Dear Mdm,
1) There will be no resale levy when you purchase a resale flat. However, resale levy is payable when you purchase a new BTO or an EC.
2) It is definitely a positive sale for you as your unit is a BTO. Sales Proceed = Sales Price - Outstanding Loan - CPF + accrued interests to be refunded.
3) As long as you are below the age of 55 years old, you are able to use 100% of the funds refunded towards your next purchase! There is no restrictions on CPF funds usage!
4) Contra is possible but usually not advisable for your case as contra involved using HDB loan for your next HDB purchase. Upgraders choose not to use conta because HDB interest rates at 2.6% is higher than current bank rates of about 1.5%. Secondly, owners will only be able to cash out 50% of their sales proceed if they choose to use contra.
Instead, your upgrading timeline and your finances can be planned in a manner that you can sell and buy with minimal disruption.
I have assisted many of my clients in a similar situation as yourself living in Punggol and Seng Kang. Just last month, I have also transacted a 4 room unit at Punggol at a record price with a Cash Over Valuation of $38,000.
Please feel free to contact me so that I can gather more information from you and share with you in details how you should plan and implement the upgrade plan!
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)
"We are writing to formally thank and commend Nick Tan for his help in our recent HDB buy
and sell transactions, which were completed within a very tight timeline and in a fuss free manner.
My wife Jessica and myself are owners of a 4 room HDB unit, planning to upgrade to a HDB Executive
Apartment unit to accommodate our growing family. We just received our 2nd boy about a year ago. As
HDB doesn’t allow us to own 2 houses concurrently, we had to time the sale and purchase of our flats
very carefully, to avoid a situation where we are forced to vacate our existing flat and left homeless
waiting for the new place to be ready (after allowing time for renovation).
As it turned out, we managed to sell our current place within 2 weeks of listing (essentially just 2
weekends of home viewings) and we secured our new place the following week. Despite the tight
timeline, the existing place was sold at a record price for units in my neighbourhood.”
Mr & Mrs Lim (HDB Upgrader)
“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)
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