Unless you have been living under a rock, you would know that engaging a property agent in Singapore can cost you up to 2 percent in commissions. 1 to 2 percent may not sound like a lot, but when it gets to the millions of dollars, these amounts can really add up, sometimes resulting in more than the average Singaporean’s monthly salary!
I am sure that you have read about the agent who brokered a deal for a 51 million dollar penthouse in 2015, netting her a commission of a cool 1.5 million dollars in cash.
News pieces like this explain what's happening in the market. Our consultations are designed to help you understand what it means for your own property decisions.
If you're considering buying, selling or upgrading, we'd be happy to help you work through your options.
Saving on commissions is a big deal
Yes, just let that sink in for a second. 1.5 million dollars could buy you 3 5-room HDB flats, or a nice 3 bedroom condominium, or if you really want to be extravagant about it, the latest Lamborghini Aventador S Coupe (you do have to top up extra for COE).
As a result, there has been a rising trend of Singaporeans trying their hand at selling their own property. At Stacked Homes, we believe that selling your own home can be easy – we help you create gorgeous listings with our 3D tours and photography, thus helping you save on commissions! Of course, it would not be million-dollar commissions we are looking at here, so here at Stacked Homes we came up with 6 awesome big-ticket items you could possibly splurge on with the amount saved (and with the right credit card, you could possibly save even more on your purchases!)
#1) Engagement Ring for the Love of your Life
Home Price: $200,000
Savings: $4,000
Planning to propose soon? Every Singaporean guy would most probably have to go through this ritual of diamond research and trooping in and out of the usual suspects eg. Soo Kee, Lee Hwa. What about this gorgeous 0.7 carat diamond from Goldheart? Priced at $3,469, you are still left with a chunk of change to plan a wonderful surprise proposal!
Cost = $3,469
#2) A Zippy Motorcycle
Home Price: $300,000
Savings: $6,000
Tired of the ridiculous surge pricing from Uber? Perhaps you can consider a brand new Honda motorcycle (not inclusive of COE). Get to your destinations quickly by zipping through Singapore’s dense city traffic, although you do have to contend with the unreliable weather at times! You can now enjoy a 10% rebate when you wine & dine + $50 NTUC Fairprice vouchers with the CIMB Visa Signature Card when you grab a bite in between your travels.
Cost = $5,500
#3) Rolex Air King
Home Price: $400,000
Savings: $8,000
Rolex has always been one of the top few luxury watch brands in the world, and each piece will hold its value extremely well. This Air King model has just been recently updated. And at 40mm is a great size for the ladies as well!
Cost: $8,687
#4) The Devialet Sound System
Home Price: $500,000
Savings: $10,000
10 years ago, 10,000 dollars would have purchased you a more than decent sound system, but you would have needed a sizeable amount of space to store it. With these new futuristic looking speakers from Devialet (pronounced: duv’-ē-a-lay), the Phantom Gold blasts out 4,500 watts of power and can achieve peak volumes of 108 decibels, which in real world terms is about as loud as a motorcycle. With a very nice egg-shaped size with shades of rose gold, they look ultra sexy in any home. So good – you would want two of them. With the amount you have left, please get some good sound proofing for the sake of your neighbours. You can enjoy further savings of 1.5% on your purchases + $100 Takashimaya vouchers with the Standard Chartered Unlimited Card!
Cost = $4,200 x 2 speakers
#5) Luxurious Chartered Yacht Honeymoon
Home Price: $750,000
Savings: $15,000
Alila is well known for their brand of luxury and this insane cruise around the Komodo Islands is no exception. This charter is only for 5 lucky couples at each time and includes all meals and refreshments. It includes activities such as unlimited dives, kayaks, paddle boards, snorkeling, shore excursions and island hopping. Get ready to be pampered by a crew of 16, that is a ratio of more than one staff per guest!
Cost = $16,854++ per couple
#6) Singapore Airlines Suites
Home Price: $1,000,000
Savings: $20,000
Since 2008 when Singapore Airlines introduced their Suites Class, it has become the benchmark for luxury flying. They offer a private cabin (with an option for a double bed), with an interior designed by French luxury yacht designer Jean-Jacques Coste and plush cushiony leather by Poltrona Frau. The price for such extravagant luxury – $18,000 Singapore dollars for a round trip from Singapore to New York, for just the one blessed individual. You can now earn up to 12,750 bonus miles + $100 TungLok Vouchers with the AMEX KrisFlyer card to earn more miles and vouchers when you purchase your honeymoon package and/or a flight on SIA Suites!
Cost = $20,000 per ticket
A single headline is rarely enough to change your plans. The value comes from understanding how today’s news fits into the broader direction of the market.
If you’d like to talk through what a shift like this means for your own timing, purchase, or exit, 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 some luxury items I can buy if I save on real estate agent commissions?
How much can I potentially save on commissions by selling my property myself in Singapore?
What is an example of a high-value purchase I could make with the savings from avoiding real estate agent fees?
Are there any specific luxury watches I can buy with the savings from not paying real estate agent commissions?
Can I use the savings to invest in home entertainment systems?
What kind of luxury travel experiences are suggested as purchases from savings on real estate commissions?
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