Sponsored Links

To retire by age 45, start with a plan.

"Is early retirement the right financial choice?" Jim Ellis discusses long-term financial growth strategies. I have blogged a...

Past blog posts now load week by week. The old style created a problem for some as the system would load 50 blog posts each time. Hope the new style is better. Search archives in box below.

Archives

"E-book" by AK

Second "e-book".

Another free "e-book".

Pageviews since Dec'09

FOLLOW AK ON FACEBOOK.

Recent Comments

ASSI's Guest bloggers

Selling a car or a flat yourself.

Saturday, October 29, 2016




Things change and that is one of the few constants in life.

Some changes hardly matter but some changes affect our lives in a big way. Changes could also be catastrophic. 

Remember the Dodo.

What is this leading to?

A few months ago, I sold my car without going through a middle man. 

Cars of the same make, model and age at pre-owned car centers were going for upwards of $50K at that time. I was offered $40K to $45K by different resellers then.


I decided to find a new owner for my old car myself. It was a relatively short search as a friend was looking to replace his much older car then. We had a win-win situation with the middle man removed.

It did mean, however, that we had to visit LTA in Sin Ming, queue up for more than an hour to do the transfer of ownership but that was just a minor inconvenience.


If you are thinking of selling your car, you might want to do it yourself. It is quite easy:
http://www.oneshift.com/used-car-buying-guide/718/how-to-sell-your-car-directly-to-a-buyer

Now, if selling your car without having a middle man is a good idea, what about selling your flat without engaging a property agent?

Well, it seems that many people are also selling their flats without the help of a property agent:


"According to figures from HDB, the number of resale flat buyers and sellers who have gone the DIY way rose to 24 per cent in 2015, from 11 per cent in 2010. So far this year, 23 per cent of resale transactions carried out from January to May were completed without a property agent."
Source: CNA


It is probably an understatement to say that real estate in Singapore is expensive. Real estate is very expensive. 

A commission of 1% or 2% (as in the case of a HDB flat) is a big deal. 

I remember selling my home a few years ago and having to pay a 5 figure sum to the property agent. That is a fair bit of money.

If we can save a bit of money, why not?

If we can save a lot of money, what are we waiting for?


So, how easy is it to do it yourself?

I went to the eCitizen website and found out how easy it actually is:
https://www.ecitizen.gov.sg/Topics/Pages/Selling-your-HDB-flat-A-step-by-step-guide.aspx

"We were surprised because we thought it would be quite complicated. The officer at HDB (Housing and Development Board) was also very helpful to go through the paperwork with us." 
Source: 
CNA


For a seller who is willing to spend some time to do some work, considering the huge amount of money saved, it is worth it.

“Especially with the emergence of social media, people get connected much easily compared to 10 years ago. That’s why many home owners are now able to find home seekers by themselves or vice versa...

Source: CNA




Selling your car or flat? I think it is worth exploring the option of doing it yourself.

Related posts:
1. Fixed rates, SIBOR, FHR18...?
2. Affordability and value for money.

4 comments:

Ricky said...

I bought my flat myself. Saved 3.3k. Just responded to an ad on propertyguru. :)
The steps to buy or sell a hdb flat is listed so just follow the steps will do. I intend to sell my flat next time myself also.

AhJohn said...

Hi Ricky, how is the ad on propertyguru? posted by an agent or owner?
As buyer, maybe easier to find a target online, but as seller, who/where to post?

RayNg said...

How about buying car from parallel import instead of from agent?

Sometime you get higher spec with much cheaper price.

The 'trick' is to choose your PI carefully.

AK71 said...

Hi Ray,

A car is a big ticket item and I rather not take the chance of some PI running away with my money. ;p

Monthly Popular Posts

 
 
Bloggy Award