Thank you in advance.
The usual procedure when applying or a BTO flat is to place a downpayment for it upon the signing the Agreement for Lease. As such, you would have already placed your 10% deposit, assuming you are taking an HDB loan. If you are taking an HDB loan, then most likely, your monthly mortgage (in cash or CPF) will kick in upon the collection of your key.
I think what you meant is you will need the sale proceeds to finance your renovation and the disbursement of CPF funds to your ordinary account, in order of importance. Generally, it will take 6 months for a property to be marketed, sold and completed. Assuming you are getting your keys on 30th April 2022, you can start marketing your unit in November 2021. Assuming you secure a buyer in January 2021, the entire sales process can take between 6 to 8 weeks which means a probable completion date in March 2022. If you need more time, you can apply for a Temporary Extension of Stay. Given your situation, HDB will usually exercise some flexibility. You should write in to HDB should you have any concerns.
Since you know your financial information, you can also use HDB's Sale Proceed calculator here: https://services2.hdb.gov.sg/webapp/BB24SaleProceedCalculator/BB24SSaleProceedsCalc/
Do note, if you had used your CPF, the amount with accrued interest will need to be put back in your CPF account. You can check how much amount was used by logging in with your SingPass to CPF's website here:: https://www.cpf.gov.sg/members
Hope this answers your question.
In this case, to be able to collect the keys to the BTO, the sale proceeds and CPF need to be ready by the time you meet up with the BTO officer. The whole resale process, in the earliest period, takes about 3.5 months from the first deposit to unit handover. Adding another 2 to 3 months marketing period to secure a buyer, it takes about 6.5 months.
Working backwards, assuming the key collection is in April 2021, it is actually ideal to start now and do some planning and coordination. May I know which BTO are you moving to? Have worked on similar cases and happy to share more on how best to work out a smooth transition plan. The market rate for sale commission is typically 2% of sale transacted price + GST. I believe the more important thing is to work with an agent who can be committed to your plans and is professional and competent to meet your requirements and plans.
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.
Ivan Ng Realtor
ERA Senior Marketing Director
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-- 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.
We appreciated your process of selling and buying of our property are very systematically and well executed, from financial calculation to the purchase procedure of our new house. We are always being updated thru our group chat during the engagement of your service.
We would never expect such a smooth sailing experience of selling and buying of property. Your professionalism in work will definitely be remembered and rewarded. All the best in your property venture!
-- HDB Hougang 4-RM Sellers Mdm. Ng & Jean --
Ivan was the first and only agent that we met before engaging him as our exclusive agent. At the first meeting, Ivan meticulously went through the entire sale process. As we were not familiar with the procedures, he spent extra time to explain what was required from us and what we should expect.
After a week of preparation, Ivan came to take photographs, and once the advertisements were up, we had interested parties coming to view the apartment the very next day. Within a week, we had secured an offer from the buyer. Ivan was reliable and responsive, and he made the entire process smooth and hassle-free
I have assisted many of my clients who are in the same situation as yourself to transit smoothly and seamlessly from their current HDB flat to the new BTO.
Once the buyer is secured for your flat then we will plan the timeline for you to collect the keys for your new flat. There will also be sufficient time for your CPF funds to be reuse for the new flat.
The commission for selling is 2%. Please feel free to contact me so that I can understand your situation better and provide you with further assistance and advice.
(M) +65 9644 4854
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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 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.”
“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled