Are you taking a HDB loan for your current flat, and intend to contra and take another HDB loan for your new flat? If so, you must sell your current flat first before you can buy your new one. For Contra, your timelines must be managed carefully otherwise both transactions will not go through.
If you are taking bank loan, you can sell your HDB within 6 months of key collection to your new flat. Again, with current market sentiment, it might take 3-6 months to successfully find a buyer. Thanks and may I have the opportunity to assist with your marketing your unit?
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In today's market, it is advisable to secure a buyer for your place before committing to a purchase such that you will not be put under duress for the sales portion after committing to a purchase. Another note to take for such transactions will be the financial health of you as a purchaser, whether you can afford to pay for both mortgages if you decide to buy first and then look for a purchase for your sales unit. This could be taxing therefore do your financial assessment first and weigh out the different options. If you have not gotten your HLE/IPA done, it is advisable to do so first before embarking onto the sales and purchase process.
Let me know how my HDB resale team of consultants can come in to value add the entire process of sales and purchase.
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It is advisable to sell your flat first before committing your purchase. Feel free to contact me for further discussion on the procedures.
Propnex Realty Pte Ltd
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if you have ample cash for the downpayment; you can go ahead with your purchase first. Otherwise in today market it will be advisable to sell first as now it will take at least 3months to sell of a unit.
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Kindly contact me for a no-obligations chat for your property needs .
My charges are 1% comm for exclusive selling rights to your property .
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