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Thread: need advise - upgrade to condo 101

  1. #1
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    Default need advise - upgrade to condo 101

    i am looking at upgrading to a private condo (looking at those TOP soon) from my hdb...will leverage on the cash proceed from my hdb sale to pay the cash portion of the condo...how to time the sale & purchase? What are the good & bad experiences on this...

  2. #2
    ex-Mcfarlene fan

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    i guess a few questions you have to ask yourself is:

    How long can i wait to get the right price?
    What matters to me most? price , location or amenities?
    Which area am I looking at?
    How much loan can I afford to take?


    Those recently TOP projects has seen an increased in the prices due to the strong sales going on last mth. We have to wait for another market downturn or financial crisis for prices to soften abit again. So far, the mass market condos prices are holding pretty well even in bad times. I guess it just boils down to patience and comfortable level of paying.

  3. #3
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    Quote Originally Posted by coral
    i am looking at upgrading to a private condo (looking at those TOP soon) from my hdb...will leverage on the cash proceed from my hdb sale to pay the cash portion of the condo...how to time the sale & purchase? What are the good & bad experiences on this...
    If that's the case, then you need to sell your place first before committing to buy. Selling HDB (after buyer exercise option) will take 6-10 weeks minimally. The cash portion for the sale proceed will be given to you at the 2nd appointment, which is at the end of the transaction.

    For buying, here's the outlay.
    1% Cash booking fee - when u agree to buy and set the buying price
    4% Cash - When buyer exercise option
    Stamp fee (cash) - within 1 month of buyer exercise option.
    15% Cash or CPF / remaining with bank loan - When completing transaction

    You may want to consider bridging loan. Again to apply, you need to show the bank that you already sold your HDB flat (by producing the sales agreement).

  4. #4
    ex-Mcfarlene fan

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    oops, sorry didn't read your question well enough. thought you were asking about the factors buying a property.

  5. #5
    Global recession is coming....

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    You need to sell your HDB first. Then, use the buyer's exercised OTP (Option to Purchase) to get bridging loan as you will get the cash amount only when HDB sale transaction is completed and for HDB sale, timing is a bit uncertain as you need to fix appointment for 1st appt and 2nd appt etc and can take 3 months or more whereas for private property the latest completion date is always as stated on the OTP unfront (usually 8 or 10 weeks from OTP issue date).

    Quote Originally Posted by coral
    i am looking at upgrading to a private condo (looking at those TOP soon) from my hdb...will leverage on the cash proceed from my hdb sale to pay the cash portion of the condo...how to time the sale & purchase? What are the good & bad experiences on this...

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