Dear Sir/Mdm,
1. As you have fully paid for your current condo, you will be eligible for 80% loan for your 2nd property if you purchase. However, you will need to factor in the Additional Buyer Stamp Duty of 7% into your financial plan.
2. Most bank will extend the loan up to the age of 65 years old.
3. Upon booking the unit, you will need to pay the % booking fees in cash. Within 2 weeks, you will receive the developer's sales and purchase document, and you will need to exercise the purchase within 3 weeks upon receiving with another 15% of the purchase price in cash or CPF. After exercising, you will need to pay the basic stamp duty of about 3% and the additional buyer stamp duty within 2 weeks. The loan repayment will kick start upon completion of the purchase usually within 8 weeks from booking.
As to whether to sell and upgrade or purchase another unit for investment, it is hard to me to give you an informed recommendation without looking at your overall financial situation. However, you will have least least another 20 years of earning power and therefore it will not make sense to do an downgrade at this point of time.
Please feel free to contact me so that I can understand your overall situation before I can better assist you. I will also like to find out your main considerations for MM.
Thank you.
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)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefited a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)
“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)
“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)
“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)
“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)
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