Good morning Sir/ Mdm,
The costs and taxes for your purchase will depends on whether you sell your condo in Tampines first.
If you decide to sell off your condo first, you will be able to loan up to 80% bank loan (if your existing HDB is fully paid) and subject to additional buyer's stamp duty (ABSD) of 7% as a Singaporean (second property purchase).
If you decide to purchase a third property (condo in a better location) first, you will be able to loan up to 80% bank loan only if you dont have any outstanding housing loan for two existing properties and ABSD will be 10% as a Singaporean.
Costs for condo property sale:
1) Legal fees
2) Agent's commission (2%)
Costs for condo property sale:
1) Legal fees
2) Stamp duties
To avoid paying additional 3% ABSD, I will recommend you to sell off existing condo first (issue OTP) and go for a longer completion period.
Once buyer exercises your sale OTP, you should make an offer and obtain an OTP for your purchase (resale unit). Go for a shorter completion period so you can have a smooth transition. You wont have to find a temporary accommodation. You may wish to obtain a bridging loan (if necessary) if you require funds from your sale into this purchase.
But if you are going for a new launch, probably you may wish to move back to your HDB temporarily while waiting for it to be completed.
Hope my explanation helps!
If you need any assistance or advice in your property needs, feel free to contact me. Cheers!
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
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