If you have always thought of buying or selling your own HDB, there is no better time to do that because as of 1st January 2018, the new HDB resale portal has been launched in Singapore. With nearly 30 percent of transactions in the first half of 2017 being completed without an agent, this is a step forward in the right direction and brings about many benefits for buyers and sellers in Singapore.
So here is everything you need to know about the new HDB resale portal!
Market commentary like this is only useful if you can translate it into what it means for your own purchase: your entry price, holding period and exit options.
That's where many buyers get stuck. General market insights rarely tell you whether a specific unit, at a specific price, is the right decision for your circumstances.
Over time, that's also why we decided to work with agents who shared the same data-driven and advisory-led approach behind our editorial, consultants who could help readers think through decisions more objectively, rather than simply push transactions.
Today, the team has worked with more than 2,000 clients across over $5B in property transactions.
Faster resale transactions
The new HDB resale portal will enable transactions to be shortened considerably from 16 weeks to 8 weeks instead. This is because the portal integrates all eligibility checks within a single platform. Back before, there were many things to do such as submit a resale checklist and applying for a flat valuation. These were all different steps in different parts of the HDB website. However, now everything will be consolidated and done on one single portal. So now you will only have to go for one appointment with HDB instead of two previously. Considering many people had to take time off from work to attend these appointments, this means more free time for Singaporeans!
Do everything on the HDB resale portal
As the new HDB resale portal is a one-stop service, you will be able to see the whole resale process on the site clearly from start to finish. This makes the whole process very clear cut and straightforward as you will be guided from the start to finish. As you can log in with your Singpass, this will minimise the need for buyers and sellers to spend unnecessary time to key in any information as it will pull commonly used data by Government services for all relevant forms. You will also be able to check your eligibility to buy or sell the flat, the available quotas in your neighbourhood as well as the recent transacted prices of nearby flats (this is really useful).
HDB valuation done directly on the HDB resale portal
Another important change is that the valuation of a resale HDB will now be done on the portal itself. Previously, the buyer had to book a valuation with the HDB to get someone to come down to do a valuation. Now that everything is done online, this will truly streamline the transactions and expedite the process.
Cheaper transaction costs
The valuation done by HDB will now cost $120 for all flat types! This used to be $156.45 for 2 room flats and $226 for 3 room and larger flats.
Lastly, do note that electronic payment may be limiting in certain cases as the transaction payment may be too big so customers will have to go down to HDB hub to settle any payments. Also the site is currently only in english so non-english speakers may have trouble navigating the site. In these cases, it is suggested that you seek assistance from the HDB.
As always, if you have any comments feel free to reach us at stories@stackedhomes.com. If you like to know more about buying a resale HDB prices you can look at our guide on Punggol here!
Commentary like this is useful for understanding the broader market. The harder part is applying those ideas to a specific property, budget or decision you’re actually considering.
That’s often where a second opinion becomes valuable.
If you’d like to discuss how this applies to your own circumstances, you can reach out for a one-to-one consultation here.
And if you simply have a question or want to share a thought, feel free to write to us at stories@stackedhomes.com. We read every message.
Frequently asked questions
What are the main benefits of the new HDB resale portal introduced in 2018?
How does the new HDB resale portal make the buying and selling process easier?
What changes have been made to HDB valuation procedures with the new portal?
Are there any cost savings with the new HDB resale portal?
Can I make all payments online through the new HDB resale portal?
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[…] you can expect your Second Appointment in about 8 weeks as that will be the time it takes for the resale transaction to be […]