Assuming i bought a private freehold property at 1 million inclusive of all legal, stamp duty etc. assuming this property is rented with rental income barely covers mortage. I would like to know what is the % increase in the property price in order for me to break even to sell the property?
To be able to assist you succinctly, perhaps you could share more inputs , so that I can conduct a comprehensive calculation and exhibit your yield and % growth. It will be more beneficial.
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You will need the property to appreciate by about 8 to 10% to break even. Please feel free to share with me more about your objectives so that I can understand your situation better and provide you with further assistance!
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It depends on when did you purchase the property. If you had just purchased it, and wish to sell it immediately, you will be liable for a 12% Seller Stamp Duty (SSD).
If you had held it for 1-2 years, then SSD will be 8%. If u had held it for more than 4 years, then there will not be any SSD.
You might also want to factor in the Agent's commission, Legal conveyancing fees, Bank early redemption fee etc when you work out your calculations.
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Since it is a rented out unit, i would assume it is a 2nd property with 7% ABSD? + 3% BSD (total 10%)
And just drawing a ball park figure say 910K for property price.
as long as you hold after the SSD period, you should break with 10% gain by selling at 1m. Maybe we can meet up to further discuss and look at the details.
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