangement of tables and chairs should be in a harmonious position so that chi is able to flow smoothly.
4) If you wish to be the leader in your industry, place a Dragon on the right hand side of your desk facing towards the window or the door. The Dragon can also look into your water fountain. A Dragon always chases after a pearl, thus the window; water fountain can signify the pearl
5) If you own a shop try and place the till in your wealth corner, even your petty cash tin. Order books can also be placed here with Chinese coins held together with red ribbon.
6) You should not have any cactus or sharp looking plants in your office as these plants have small sharp leaves and therefore causes "shar chi" in the office. The chi that rides on the wind will have to pass through them causing chi to be fierce and sharp.
7) If your staff always fall sick in that area, then use a metal wind chime made of 6 or 7 metal rods about 1ft long are the best as the sound of metal is the best Feng Shui cure. Others like a metal sculpture or metal object would not be that effective although they are also metal in nature. Place a hanging crystal sphere to activate ch'i or disperse negative ch'i.
8) In your office, never have the main door opening into your table as the chi coming in will hit at your face causing you not to have good luck but instead more obstacles and problems. reorganize your office.
9) In a managers office you should try not to chose a room with two doors, because the ch’I will go into that room and out the other door.
10) The chi from the main entrance of your office should not meet a wall inside the office. This is because the chi once it hits the wall has to turn and therefore causing it to slow down hence your businesses will be slow and not vibrant. Try using a hanging crystal in your office entrance this will enhance ch’i.
11) Do not place the photocopy machine near to the main door. Heat near the main door is frequently not preferred and causes the chi to be hot and dispersed easily as more people are likely to walk in and out thus carrying chi in and out too fast because the chi is not allowed to stay for some time.
12) Do not place a paper cutter machine next to the main door. Cutter machine is to cut papers. Therefore if located here will cause staff to back stab each other and fight too if one is not careful.
13) Do not place an empty vase next to the main door, as the new chi once it enters your office will be sucked into the vase causing nothing much left for the environment.
14) For corporate clients a fish tank placed in the wealth area is the best for great results and success. However there are strict criteria's for the fish tank that one has to follow.
15) The company signboard should be in the wealth area so that no other competitors can be strong enough to beat you at your game.
16) Place an indoor fountain in your wealth corner, to activate ch’i. These also have medical benefits.
17) Do not have clutter in your office; desks must be kept tidy and clutter free. This is so important, an office in China would not have these paper trays on desks, and most American companies now employ the same approach.
18) Place a hanging crystal in your window, this will activate ch’I, as well as looking fantastic, when the hits them they produce the most amazing rainbows
19) Three legged Toad God. This figure is used for attracting wealth and abundance. Place this wonderful creature near your front office entrance, facing into your office for luck and wealth, or place it in the wealth sector of your office to magnify your wealth luck. Always leave the coin in its mouth.
20) Crystal ball, apart from looking into future you can place on top of phone to encourage more business calls. Also to attract wealth. Also to attract wealth and good luck, a great all round cure that every office should have one.
21) Fu Dogs Male & Female, these protective animals are placed near your doorway of your office to protect from evil influences. They are a symbol of valor and prosperity.
22) Ba Gua Mirrors,If you have any negative energy directed at your front office door, these Ba Gua mirrors will disperse the negative energy.
References: The above tips are cited from http://www.fengshuitips.co.uk/
Tips on BUYING a Property!!
Important Things
You need to note when BUYING a Property!!
You need to note when BUYING a Property!!
Buying Resale Properties
If you are looking to buy a private property or HDB flat in Singapore, 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 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.
Ownership
Always ensure that the seller is the actual owner of the property. You may wish to request for proof when you are making the purchase.
Eligibility to sell
Ensure that the seller of the property is eligible to sell the property. For a private property that is mortgaged to a bank, if the seller has lost money on the sale, and is unable to top up the shortfall on his bank loan, the bank may not allow the seller to go through with the transaction.
For an HDB flat (except one-room flats), there is a minimum occupation period whereby the seller must physically occupy the flat before he would be eligible to sell the flat. For a flat bought directly from the HDB or a resale flat bought with a CPF housing grant, the seller must physically occupy the flat for five years before he can sell it. For a resale flat, the seller has to physically occupy the flat for a period of 30 months. Note that if the seller has sub-let his entire flat with the Housing and Development Board's approval, the period of sub-letting will not be included in computing the physical occupation period.
Bankruptcy
On some occasions, the seller of the property may be a bankrupt. With the written consent of the Official Assignee, the seller will be eligible to sell the property, however, the Official Assignee may request for all monies, including the option money or deposit, to be paid to the Official Assignee.
Eligibility to Buy
Property purchase is a legally binding contract. It is vital that you make sure of your eligibility to purchase a property. The Residential Property Act together with HDB's strict eligibility rules can be confusing to any buyer. There are also restrictions for foreigners to buy Singapore properties. Always check with your agent thus avoiding any legal complications.
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? Have you thought about the next couple of years - are members of your family likely to move in or out? How many bedrooms do you need? Where do you and your family spend most time?
- 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?
Financial Planning
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 owning or renting a home. Several software exists to assist agents to accurately calculate the cost of buying a home. Providing your agent with accurate data regarding your financial status is vital and will help him to formulate a proper financial plan. If you're buying, talk to two or three banks and discuss a financial plan that you're comfortable with. Your banker will also be able to advise you on the loan quantum available to you. This will help you decide on your budget. Remember, Banks and HDB require documentary proof of income.
Viewing Etiquette
Once you have decided on the type of home to purchase, 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 sellers are present to avoid offending them. Always try and make a friend. Remember, you may decide to purchase their home after all !
Illegal Renovations/Alterations
Ask the seller if the renovations or alterations in the property are legal and approved. Get the understanding from the seller that should the relevant authorities require the seller to rectify any of the illegal renovations or alterations, the seller will be responsible for the rectification, at his own expense.
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. The rule is to start the offer at a price that seems fair to you and wait for a counter offer. If the seller is serious, you should receive a counter offer.
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 !
Option Money/Deposit
Confirm that the option money or deposit will be of the standard amount. For private property, the option money is usually one per cent of the purchase price while for HDB resale flats, the deposit should not exceed $5,000. Lastly, when buying an HDB resale flat, it is also important to take note of the following.
Scheme of Purchase
As there are 14 different schemes of purchase when buying an HDB resale flat, it is important to check with the HDB or the real estate agent representing you which scheme you are categorised under. This is to determine your eligibility to buy a resale flat.
Ethnic Integration
It is also important to check with the HDB or your agent if you are affected by the ethnic integration policy.
Should the number of families of your ethnic group staying in the estate or that particular block of flats that you wish to buy exceed the prescribed limit, you will not be permitted to buy a unit in that block unless the seller is also of a similar ethnic group as yours.
This ethnic integration policy was implemented to allow ethnic integration in all HDB estates.
Completing the Sale
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. Inspect the property before completion. Make known any objections or faults immediately. Check with your agent if you are in doubt.
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_buyingtip.htm
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since 19th March 2009.
