Hi Sir,
Yes if you were to buy a new EC, you will be required to sell off your current HDB. You will be considered as a 2nd timer and will need to pay a resale levy, the amount will be dependent on your current flat type.
I would advise you to either buy a 2nd property (if you are not over stretching yourself) or upgrade from a HDB to a condo.
If you are buying a 2nd property, you will need to pay an Additional Buyer Stamp Duty (ABSD) of 7% on top of the normal stamp duty. The amount of bank loan you are eligible will also depend on whether your current HDB is fully paid up. If it is paid up, you will be eligible for up to 80%.
For upgrading to a private condo, you will NOT NEED to pay an Additional Buyer Stamp Duty (ABSD) and you will also be eligible for the max 80% loan, enabling you to leverage fully. You may also minimise your cash outlay by recycling the funds used on your current HDB into the next property.
As for whether it is a leasehold or freehold property, I would suggest you to evaluate the upside potential of the property instead of placing too much emphasis on the tenure. In summary, it will be good to take stock of your overall financial position before you decide on your next course of actions. Remember, buy within your means and do not over leverage! With these 2 principles in mind, you should be able to reap the rewards down the road.
Please feel free to contact me so that I can gather more information from you before I can give you some informed recommendations. Do note that I will not be able to see your reply here, so do contact me privately!
Regards,
Nick Tan
(M)
+65 9644 4854
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com
Testimonial from Satisfied Clients (2016/2017)
“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)
“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 completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)
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