Wait! Don’t sell your home now.
Recent unforeseen events have thwarted many plans. If selling your home was on your to-do list, you may have to wait. Read on to find out why.
Sales and prices are going south
In the HDB market, resale flat transactions have declined by 7 percent since the last quarter of 2019, although prices have remained stable. In the second quarter, activity came to a halt due to COVID-19 restrictions on asset sightings and widespread economic uncertainty.
In the real estate sector, analysts predict that private home prices will fall by 8 percent for the full year. The good news is that they are not predicting a 24.9 percent slide-like shock in the four quarters during the global financial crisis.
The message is clear. Whether paralyzed by a job loss or fear of a virus, buyers aren’t biting. for now. Instead of moving into a new home business, you might want to consider relocating your existing home.
Upgrade now and add later selling value
Nothing lasts forever. It will take time to try, so the property market will decline. Many people predict an increase in transactions between HDB and the private sector once the circuit breaker is completely removed. Others predict that the market will be flooded with paint-up supplies – especially private developments whose scheduled startups were postponed. This can push transactions and prices down.
At the end of the day, it’s a guess. One thing is for sure, faith will return to the market. So adding sales value to your existing assets is an investment that is bound to pay off – it’s just a question of when.
Pay attention to the kitchen
A common rule of thumb is to have a splitter in kitchens and bathrooms when renovating with one eye. Potential buyers look to both of these areas to determine their comfort level with the property. A dirty kitchen or bathroom is a big twist, while a bright clean and modern is a big plus.
Although you may be tempted to add personality to your kitchen with ironic touches, remember that everyone tastes just like you – personal. If you want to optimize resale value, it’s best to limit yourself to clean, functional lines and neutral colored cabinets. You can always personalize your kitchen with small loose items such as bold utensils and small appliances, printed linen, greenery and wall art. Coordinated modern built-in appliances, ideal from the same brand and collection, will also enhance the appeal of your home to potential buyers.
Clear up the spaces
Despite the insane mass to distribute homeowners’ home areas after WFH Consulting, buyers generally lean towards open concept living areas. Keeping your space open and fluid enhances the illusion of space, which will always be attractive in space-scarred.
Do not overlook the floor
After the kitchen and bathroom, and the general sense of spaciousness, the next most important thing to address in order to optimize the selling price of your home is flooring. Not as much space as cracked tiles, damaged linoleum or scattered floorboards.
There are many new flooring materials on the market, including affordable engineered wood and wood lumber laminates. If you want to save the cost and hassle of hacking existing flooring, you can ask your interior designer if it is possible to overhaul the new flooring. Remember that this will increase the level of your floor a bit, so interior doors will need to be adjusted to clear the new height.
Join Renovation Queue to the earliest
If this time has taught us anything, it is the epidemic that doesn’t care about our plans. Travel, weddings, property launches and much more are banned. In your curiosity to sell your flat, do not act in a hurry. Rather than selling at the wrong time, a home repair is a viable option.
Wait, watch and be good.