Seller's Stamp Duty of 4% will apply up until June 2016, if you sell between now and then. Factors to consider is quite a broad topic, it depends on your plans and which locations and projects you are looking. Thanks and hope to discuss further.
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Let me assist you with your enquiry.
Do take note that you have to own a residential property for at least 4 years to avoid seller's stamp duty (SSD). Currently you are in the 4th year, thus you will be subject to 4% SSD unless you sell it in or after June 2016.
Thus your expenses for sale if you sell now will be:
1) around $2.5k to $3k private legal fees
2) 2% of sale price as agent's commission
3) 4% of sale price as SSD
Btw do you intend to purchase first then sell?
2) sell current then purchase?
3) do both concurrently?
Probably you can share more information with me so I draft up a financial plan based for your sale and purchase.
1) address of current unit
2) CPF utilised plus accrued interest for current unit
3) outstanding loan for current unit
4) finances on hand (balance CPF OA funds and cash)
Usually the cost for a purchaser will be as such:
1) estimated buyer's stamp duty (close to 3% of purchase price)
2) $2.5k to $3k private legal fees
No commission payable to your real estate salesperson thus it will definitely be favourable to you if you engage the same person for your sale for your purchase as well. So he will be able to advise you better as he's more familiar with the whole timeline.
Hope my explanation helps!
If you need any assistance or advice in your property needs, feel free to contact me. Cheers!
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727
(M): +65 9111 5171
(W):www.propertyavenue.com.sg Read More
Thanks YT, for the detailed explanation. Looks like we will have to revisit this plan after next June then. Will keep your contact & reach out should we need anything.
Is your current condo fully paid already? We will need to explore the different options wherever possible for you to enjoy savings of the applicable stamp duty if we can understand more about your background of sale and purchase.
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