2 Answers

Brandon Aw ERA
Hi Melvin,

Perhaps we can keep in contact? Other costs involve agent fees, lawyer fees, stamp duty, renovation, monthly maintenance.

Let me know.

Brandon -ERA Marketing Director
HP: 8233 23 23
Email: aw.brandon@gmail.com
Alan Low
Hi Melvin,

Buying a Condo or a home is a big capital investment. A brief on the cost calculation is very much determined by these 2 keys factors:
- your age
- Credit Liability

In the current market, credit crunch, my sincere suggestion is for you to engage a Mobile Banker to workout your In Principle Approval on the maximum allowable load for your purchase FIRST before your HOUSE Hunting. (without obiligation, I can introduce some of the very good Bankers for you - NO Cost/Obligation at all)

- will determine your number years of loan you can stratch thus determine your monthly instalment value.
Credit Liability:
- Your maximum CPF withdrawal limit, determine when your full cash instalment kicks in.
- Determine the % of loan you can get from your BANK.
- Your other Loan (credit cards/Car/HDB/Businesses etc)

On top of these factors, the other fees are
- 1% + 4% of Purchase Price as OPTION FEES IN CASH.(within 2 weeks)
- can use up to 95% CPF (determine on availability and approval)to cover your Stamp Duties and Loan.
- $2500 & above, varies according to purchase price, Legal Fees (part subsidised by Bank)
- Agent Fee (not needed for buyer, Owner pays agent commission)
- within 2 weeks Stamp Duties (3% of purchase price - $5400)
- Renovations (if you buy a Old condo)
- Monthly Maintanence Fees + Sinking Fund (may affect your buying decision as projects to projects varies)

Wah!!! A long message :-)
I hope the above helps, if need further clarification, do contact me @ 91465252 without any obligation.

Happy House Hunting !!!

Cheers !!!
Alan Low