Can You Sell Part Of Your Property – Homeowner Stories; And with many agents marketing properties above valuation, this can paint an overvalued picture of Singapore’s property market. However, real estate may not be as risky as options trading, but that doesn’t mean it’s risk-free. It is also important to learn from those who were forced to sell at the wrong time and the problems that followed.
Master DK is one of the investors who participated in the shoebox rights that peaked in 2012. DK pointed out that the interest rate of ABSD was so low at that time that the secondary properties were still good.
Can You Sell Part Of Your Property
ABSD is only 3%*, and ABSD for a one bedroom is only around $20,000. “It seems like a good opportunity because I only pay half a year’s rent.”
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Dokyeom was able to resell and buy the same bed at a lower price and get instant rental income. Unfortunately, Singapore’s rental market has deteriorated since 2013.
DK said when he started renting, the rate was over $4 psf. But when he decided to sell in May 2017, the price dropped to $3.35 psf. He also saw the tightening measures since then, finally admitting that they were permanent*** and would lower prices. He felt he had to sell.
But when I sold, the price of ABSD increased to 10%, and at that time TDSR was also introduced*. The reason for the shock of these actions is still fresh and recent in the market’s memory. “
DK said his agent had a good look and had a lot of questions. But the buyers are mostly singles, not home owners as they used to be. It says:
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“I think the austerity measures and weak rents crushed the dreams of investors at the time.”
DK quickly discovered that the single demographic was very sensitive. He argued that the TDSR* is important because it makes it difficult for singles to qualify for a home loan. For example, a person earning $5,000 per month should keep their total debt, including all debts, below $3,000 per month. loans such as car loans, education loans, etc.).
*TDSR was actually introduced in 2013 and means a reduction in LTV from 80% to 75%.
Starting with the initial purchase price, plus property taxes and maintenance costs, DK says he’s about to break even. However, many of DK’s friends and family were wrong and often congratulated him on ‘buying at the right time’ when ABSD and prices were low.
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Dokyeom explained that if he had bought at the right time, any profit he would have made by selling it at the wrong time would be ignored. “
* Specifically, prior to 2013, the ABSD tax rate was 1% on the first $180,000, 2% on the next $180,000, and 3% on the remaining $180,000.
**When the relief measures first appeared on the market, they were described as temporary measures to prevent a housing bubble. The consensus today is that these measures have been strengthened over the years and are therefore likely to be permanent.
Master KT and his partner own a three-bedroom property in Katong area, which they bought in 2004. In August 2018, the couple decided to sell the property as KT moved to work in Australia permanently. It says:
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As you know, the new cooling measures and higher ABSD went into effect in August 2018. “The sad thing is that I got a real estate agent and put the house on the market exactly three days before the cooling measures were implemented,” he said.
Even before I sold my house, I felt encouraged because my previous boss was interested in buying a house. I’m sure it will be another type of buyer if we can’t get a better price. But when he heard the news, he texted me and said he doesn’t think he will buy it now because of the big ABSD.”
KT Broker also did not offer good prospects. The couple was warned that the cooling measures are having a psychological effect on the markets. Regardless of the ABSD rate, buyers can take a wait-and-see approach if prices fall.
Either we first moved when we were abroad and relied on a broker to handle the sale, or we rushed to sell now and got a bargain. “It is a very stressful time as we are also looking for a new home abroad.”
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He believes it is worth less than 5% of the appraised value. However, he considers himself lucky because his agent was able to get two serious offers in the next two months.
No matter how safe your property is, you may be one of the poor who suffer from loss.”
In times like the coronavirus, no one wants to be a seller (at least not in the beginning when things are uncertain). But for homeowners like Carol, it’s not a matter of choice. Carol owns a single bed in the Thomson Road area, which is also her first home. But in January 2020, Carol met her and decided to sell the property, which was too small to support her family.
Just one month after hiring its broker, Singapore raised the alert level for DORSCON Orange. Her property was still unsold in April, when the circuit stopped viewing. Carol said:
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We hope that everything will be back to normal once the circuit breaker ends, but we still have a long-term view restriction. “There is uncertainty because no one knows where the market will go.”
So Carol jumped at the marketing opportunity after her first salesperson was satisfied with just photos and virtual tours. She said:
Afterwards, Carol says she made a mistake because she was worried. It’s not just a buyer’s offer, but she also doesn’t consider other issues, such as the fact that it’s difficult to buy a house even when the disease is prevented.
I should have waited. “It took a lot of time to find a new place.” Carol said. Instead of,
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“Although we had to renovate three years ago, we accepted the offer which was not difficult.”
But the real pain comes near the end of the disease. Between 2021 and 2022, real estate prices rose to new heights. If Carol had waited a few more months, she would have benefited from more housing demand.
Who said property prices will fall because of Corona and it would be better to sell now? “Today’s market is the opposite of what they predicted.”
Accepting a low price made it even more distant from its work. Carol said that if she had insisted, she could have gotten a more expensive unit and stayed in the Thomson area. There she has a job that requires her to be there at 7 am.
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As it stands, Carol’s new home is a resale home in the Serangoon area. Carol said that although it was bigger than her previous house (a three-bedroom unit), the proceeds from the sale were not much and did not fully cover the savings.
There are ways to calculate the potential for resale profits (for example, by looking at profit versus loss and price history), but these stories all boil down to one lesson: This means maintaining control.
Finally, most of the businesses that lose money go to the wrong things. This happens to sellers who, for whatever reason, cannot wait to overcome bad orders or unexpected events like Corona. This is why it’s good to have enough money or a backup plan in case the timing isn’t right.
Follow Stacked for more stories and experiences from homeowners. You can also view in-depth reviews of new properties available in the Singapore real estate market.
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Ryan is a content strategist with over 17 years of experience in the national and financial journalism industry and has developed a reputation for turning complex jargon into easy knowledge. With a history of writing and editing for major financial platforms and publications, Ryan’s expertise is recognized in a variety of media. His role as former content editor at 99.co and co-host of the CNA 938 Open House program demonstrates his dedication to providing valuable insight to the national market.
My name is Sean and our goal is to help buyers and sellers in Singapore make better decisions for themselves. Do you have a question in mind? Please send an email to hello@.
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