3 Easy Ways to Increase Your HDB’s Resale Value

You’ll be surprised at how you don’t even need to go through major renovations to command a potentially better resale price!

Updated on July 20, 2018 8:07 am

Fiona Ho

3 Easy Ways to Increase Your HDB’s Resale Value

With HDB home prices on a steady decline, how can HDB homeowners achieve the best possible price for their resale? Yong Chee Chung (Shaw), Key Executive Officer (KEO) at Century 21, and Sharifah Kamariah, Division Director of ERA Realty Network Pte Ltd, offer tips for sellers.

You’ll be surprised at how you don’t even need to go through major renovations to command a potentially better resale price. Read on for more:

1. Clean up and declutter.

A home that is messy, cluttered, and disorganised can be a real deal killer for potential buyers. Which is why it is so important to remember that less is more when it comes to selling your home. As ERA’s Sharifah puts it: "You don’t need a $100,000 renovation, but your home has to be pleasant to the eyes."

To achieve that, she advises home sellers to first make an effort to declutter and to use minimal furnishings. "A home that is neat and minimally-furnished puts potential buyers at ease, and offers room for them to think about how they can furnish and utilise the space when it is their own," Sharifah tells EdgeProp.

That’s not all, a property’s presentation can also impact its valuation, says Century 21’s Shaw. To ensure you get a better valuation for your home, make sure you throw out or pack away "unnecessary items" such as old newspapers, family photos, trinkets, knick-knacks, toys, and old clothes.

"Doing so will make your house look bigger and provide a better overall vibe," Shaw opines.

2. Freshen up your interior with new paint.

This is a simple and inexpensive way to enliven the look of your home. A fresh coat of paint in neutral tones can create a clean and polished look. Classic colours like white, off-white, beige, or pastel shades are your best bet, as they have a timeless effect and a broader universal appeal. White or light colours make a house look bigger and cleaner, says ERA’s Sharifah.

"On one occasion, we personally arranged for a painter to paint our client’s living hall white from its original green colour. A week later, the house was sold," she shares.

For the best effect, turn on all the lights and open all your windows during a viewing, says Century 21’s Shaw.

3. Repair and upgrade.

A wonky doorknob, a squeaky door, or a leaky faucet may not seem like a big deal. But these minor defects can have an impact on your selling price. Fortunately, they’re also typically quite easy to repair. Start by listing them down and getting them fixed accordingly.

Century 21’s Shaw advises home sellers to pay special attention to flooring. Smooth and spotless flooring creates an impression that a home is clean and well-maintained, especially in areas like the kitchen and the living room. "So do look into repairing any defects or damages that may have resulted from daily wear and tear. If you are not able to do so, you may consider covering it with a carpet or using furniture like a table," he says.

In general, homes that are better-maintained tend to command higher prices, as ERA’s Sharifah can attest to: "Late last year, we sold a 30-year-old five-room flat at Bedok Reservoir at about $50,000 above the estimated valuation of the property. It was a very rare scenario, considering the market situation and also the fact that there has not been any transactions in that block for at least a year," she shares.

"But because the house was still in tip-top condition after being renovated about five years ago, the buyer’s wife immediately fell in love with it," says ERA’s Sharifah.

Article originally published in EdgeProp.sg. Edited and reposted with permission

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