No More Mistakes With 5 IMPORTANT THINGS THAT YOU SHOULD KNOW BEFORE REFINANCING YOUR HOME LOAN

Interesting Facts I Bet You Never Knew About 5 IMPORTANT THINGS THAT YOU SHOULD KNOW BEFORE REFINANCING YOUR HOME LOAN!

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·      FREE Indicative Valuation & CMA Report for your property http://bit.ly/CMAHomeReport

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What you need to know about refinancing your home loan

Don’t miss these considerations before you decide to refinance with another bank or reprice your home loan.

Refinancing home loans can be tricky if you’re not fully aware of all the considerations. Furthermore, home loans are also getting more expensive as interest rates are expected to increase. That’s why this article is here to help. We’ve put together a couple of things you need to bear in mind before you decide to refinance with another bank or reprice your home loan.

1. Tangible benefits

You should consider refinancing if there are tangible benefits such as interest savings or an additional facility for investment purposes.

Here is an example of a $500,000 loan outstanding with a remaining tenure of 25 years against a current 2Y Fixed Rate package assuming no further interest rate changes in the next 3 years. The interest savings is $1,940 over 3 years which may not be sufficient to cover the cost of moving the loan.

For the same loan size over the same tenure, the interest savings is proportionate, i.e. for every $100,000 loan, the interest savings is $388 over 3 years in this example.

2. Penalty charges for loans redeemed within lock-in period

Some home loan packages come with lock-in periods and penalty charges. In the market, the lock-in period for a home loan is typically 2 or 3 years. So if the existing home loan is still within a lock-in period, there will be penalty charges for redeeming the loan early. In this scenario, customers should only refinance their loan if the savings from the reduced commitment is greater than the penalty charges.

After the lock-in period, you can choose to refinance to another bank or restructure the loan with your current bank.

3. Subsidy clawback

If your current bank has provided subsidies such as legal or valuation subsidies, you will have to pay back these subsidies when the loan is redeemed within the clawback period. The clawback period is typically 3 years from the loan disbursement date.

4. Refinancing cost

You will need to pay legal and valuation fee when you move your loan to another bank. Most banks provide subsidies or often called cash rewards to defray the cost of refinancing but this may not be sufficient to cover the entire cost of refinancing. The cost for refinancing includes legal fee and valuation fee.

5. Holistic view that goes beyond just pricing

As a home loan is a long term commitment, you should look at the overall package to see which best meets your needs, including advisory service from the bank.

In general, you should review your housing loan once every few years to see if it would be more advantageous to continue with your existing package, especially so after your lock-in period. It is also advisable to ask your bank for restructuring options and save the hassle of reapplying for a loan with another bank.

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Is there more to it than rental yields and transaction histories?

We’ve all heard the usual rules about calculating yield and returns; but successful investors have the secret ingredient that goes beyond that: they have acumen and experience. Here are some of the less common secrets that they’ve shared:

  • Follow a plan, not your gut
  • Buy with a specific type of tenant in mind
  • Look at the businesses moving in
  • Minimise the number of family-as-co-owners
  • Focus on buying low, not selling high

1. Follow a plan, not your gut

Succesful property investors go in with a concrete plan. We don’t mean vague ideas about what they’ll do with the property when they grow old – these people have quantifiable targets that their property asset has to meet (e.g. generate annualised returns of four per cent over the next 20 years, to contribute $X to your retirement fund).

Their plans include specific details such as:

  • When to sell (this is usually based on quantifiable conditions, such as if vacancies stretch to a certain number of months, or if the property value falls or rises to a given sum).
  • When to refinance
  • When to renovate, and how much to spend each time
  • Multiple exit strategies

Having a fixed plan, with quantifiable targets, takes emotion out of the picture. If the property becomes a liability later, for example, an investor with a plan will find it psychologically easier to sell.

2. Buy with a specific type of tenant in mind

Successful property investors will case the area, and buy only if they can clearly visualise what sort of tenant would want to move in. This is more important than vague notions like “there’s a coffee shop nearby”.

Consider the following situations:

  • If a property is near a university, foreign students unable to find a dorm will be a source of constant demand, even if the area has limited shops or nightlife.
  • If the property is high-end, it will mainly cater to expatriates with big housing allowances. That could mean vacancies if the overall economy turns bad, and big companies lower said allowances.
  • Properties near high-end restaurants may not mean anything to middle or lower income tenants, who need a cheaper form of dining.

This sort of acumen takes time to develop. But for new investors, a good practice is to ask yourself who would want to live in the area. If you can’t think of a clear answer, you should either (1) consult a property agent, who can “read” the area for you, or (2) rethink your decision to invest.

Some of the most successful property investors focus on a single demographic (e.g. students, expatriate workers at a certain income level), and invest with this group in mind.

3. Look at the businesses moving in

These days, the challenge is finding a mall without a Din Tai Fung

A good way to tell if a neighbourhood is picking up is to look at the businesses moving in. It’s best if you can do this over time, such as note the brands moving in over five years. But even if you don’t have that information, you can look for the following:

Remember, businesses conduct extensive research on location before moving in. A successful property investor will consider the insight these companies have.

4. Minimise the number of family-as-co-owners

If you need to involve too many family members as co-owners, perhaps its best not to invest. Remember that they all have a say, when it comes to issues such as who to rent the unit out to, or whether to sell the unit.

There are many situations where some family members disagree with a profitable sale – or even worse, move in and decide to use it as a residence (thus eliminating any rental income).

If these are just your business partners, you can at least resort to legal action. But it gets messy when the person involved is, say, your father-in-law, or your aunt who partially raised you.

You can live with them and love them, but sometimes you just can’t invest with them.

5. Focus on buying low, not selling high

When you buy low, you ensure that you have more holding power. That means you won’t be forced to sell during an emergency. On top of that, you also borrow less and hence pay less interest (assuming you make the effort to find the cheapest loan. Consult a mortgage broker).

Even if the property doesn’t sell for as much you hope, you will at least have your finances in better shape.

You could also be facing better odds: if the properties in the area have been $1,800 psf for the past 15 years, and you bought at $1,780 psf due to a dip in the market, all it takes is for you to profit is for things to go back to normal.

Between buying low and being forced to sell low, and buying high and being forced to sell high, the former is the safer course. That’s why successful property investors are more focused on looking for discounts, rather than speculating on appreciation.

Read more….

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Are you Investing or Gambling?

Property Investment is never about luck or emotional buying. On many occasions, we see consumers hopping from different new project show units just to find “the Right One”. But how exactly will this “Right one” presents itself in the face of consumers?

If you had answered “Ambience” and “Feel” of the unit, you are emotional buying. Many times, these feelings have clouded the analytical skills of the consumers, making them overlook other critical aspects such as the land appreciation, location, sensitive pricing/discounts and market sentiments. By the time when the consumers are prospecting for new house, they will themselves in situation where their current property is not fetching the desired price and they have missed the opportune time to enter the market.

Real investors are clear with their goals and what they want out of their property investments. They do not rely on hope that the market will one day, change in their favour. Rather, they are aware of the cycle and when to make the “Right move”.

So, are you an investor or gambler? If you are determined to be a savvy investor, you will definitely be interested in the following.

How do you Determine the Right Cycle, the Right Time and Right Price to Enter?

At the first, second and even third glance, you may not be able to figure out all the information which this chart is trying to convey. However, if you study in detail or with some guidance, you will be able to mark out a certain trend that is brewing in the market.

Based on this cycle, you can also identify the best opportune time and price to enter the market. 

So the Question now is:

Is This the Right Time to Buy in Today’s Market?

Just understanding the cycle is not sufficient. 

Here are the 5 Essential Elements which you Must Know in order to build Successful Investment Portfolio in CCR Segment:

1. What are the Impacts of the Latest Announcement of the Reduction in Government Land Sale?

2. Supply vs Demand

Should we buy when the supply is plenty in the market?

3. Location vs Entry Price

Which is more important? Many always think that buying a good location near MRT is the safest bet as it is easier to rent out. However, is that really true?

4. New Launch vs Resale Property

Are you aware which one is likely to drive higher profit margin?

5. How can we secure the First Mover Advantage?

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What’s My Home Value?

DOWNLOAD: Condo Price, How much, Can I afford?

Read all my articles

DOWNLOAD

Property Market Outlook 2019

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I will be glad to guide you personally “How to buy and/or sell your property like a Pro” One-to-One Online real-time web-based coaching anytime, anywhere on your PC or mobile.  Questions ? #AskRealtorMani 📞 💬 83004411 http://bit.ly/ClickToWhatsApp 

  

What you will get

 

·      FREE Indicative Valuation & CMA Report for your property http://bit.ly/CMAHomeReport

·      Below Market Value Property Deals Alert http://bit.ly/BelowValue

·      Insider property news and resources that property investors use. http://bit.ly/CondoPrice

 

Questions / Need Help? #AskRealtorMani

 

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·      Below Market Value Property Deals Alert http://bit.ly/BelowValue

·      Insider property news and resources that property investors use. http://bit.ly/CondoPrice

There is a high tendency for many people to hold on to their properties for a long period of time even though their properties have appreciated to double the amount of what they have purchased. Is this the best option for properties which have appreciated?

 

In fact, there is nothing wrong with holding on to the property, but I just felt that many money-making opportunities have been forgone when this option is being chosen. Ask yourself this Question, by working hard for the last 5 years, are you able to save $300,000? I am quite sure it is not possible as I have personally witnessed many couples facing difficulty to attain this feat. Do you know that you can increase your saving by learning the Right Exit Strategies that will help you to build your wealth systematically? 

 

Many of you might be skeptical and will question the RISK involved. Yes, if there is no proper guidance and feasible financial plan, the risk will be so much higher. Therefore, it is always good to learn and plan before taking any ACTION.

Important Chart to take note! What are your thoughts now?

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This is the real estate trend of a property, is your asset in this pulses? Is it good or bad? What should you do?

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New Launches vs Resale?

Which is a Better Buy Today?

Why RESALE Prices are cheaper than New Launches? Does it mean that we should buy if it is CHEAP?

Have you ever wonder why the resale prices are much cheaper and yet many people still choose to pay more for New Launches?

Look at the below chart on one of the new launches, Martin Modern. Why is it that the price has shot up from $2,000psf to more than $3,000psf in less than 2 years? In some instances, the prices of Freehold projects did not even reach $3,000psf. Do you want to know WHY?

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So the Question now is:

 

Is it worth to buy New Launch or Resale?

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MAD RUSH TO SNATCH A UNIT…

IS THIS REALLY THE BEST DEAL???

This happened during a new launch where everyone is trying to get a unit. Will you buy when you see this situation in the showflat? Many times, we saw people interpret long queues as buying good deal and will rush to get a unit when they see such situation. When this happens, I always refer it as the “Kiasu” syndrome.

 

Is this the way to determine the RIGHT ENTRY PRICE? I have seen many people making such decision without differentiating right from wrong. Do you know that one mistake make by emotion may cost you more than hundreds of thousands of dollars? If any of these questions are in your mind, discover how you can easily determine the right entry price to enter the market. 

What you will learn from this seminar?

1. Find the sweet spot of how to determine the Right Pricing

2. 5 Exit Strategies that you MUST know before buying your next asset! 

3. Avoid Critical mistakes made by most Home Owners when it comes to selling! 

4. New Launch Vs Resale, 

which is the better option? 

5. TOP Secrets revealed on how many Wealthy home owners grow their wealth through asset-progression plan!

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Kelvin Fong

With his career experience of more than 16 years, he has curated a set of asset progression which has benefited his clients greatly. For current and aspiring Singapore property investors, his role is to help them invest wisely. Not only that, he has consistently minimised many of his clients’ risks by leveraging on the most suitable loans available, while maximising the profit potential of their investments.

Being a property investor, he has never invest based on speculation and emotion buying. Using his experience and hard facts and figures, he determines the RIGHT property to invest.

To put his knowledge into writing, Kelvin also successfully launched the book – Property Wealth, in 2013. A big hit back then – the book coaches investors step-by-step guides on conducting researches before purchasing their properties.

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Find how much cash and CPF OA balance you’d have after selling it off.

Find how much cash and CPF OA balance you’d have after selling it off.

Find how much cash and CPF OA balance you’d have after selling it off.

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Find how much cash and CPF OA balance you’d have after selling it off.

Unlock your home’s wealth. 6 options available that you didn’t know For educational purposes only. All c…

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What is my home worth? Get a FREE Estimated Home Value Report

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En-Bloc COLLECTIVE SALES Guide 101

En-Bloc COLLECTIVE SALES Guide 101

En-Bloc COLLECTIVE SALES Guide 101

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En-Bloc COLLECTIVE SALES Guide 101

How to Spot En-Bloc Potential in Singapore? Why the collective sale matter for you? How to spot condominiums wit…

How to Spot En-Bloc Potential in Singapore?

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Why the collective sale matter for you?

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How to spot condominiums with en-bloc potential?

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En bloc sales for dummies – what happens when a property goes en bloc

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COLLECTIVE SALES IN SINGAPORE: FREQUENTLY ASKED QUESTIONS

Why would people want to undergo the en bloc process?
Why is en bloc significant?
How is the en bloc process done?
So what now?

Collective sales in Singapore: What does this mean for home prices?

The collective sales and en bloc fever in Singapore is far from over. Recent estates which have been released from sale include How Sun Park, near Bidadari, as well as Pearlbank Apartments in Outram. If successful, these will add to the approximately 2,700 homes which have been sold en bloc in 2017. This is a marked increase from the 600 homes which were sold via the same last year.

SINGAPORE EN BLOC 101: The ultimate collective sale guide

1) How do I know if my condo has en bloc potential?
2) How do I start an en bloc attempt?
3) What if I can’t get enough consenting owners to go en bloc?
4) What happens if I don’t want to go en bloc?
5) How long is a typical en bloc process?
6) When will I get my money if the collective sale is successful?
I7) What is the impact of collective sales on property prices?
8) What if there are no bids for my en bloc property?
9) How long is this en bloc cycle likely to last?
10) If my property is sold in an en bloc, will I be eligible to purchase a new HDB (BTO) or an EC?
11) I am Singaporean and my en bloc property was my first and only private residential property. Will I be subject to the 7% Additional Buyer’s Stamp Duty (ABSD) for my next property purchase?

12) What is a bridging loan and how can it help en bloc owners?

Practice Circular on Collective Sale of Property

Practice Circular provides guidance on conducting a collective sale of a property
With the renewed interest in collective sale of properties, CEA has issued a Practice Circular to guide the industry on the general duties expected of estate agents and salespersons when conducting a collective sale of a property.
Being agents to the Collective Sale Committee (CSC), estate agents and salespersons are sub-agents of all subsidiary proprietors. In view of this, they are required:

  • To act in good faith and obtain the best price possible for all subsidiary proprietors;
  • To act in accordance with procedures laid out in the Land Title (Strata) Act;
  • To act even-handedly between all subsidiary proprietors;
  • To avoid any potential or actual conflict of interest;
  • To make full disclosure of relevant information;
  • To act in a transparent manner and with conscientiousness, care and diligence;
  • Not to make or attempt to make secret profits.

8 USEFUL THINGS TO KNOW ABOUT EN BLOC SALES

En bloc fever is now on (again) in Singapore. Whether or not your crummy old apartment will reap you a windfall, it’s still good to know what your fellow Singaporeans are going nuts about

Enbloc Sales Process – 8 Potential Conflict to know about

EN BLOC SALES News

Why Singapore En Bloc Fever Will Continue in 2018

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Collective Sale

News, Resource and information of Collective Sale for Singapore property market by PropertyGuru.com.sg, Singapore’s leading property site.

En Bloc Sales 2018 April

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collective sale news

En Bloc Sales 2018 March

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Collective Sales

We band the interest of strata owners together to agree and unlock the latent value of the land their properties sit on.

En bloc / Collective Sales

We advise clients on the full range of acquisition and disposal services across all asset classes, including en-bloc developments. Our team provides solutions to developers, fund managers, institutional investors and UHNWIs, amongst others.

En Bloc Sales 2018 Jan & Feb

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Collective Sales and En Bloc Sales in Singapore. Will the Trend Continue? | Cushman & Wakefield Research

As URA indicated that it will not significantly increase the GLS supply, developers who are still looking to shore up their land bank are likely to turn to collective sale sites.
Previous research by C&W indicated that in contrast to past collective sale cycles which was led by freehold projects, the current cycle was however led by 99-year leasehold projects. Indeed, the future supply from 2018 onwards currently comprises of approximately 25,500 99-year leasehold units, as compared to just 4,900 freehold units.
Therefore, there is an undersupply of freehold units which present an opportunity for developers who still prefer freehold sites over leasehold ones. Developers who acquire freehold sites will be able to target long-term investors and buyers with a preference for freehold status, such as those who have a strong bequest motive.

The Big Read: En bloc wars erupt once more, turning neighbours into foes

SINGAPORE — Seven years after the last en bloc fever, many Singaporeans living in condominiums scattered across the island are once again caught up in a world where neighbours become millionaires or bitter enemies overnight, and a pot of gold awaits, literally, at the cost of their home.

Collective benefits

Why do developers pay a premium for en-bloc sale sites? The answer lies in the redevelopment timing option

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How to keep a cool head in the sizzling property market

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Riding the en bloc fever wave

Why investors are looking to purchase creaky, old properties

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En Bloc Sales – how does it work? – 99.co

En bloc sales for dummies – what happens when a property goes en …

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Collective sales: What does this mean for home prices? – 99.co

En Bloc Sales: How Much Do Private Property … – MoneySmart blog

Going En-Bloc? Here’s What Happens! – MoneySmart.sg

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Enbloc Sale – Can you lose money from it? | The Online Citizen

Money Mysteries: What Happens to Your Money During an En-bloc …

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How the en bloc process works – Propwise.sg

What You Need To Know About En-Bloc Sales In Singapore …

En bloc sale – the good, the bad and the ugly – Property Soul

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Going En-Bloc? Here’s What Happens! – MoneySmart.sg

Coping With En Bloc Fever – e-Storm Community – Storm

En-bloc Step by Step- Legal Aspects – OTP Law Corporation

En bloc frenzy: 3 questions you may have about the current hype over .

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Mistakes To Avoid in Hiring Property Agent

Mistakes To Avoid in Hiring Property Agent

Mistakes To Avoid in Hiring Property Agent

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Mistakes To Avoid in Hiring Property Agent

For educational purposes only. All copyrights belong to their respective owners. Get Full HOME Report FREE #AskR…

For educational purposes only. All copyrights belong to their respective owners.

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Property Agent Commissions – What Singaporeans Might Not Know

For many Singaporeans, buying a home is a key life event, and probably the biggest purchase they will make in their lives. For some Singaporeans, property agents play a key role in facilitating the buying, selling, and rental process.

5 things you probably didn’t know about your property agent

Buying a home in Singapore is a tedious process that requires careful research and consideration. While Singaporeans are becoming increasingly tech savvy when it comes to buying and selling properties, it still pays to seek professional advice. This is especially if you’re buying property for the first time and seeing that a home could probably be the biggest purchase of your lifetime!

Your Property Agent Says: When is the best time to sell your home?

Whether you are relocating, making space for a growing family, planning to move closer to your kid’s school, downsizing, figuring out when’s the best time to sell your current home can be pretty daunting, especially for first-time sellers.

Five Important Things to Ask Before Choosing Your Real Estate Agent

Once you’ve decided to buy a property, a key step is finding a real estate agent who can help you achieve your goal. Not enlisting an agent is, in fact, one of the biggest mistakes a homebuyer can make. For that matter, the same is true if you want to offload your property.

Qualities Of A Good Property Agent

Below are three attributes that every property agent in Singapore should possess.
Engaging The Right Agent To Sell Your
The generation of today has grown up with and is accustomed to buying and selling many things online on their own, and it is easy to fall into the trap of assuming that buying and selling a property ourselves is as easy as buying an e-scooter off the internet.
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Is it truly that simple and will there be any relevance in the role of a real estate agent today and in the future?

How do I find the right property agent to sell my home?

Selling your home is, without a doubt, one of the most emotional, expensive and time-consuming events of your life – that’s why so many sellers opt to hire a property agent to carry the burden instead.

Who is the “Tenant’s Agent” & should you engage one?

In one of our previous blog posts, we stated that there’re two types of property agents in the rental market: landlord’s agent and tenant’s agent. In general, renters are familiar with landlords’ agents as most rentals will inevitably engage one in the process. The concept of a tenant’s agents, however, is more nebulous as they require active engagement on the part of the tenant.

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How do I find the right property agent to sell my home?

Selling your home is, without a doubt, one of the most emotional, expensive and time-consuming events of your life – that’s why so many sellers opt to hire a property agent to carry the burden instead.

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When should you appoint an exclusive property agent?

Make no mistake, going exclusive with a particular property agent can be a gamble. If you get a good agent, you’ll get a quick sale at a good price. Get a bad agent, and several months down the road you’ll feel like you’re stuck in a bad marriage you can’t get yourself out of. Here are several factors to consider before taking the relationship to a whole new exclusive level:

Why a good managing agent is important to your property value (and how to spot one)

A condominium development is like the human body after a certain age. Every little problem, if ignored, will somehow snowball into a major disaster. Tiny things, such as the lift lights not working, or a leaky spot in the carpark, all compound over time. After 10 years, the combination of problems will result in malfunctioning elevators, underground flooding, and a building that looks like ground zero of a zombie apocalypse. The only thing standing in its way is a good managing agent:

The role of a real estate agent: What they should and shouldn’t be doing
Engaging a real estate agent for the first time, and not sure what comes under their jurisdiction? Read on to find out more about what your property agent should, and shouldn’t be doing!
First things first: before engaging a real estate agent, make sure you verify he/she is indeed registered with the Council for Estate Agencies (CEA). Simply access CEA’s website, and conduct a search using your agent’s name or real estate number. If you want to go a step further in verifying your agent’s identity, ask for his or her real estate agency card, which contains a CEA-issued registration number.

Singapore property agents commission: what should I pay?

Wondering what you should be paying the property agent? We have been asked about how Singapore property agents commission work many times and it is astounding how confusing it can get about the practice around dealing with agents and commissions. Here’s a guide for you!

5 things you should know before thinking about skipping the property agent

It’s been frequently quoted that the number of Do-It-Yourself (DIY) HDB transactions is rising – in 2013, 11 percent of buyers and sellers didn’t use a property agent and as of 2013, more than a quarter went DIY.
What does that number really mean though? We investigated and found that it is actually a somewhat misleading number – HDB considers each property changing hands to really be 2 transactions – 1 for the buyer and 1 for the seller.
What 99.co research has found is that – the number of BUYERS who did not use an agent has decreased to about 50%, while the number of SELLERS who did not use an agent remains at over 95%. (and thus overall, about 25% of transactions, i.e. 50% of buyers, are DIY transactions)
This is because of 3 main factors
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Transparent property agent transactions and ratings will soon become the norm in Singapore

Choosing a new restaurant to try (or even a hotel for your upcoming trip) is pretty simple. Just head over to Tripadvisor, and you’ll get access to thousands of ratings and reviews at your fingertips.
Choosing a property agent to work with, on the other hand, is not quite as straightforward. Obviously, you’ll ask your friends and families for recommendations. You might also do a Google search, and chance upon blog articles wherein people talk about their experiences with their own agents… but you’ll be hard-pressed to find a handy platform which collects and aggregates information and reviews.

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7 easy tricks you can use to spot a reliable property agent

You know why picking a reliable property agent is hard? It’s because most of us only buy a house once or twice in our lives. It’s not as if we get to work 20 different agents, so we can spot the fly-by-night agents from the long-time professionals. Fortunately, there are some tell-tale signs to look for:

Mythbusting: 4 things to know about property agents

Ask any homeowner and they’ll say that the properties they own are probably the most expensive assets in their portfolio. Simple logic would follow that since they already have, or will be, spending a significant amount of money (or in other words, a large fortune equivalent to raising a child till university), you would also expect them to possess a certain level of knowledge about property buying and/or selling. However, most will opt for the easy way out and entrust their property agents to do all the paperwork, leaving them none the wiser.
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The benefits of engaging a property agent

Blame it on the bad economy, or simply on our kiasu and penny-pinching nature, but in the recent years, there’s been an increasing number of Singaporeans who are opting to sell their property without engaging a property agent. In this article, we take a look at some of the benefits of engaging property agents that you might just miss out on if you go down the DIY route.

Why illegal real estate agents are still a problem

The Council for Estate Agencies (CEA) has done an admirable job of cleaning up the real estate business. It’s been awhile since illegal real estate agents made the news, with the most recent case being 56 year old Shakir Khan. Although the number of these cases are dwindling, illegal real estate agents still exist. This is why:

4 Expensive Mistakes Singaporeans Make When Buying Their First Home. Secrets You Wish You Knew One Year Ago.

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Property Market Outlook 2018 Download the full report now

Property Market Outlook 2018 Download the full report now

Executive Summary

– Close to 10,000 private homes are expected to be completed in 2018, which will add to the vacancy rate.
– The Core Central Region had the highest vacancy rate of 10.9 percent in Q3 2017. This will put further pressure on rental prices in the city area.
– There could be as many as 16 to 22 major new launches next year. Given the higher land prices and anticipated market recovery, new private home prices will likely be higher in 2018.

Can Singaporean Rent out their home for Short-term tourist?

Can Singaporean Rent out their home for Short-term tourist?

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When can Singaporeans finally lease homes to short-stay tourists?

Since June 2017, homeowners in Singapore are allowed to lease their homes for a minimum period of three months, from six months previously. While this has been lauded as a step forward for homesharing platforms like Airbnb and Homeaway, it is still far from ideal as most tourists typically need an accommodation for less than one month.

Renovating a Private Residential Property?

Renovating a Private Residential Property?

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Renovations & Reconstructions

Renovating a Private Residential Property

INTRODUCTION

Depending on your property and type of renovation, you may need to obtain planning permission from URA.
Which renovation works require approval from URA?
Additions and alterations to your property require approval if they:

  • affect the external facade of the building, or
  • result in an increase of the Gross Floor Area (GFA)

DEFINITION OF ADDITIONS & ALTERATIONS (LAND-TITLED RESIDENTIAL PROPERTY)

To qualify as an “Additions & Alterations’’ to a landed-titled residential property, the following criteria must be complied with:

  1. the proposed additional gross floor area does not exceed 50% of the approved gross floor area;
  2. the external walls that are to be removed and replaced with new walls do not exceed 50% of the approved external walls;
  3. structurally changes to the existing landed dwelling house such as replacing or constructing new columns/beams and reconstructing existing floor slabs do not exceed 50% of the existing;
  4. changes/replacement of entire roof, regardless of increase in height as long as it does not involve an additional storey;
  5. addition of an attic provided the increase in GFA is less than 50%;

Proposals that do not comply with any of the above criteria are considered as “Reconstruction’’. The following works are deemed as reconstruction regardless of whether the works exceed 50% of the existing building:

  1. Increase in storey height – Changes/replacement of any part of the roof when it involves an additional storey
  2. Change in housing form – Works which result in a change to the landed dwelling house form, for example, from semi-detached house to detached house.

RENOVATING YOUR HOME (LAND-TITLED RESIDENTIAL)

Check if your renovation works are covered under the Planning Permission Exemption List. If they are not, you will need to obtain approval from URA.
Landed property owners can also use the Landed Housing e-Advisor to evaluate if your proposed works comply with Development Control Guidelines.
Landed property owners can also engage a Qualified Person (QP) to lodge the renovation works under the Plan Lodgment Scheme (Additions & Alterations) if your property is located in certain designated landed housing estate and meet certain criteria.

RENOVATING YOUR HOME (STRATA-TITLED RESIDENTIAL PROPERTY)

Generally, internal renovation works within your strata unit do not require planning permission. However, renovation works which affect the external façade of the building or result in an increase in Gross Floor Area (GFA) will require approval from URA.
In particular, for proposed Additions & Alteration works within strata units which involve an increase in GFA, the applicant is required to obtain a letter signed by the Secretary or Chairperson of the council of the MC confirming that the MC has by 90% resolution authorised the carrying out of the proposed works for the strata unit.
This authorisation letter duly signed by the authorised signatory of the Council of the MC is to be submitted to URA by the applicant together with the proposal as part of the planning application.
To download the format of the authorisation letter, please click here.
The above requirement is only applicable to non-conservation strata-titled residential properties.

HOW TO APPLY?

How do I apply for planning permission?
Please refer to the step-by-step guide – How to Apply: Development Application via CORENET eSS.
The application fee for additions and alterations varies. Please refer to the Fees Schedule (2016).

CONTACT

I need help. Who can I contact?
Write to us or call us at 6223 4811 (Monday to Friday, 8:30am to 5:00pm)
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Real Estate Market Property Outlook 2017 – 2018

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Reap The 1st Mover Advantage Before The Make Over

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10 Crucial Reasons You Should Buy A Home Before 2017 Ends

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Home ReportTM

FREE: Get the public version of the report that the professionals use to price property and devise marketing and negotiation strategies. S$ 88.00 / unit (incl GST)

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AskREALTOR Mani Get Your Home Report (Compliment)

Don’t miss more posts by REALTOR Mani 玛尼 மணி Subramanian Veeramani
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DOWNLOAD 370 Posts (eBook)

60 Biggest Mistakes Made by

Property Buyers & Sellers.

How to Avoid Them?

Got questions about your property?

Buy or Sell or Hold?

I can answer your questions

Let’s chat on WhatsApp: 8300 4411

DOWNLOAD

The Ultimate Home Buyer’s Seller’s Guide

DOWNLOAD

DOWNLOAD

Don’t miss more posts by REALTOR Mani 玛尼 மணி Subramanian Veeramani
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📞+6583004411 www.bit.ly/MessageMani

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