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Hi

You DIY?

You may text 9620 0827  for a casual chat.

Warmest regards

Gavin Read More

Hi,

Yes its possible to complete the purchase first, assuming the cash, CPF OA + HLE amount is able to cover the total of the purchase price, stamp duties, legal fees and agent success fee.

Assuming its feasible, the pros would be you can have more time to renovate the next place and can move in first before you need to sell the current Flat A. This would ensure a smooth transition.

The downside would be, you would be servicing 2 HDB loans concurrently for the transition period, and the 2nd HDB loan rate is slightly higher during this period. There is also a timeline constraint to sell your Flat A within 6 months of key collection to Flat B (hdb regulation. and this may affect the sale price since timeline becomes crucial).

Another downside is if you are using HDB loan for the 2nd time, you need to set aside 50% of the sale cash proceeds of the current Flat A sale and use it to fund the purchase price of the next Flat B. If your objective is to have more cash on hand after the sale, you might be better off going with a bank loan.

I have worked on various similar cases and would be happy to share the best approach for a smooth transition. You can look at some of the client reviews below.

https://www.youtube.com/watch?v=H5SgSTJ1Imk

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
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Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
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-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --

I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.

-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --

I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan.

-- HDB Jurong West 5-RM Sellers, Exec Apartment Purchasers, Lenz & Michelle --

We would like to thank you for ensuring a smooth and well-explained process throughout the whole selling and buying of our property. Read More

Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, in your case yes you could always buy first and then sell away the existing flat after that.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi!

Yes, you will be able to purchase Flat B and dispose Flat A after the purchase is completed.
However, do note that you will have to dispose Flat A within 6 months of key collection of Flat B - which may be a pretty tight timeline for disposal.

You will also be required to pay for the ABSD stamp duty fees as well. You may apply for ABSD remission if you are purchasing Flat B as a couple.

There are actually quite a few factors to take note of for the situation that you have shared.

Please feel free to contact us at 9724 9731  and we will be very glad to assist you further.

Regards,
Brandon Toh and Vivien Koo Read More

Hi,

1) I see your intent to use an HDB loan again, assuming in general cases, our 1st BTO used HDB loan as our 1st choice.

2) To use 2nd HDB loan, there are few things you need to be aware of:
(a) 50% of cash proceed has to be used on the purchase of 2nd flat.
(b) This cash proceeds is automatically deducted by HDB.
(c) HDB will only loan the remaining amount after deducting this cash proceed and the 10% downpayment.
This is to minimize your mortgage loan at the end of the day.

3) So you have to plan carefully on your finance because I also see that you have forgotten about the buyer stamp duty and legal fees.
These also can pay using CPF if there is a sufficient amount, otherwise, you have to prepare cash for them.

4) Advantages of buying first:
(a) can slowly take your time to search for your ideal home.
(b) you can do your renovation slowly, which became a norm now since most if not all contractors do not have enough workers to go around.
(c) You may only shift when your next home is ready and no worry of being stuck in between.

5) Disadvantages are
(a) you only have 6 months to sell, the timeline is quite tight.
(b) You might not be able to receive your ideal price due to the given deadline.
(c) You cannot make use of your CPF and cash to put in more on your next home.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

Note:
Any response to our answer does not reach us.
The best way to get a follow-up is to Whatsapp or email us directly. Read More

Dear Sir/Mdm,

Buying first is a good option because the HDB market is moving quite fast recently and if you sell first before buying, you may face a situation that you may not have a place to stay and therefore will need an interim housing solution.

It is recommended that you plan the purchase and sale concurrently with the purchase first and then followed by sale. The steps that you have listed down is correct but you may want to consider taking bank loan instead as taking a 2nd HDB loan, you will be subjected to the right sizing of loan and HDB interest rates are also much higher as compared to the current bank loan.

I have assisted may of my clients in the same situation to plan their upgrade. Please feel free to contact me so that I can understand your situation further and draw up an upgrading plan for you taking into considerations your timeline and finances.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

Visit my website to get to know me better:
www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

Testimonial from Satisfied Clients
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the co Read More

Hi,

This is possible, if you have sufficient funds for the purchase without needing to sell off your current flat.

In fact, I am handling a very similar case. My client is looking to purchase first, and then sell off their current flat within 6 months upon the completion of their purchase.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More