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Hi Sir/Mdm,

1. You may need to plan the timeline carefully as I understand you are selling your current place and purchase another place concurrently. Careful planning will ensure that the transition is smooth and you will not need to find a temporary place to stay.

2. As you have already retired and have no income, you will not be able to secure a loan unfortunately.

3. You may want to consider getting a resale condo or one which is going to TOP soon so that you may move in once the sale process is completed.

4. These are the fees that are involved:
a. 1% Option (of the purchased price)
b. 4%/9% Exercise Fees (of the purchased price)
c. Stamp Duty (slightly less than 3% of the purchased price)
d. Conveyancing Fees ($2,500 to $3,000)

5. You will be eligible for the Additional Buyer Stamp Duty remission if you are buying the 3BR together with your spouse.

Please feel free to contact me so that I can understand your situation better and provide you with further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

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Mr & Mrs Tan (Seller of Inter-Terrace House) Read More

Hi,

Thanks for sharing about your plans. It will be great if I can have more details so to able to plan the timelines carefully together to ensure the transition is hassle free and the finances are lined up nicely.

Unfortunately, for retirees with no income, you can't take a mortgage loan.

Would you need the sale proceeds from your current place to purchase the next home? Depending on the type of property you go for (close to TOP or resale), the payment can vary accordingly.

Assume you are going for resale, the typical payments you need to take note within 1 month are:
1% option fee
4% option exercise fee
3+7% stamp duties and legal fees (BSD+ABSD)

We will have to delay completion since it takes time to secure the buyer for your penthouse, and have to manage the 3BR seller's expectations.

The 7% ABSD we can apply for a refund, with IRAs approval, much later after you sell away the PH, if this PH is your 1st property and 1st matrimonial home, and you are purchasing jointly your 2nd property, and one of you is SC.

With current market sentiment and loan curbs, it could take quite a longer time to secure a buyer, especially for a PH where the quantum is large. As such, it might be prudent to do both sale & purchase concurrently. I understand your would feel more comfortable to secure a unit you like first before looking at the sale, it can be done but it depends on the finances on hand at the moment. It will be ideal if I can have more details so to make better recommendations. I'm also working with a couple who's looking at an unique penthouse at the moment to house their parents, perhaps if you don't mind they can take a look?

Thanks and hope to understand your requirements further so to detail a more customized plan and make better recommendations. Thanks and look forward to value-add to your housing plans further.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Morning,

As retirees, banks would not be able to provide you with mortgage loan for the purchase. What I can suggest is that we help you market your unit first and upon securing a buyer, we start to hunt for the unit which suits your requirement. We will need to draft the timeline and work closely to it. This will prevent both of you from being stranded without a roof over your head. If you were to require CPF funds that's being locked up by your current unit, we will also need to work with CPF board to understand how much CPF funds can be set aside for the upcoming purchase.

Do feel free to contact me should you require my assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi Sir/Mdm,

The only fee that would be above your purchase cost is the BSD + Legal Fees of 3%; I'd highly recommend you to start marketing your penthouse right away, and only proceed with any purchase planning after you get some interested buyers.

There's definitely no absolute rush to make the purchase immediately, but solving the selling issue would be impertinent.

Feel free to contact me at your convenience, and I'd do up the detailed financials for you, before you even proceed to make any commitments or decisions.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More

Hi Sir/Mdm,

The only fee that would be above your purchase cost is the BSD + Legal Fees of 3%; I'd highly recommend you to start marketing your penthouse right away, and only proceed with any purchase planning after you get some interested buyers.

There's definitely no absolute rush to make the purchase immediately, but solving the selling issue would be important.

Feel free to contact me at your convenience, and I'd do up the detailed financials for you, before you even proceed to make any commitments or decisions.

Thanks and regards,
Teck Chuan, Ng
BBA (Finance), NUS
ERA Realty Network Pte Ltd
Mobile: 9137 4602  Read More

Good morning Sir/ Mdm,

As you plan to purchase first then sell, you need to have ready funds and a loan to do so.

Both of you are retirees thus you will be unable to apply for a bank loan so I assume you will need to sell first and get the funds from sale to finance the purchase.

In this slow moving resale market, it will be best to market your unit for sale while at the meantime, source for an unit to purchase concurrently.

We need to discuss and lengthen the timeline with the prospective buyer so you dont have to stay in a temporary accommodation while waiting for purchase completion. Perhaps you can consider to rent the unit back from him for a few months.

If you take up my suggestion, your initial expenses will be as such:

1) 5% cash (1% option fee; 4% exercise fee)
2) estimated 3 % buyer's stamp duty within 2 weeks from exercise date
3) $2.5k legal fee
4) valuation fee etc

The balance usually is paid 2 weeks before completion date.

Hope my sharing is beneficial to your downgrading plans.

May I know how can I continue to value add in your property needs?

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

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

Hi,

Re: Our Preferred SG Professional- Agent.myweb.sg & Agent.irealtor.sg

For case like you, firstly you need to concern about the ABSD +BSD based on your citizenship. If you under the foreigner status, will not be advisable to sell and buy due to retirement and excessive buyer stamp duties.

Contact me at 92222389  , we can discuss personally on the cash proceed you required to finalize which project to target at. MarineParade.com.sg

Feel free to engage me as your agent. I can assist you based upon your stated contents and walk you through the entire process with options.

Call me now, we can explore further in detail.

I am contactable at 92222389  or onassis@sgrealtor.com / sgagent.com

In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

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Hi,
It will be better to sell then buy unless you could secure a property loan. I am glad to assist you in the process to search and purchase a private condo. Fyi, there will be no agent fee as I could request to share the commission with the seller agent or the developer if it is a under construction project.
Please allow myself to share with you the available project in the east.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More

Good day and Thank you for your query,

As my fellow colleagues have shared several options of selling your 5 Bedrooms Penthouse and then purchasing the smaller condo in the East, allow me to explore a different option that is to rent out your Penthouse to generate rental income while at the same time rent a smaller unit in the East or other locations to explore new environments and find which unit suits your lifestyle best before eventually committing to purchase one.

With the rental income generated from your Penthouse, up to 70% may be recognised as income to allow you to apply for home loan provided you or your spouse are under 65 years of age.

If you are able to qualify for home loan with sufficient rental income generated, you may not need to sell your Penthouse after all and still be able to purchase a new smaller condo.

To achieve more accurate cash flow comparison of Sell Penthouse/Buy 3BR Condo vs Lease out Penthouse/Rent 3BR Condo/Buy 3Br Condo, we would require the following information:
1. Age and Citizenship of you and your spouse
2. Address of Penthouse to get latest bank/market valuation and expected rent

As we do not get prompted when you respond here, kindly contact us directly should you require additional information.

Thank you and have a pleasant week ahead.

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

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Dear sir/madam,

As both your spouse and yourself are already retired, assuming that there is no income, you are ineligible to obtain any housing loans unless you have a huge sum of money available in form of savings, investments that can be recognised to assist in applying for home loan.

Your next course of action should be finding out how much can your property fetch in current market and plan your purchase based on the amount of funds you can generate from the sale. I would not encourage you to take on any form of risks like renting out your current place and using the rental income to purchase another place although it sounds great to own 2 properties with the rental of 1 property paying off for your 2nd property.

As retirees, I am sure you would like to have some cash on hand to enjoy your retirement after selling and purchasing a new place. This is very likely your last 2 property transactions therefore it is advisable to really look into the details and plan out accordingly.

Tenants can visit http://bit.ly/ExpatsRent (Singapore Official Page - Expatriate Rental Profiling) to indicate your rental requirements.

Claim your free home report today at http://bit.ly/ClaimFreeReport.

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Regards,

Geryl LIM
Associate Marketing Director
Global Alliance Property (L3010679B)
CEA Reg R014783H
Mobile: +65-81577565  /+65-92787772
Email: geryl7772@gmail.com

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

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

No commission chargeable when i serve private property buyers .

NO additional buyer stamp duty ( ABSD ) payable if you sell your penthouse before buying a 3 bedder condo .

Joanne chia
Chia_joanne@yahoo.com.sg
Hp 8333 3327  Read More

Dear Sir/Mdm,

Simply sell first, get the cash, and see what to buy next.
However if you still want to do a sell and buy at about the same time. I have a legal way to do it where you can get the cash needed to pay for the downpayment for the next purchase.

Please kindly give me a call to discuss at 96722265  . Thanks.
Over 100million worth of property transacted by me till date.

Thanks Read More