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Hi,

With current market sentiment, it is more advisable to secure a buyer for your unit first before purchasing. If you have an urgent need to sell, you may want to consider a 6-month temporary lease nearby the condo you are going to purchase later to see if the environment suits your lifestyle. Mortgage financing wise, you can let your bank know your intentions (to sell and buy) and they will do an in-principle loan approval accordingly. The final loan disbursed may change depending on your circumstances then.

Thanks and may I have more info to value-add to your housing plans further?

Warm regards
Ivan ERA
 97432395 
Ivanng10@gmail.com
Website: http://www.ivanng10.com/#!reviews/c11r1
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Hi Dan,

In typical scenario, selling first would be a safer option as it safeguards you from having to pay 2 mortgages, and limiting you from coming up with huge amount of cash upfront for the purchase. With the recent announcement of the HSR terminal being in Jurong East, you can probably ride on the proximity to this development around Jurong Lake District, unless it is still very inconvenient to access these developments, you should be looking at decent demand for your existing property if you price it competitively (not compromising your purchase plans ahead). Significant supply of units are still available in the eastern sector of Singapore therefore you should be in good state in terms of variety of choices.

As you are currently still servicing a mortgage loan, your loan eligibility is significantly compromised if you decide to purchase first before sale. I will highly encourage you to speak to a qualified banker for their professional opinion when it comes to financial advises as our profession is in the real estate domain. Should you need a number to call, feel free to let me know.

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Geryl LIM
Real Estate Director
Masters Of Real Estate
M.O.R.E Property Pte Ltd (L3010548F)
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Mobile: +65-81577565  /+65-92787772
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Good day Mr Dan

In your situation, You have to sell your property first before you commit to buy next property .

Kindly contact me for a no-obligations chat for your property needs.

My charges are 1% commission for exclusive selling rights to your property or 2% for open listing .

Joanne chia
Hp 8333 3327  Read More

Hi Dan, it would be a better option for you to sell away your current condo first. Find a temporary lodging before you move into another unit in the East. The moment your unit is sold, the lawyer will be settling the present loan redemption for you and after that, your next loan purchase will be back to 80%.

Regards
Aaron
 97308455 
aaronchong2774@yahoo.com.sg Read More

Hi Dan!

In the current market, it would be advisable to sell your unit first before purchasing another. During the transition period, you could consider renting a unit short term while waiting for the unit you have purchased to be ready to move in.

Hope to be able to assist you further! Thanks!

Bhavina
Senior Marketing Manager
ERA Realty

M: +65 91708295 
E: bhavina7777@gmail.com
W: investbuysellrent.com Read More

Good evening Dan,

It will be advisable to market your current unit for sale first while keep a lookout for purchase but don't commit first.

You can time both transactions properly so you don't have to shift twice.

Once your buyer has excerised on the sale, you can exercise for your purchase. Lengthen the sale duration so you have enough time to renovate and move into the new place (you might have to take up a short term bridging loan for purchase).

I will not recommend you to purchase first as your loan quantum will be 50% and you will be subject to additional buyer's stamp duty which you have to fulfill certain criteria to claim it back.

Hope my explanation helps!

Will love to assist you with your property needs. Hear from you soon!

Have a great weekend ahead!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com
(W):www.propertyavenue.com.sg Read More

Dear Dan,

Below are my answers to your queries.

1) Based on the current market, it will be more advisable for you to sell before you buy. You will be restricted to only 50% loan if you decide to buy first.
2) You can talk to a banker and they will be able to assist you on the loan estimation.

Hope that I have answered your question.

Feel free to contact me if you need more information.

Thanks and Regards
Johnny Goh
R018297H
Team Associate Director
OrangeTee.com Pte Ltd
Mobile: 90906267 
Email: johnny.goh@orangetee.com
Website: johnny-goh.com Read More

Good morning Mr. Dan K,

Thank you for your query.

I would like to propose an alternate option that is to rent out your existing unit in the west and use the proceed to rent a similar unit in the east. Some of the benefits are as following:

1. Savings in Buyer's Stamp duties (minimum 3% - $5,400), conveyancing fees in selling and then buying (around $5,000), marketing agent’s fee of at least 1%, renovation expenses for new home and many other hidden costs
2. Renting also provides flexibility should you be required to move back to the west within short period and avoid the pressure to sell new home in the east with hefty financial penalty in the form of SSD of up to 16%
3. If you have bought your condo earlier at cheaper price, you may enjoy higher rental yield should you rent it out as compared to the burden of a higher mortgage repayment for the new condo in the east if bought at higher price with higher mortgage interest rates

I hope to have an opportunity to meet with you to carry out detailed analysis on the rental and price valuation of your current property as compared to your choice units in the east and then decide on the best possible option.

As we do not get prompted here, kindly contact me directly at any time to your convenience.

Thank you and have a pleasant weekend.

Warm Regards,
Karrien N. Chan
CEA Reg. No.: R052532H
Mobile: +65 82250212 
Email: karrien.realty@yahoo.com

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