6 Mistakes To Avoid When Upgrading From An HDB To A Condo
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- Опубліковано 22 лип 2024
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When it comes to upgrading your HDB, one of the main concerns is whether to buy a new home first, or sell your existing place first. So if you are planning to upgrade to a condo from an HDB in 2021, here are 6 mistakes to avoid:
- Forgetting the OTP is negotiable
The standard length of the Option To Purchase is between 14 to 21 days. Don't forget this can be extended with permission from URA for up to 12 weeks for new launches.
- Losing the intended unit because you wait to sell first
In 2021, it's a general understanding that it is a seller's market, so unless you have a hard to move property, most people should not have trouble selling. Conversely, that means buying is difficult because of the demand, so you will need to plan your timeline very carefully.
- Misunderstanding the terms of ABSD remission
You can apply for ABSD remission afterward if your previous home is sold within six months. Note that this means six months after the TOP date of your new home (if uncompleted), or six months of the date of purchase of your new home, whichever is earlier. Don't forget this only applies to married couples and that one party has to be a Singaporean.
- No preparation for renovation delays and costs
In 2021, Covid-19 has hit the construction industry hard, so you can expect there to be delays when it comes to your own construction. With that in mind, you will have to be generous with your timeline planning - especially if you are upgrading from an HDB to a condo and have to renovate.
- No contingency plan for staying longer
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Chapters
0:00 - Intro
0:35 - #1 Option-to-Purchase (OTP) can be negotiable
1:41 - #2 Losing the intended unit when you wait to sell first
3:17 - #3 Not understanding how ABSD remission works
4:42 - #4 No preparation for renovation costs/delays
5:30 - #5 No contingency plan for staying longer
6:31 - #6 Selling first with nothing to buy
8:10 - Outro
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Upgraded from an HDB to a condo before? What are some tips you’d like to share with us? Leave your comments below!
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I enjoy listening to Ryan - articulate and knowledgeable. Keep posting quality content!
Thanks, will do!
Great content, all points raised are really important factors to consider when upgrading, were clearly articulated and easy to understand for property noobs like myself
Glad you enjoyed it!
Quality content. Thanks!
Glad you enjoyed it! Thanks for watching!
Lovely content. Succint, precise and very well articulated. Should do podcasts man!
Thanks for your kind words Lionel!
appreciate the great tips! could you please do a video on things to lookout for or what to prepare when seeing the lawyer for properties buy/sell?
Great suggestion! We'll take note of this!
Thanks for the tips. On a similar topic, do you have any advice for Retirees who are looking to right-size from House/Condo to Condo/HDB to cash out funds for retirement?
Hey there! We've written an article on this before that you may find useful: stackedhomes.com/editorial/5-handy-ways-to-use-your-property-for-retirement-planning/#gs.b00i74
Hope this helps!
Absolutely right.. it’s harder to find your ideal home at right price. I took more than 20 months.
Congrats on finding your dream home!!
So where's your place, what did
Thanks for the great advice. Would you consider doing a video for selling HDB flat and buying a brand NEW condo? With no known pricing yet, how can a buyer ensure that he doesn't sell off the flat, only to realize later the price for the new condo is too high? Thank you.
Hey Andrew! Thanks for your feedback, we'll consider that too! That's a problem which is why we think it's best not to sell first, unless you're prepared to rent. While pricing isn't really known, you could make an educated guess based on what the developer has bought it for. There are also websites that reviews the new launches and provide their estimates which can be referenced, but not guaranteed to be correct.
Hi Ryan, how would you advise couple who already bought a 2br condo, but kids came along and now wants more space (aka looking to buy hdb/ec). What would your advice be? Thank you!
Hi Daniel, everyone has their own needs, and in this case it would be hard to advise here since we aren't sure of your profile completely, e.g. how many kids you have, how old are they, is being close to a good school important to you, what your finances are like. As such, it's hard to say what is the next step you should take, but judging from the need for more space, it does seem that getting an HDB is a better option depending on your financial situation.
Upgrading from HDB to resale condo will be HDB take longer time to complete the sell process and sales process to come in. Anything to note with condo seller if they are willing to take on extended OTP?
What happen if the 1% deposit is placed, and buyer of hdb drags the process of HDB sale..
the standard timeline is about 8 weeks completion when both parties submit their resale application. Do buffer in up to 21 days for CPF funds to return and use for next home.
Hi good day.. What about stamp duties? How does it works? Pay first in cash? Or use cpf? Or able to remission back?
Hey there! ABSD can be paid in cash / CPF. there's no remission for BSD. You can find out more here: www.iras.gov.sg/irashome/uploadedFiles/IRASHome/e-Services/Other_Taxes/SD_FAQs%20on%20ABSD.pdf
Thank fo the fast response. Omg my agent told me i need to uses cash for bsd as time insufficient. Than while applying using cpf for deduct. Return cheque during completion.
if possible,can you make a video of downgrading from condo to resale flat / BTO. Thks
Thanks for the feedback - noted on this!
Dear Ryan . Quick senario question . Staying at a 20 year old Sembawang 4 room now. Just got a Kovan Wellspring BTO 4 room slot. What my pros and cons ? I am a 2nd timer HDB in this case.Please advise
congrats! thats a sweet sweet BTO spot.
Hey Andrew! Thanks for your question. We've done a full review of the August 2021 BTO exercise here: stackedhomes.com/editorial/august-2021-bto-launch-ultimate-guide-to-choosing-the-best-unit/#gs.aldmf6
Hope this helps!
Thanks to all good will... i just realised my Q384 out 455 ( 4-Room Kovan +4-room Citrine combined) - if the front Q1 - Q222 all choose Kovan = Thats the end of my Kovan dream
So long u a hdb..forget about pro n con..the time n hdb regulations always against u. People upgrade to private for long term gain..u hdb to hdb nothing to gain but a concrete flat.
Hello Ryan, can two PRs buy a HDB flat? If can, is it Brand new HDB or secondhand HDB? Thanks before
Hi! Yes, 2 PRs can buy but only secondhand (resale). More information is available at: www.hdb.gov.sg/residential/buying-a-flat/resale/eligibility
@@StackedHomes thanks for the quick reply, appreciate it.
ABSD remission is not applicable for singles?
Unfortunately not. You can see the list of stamp duty remissions here: www.iras.gov.sg/irashome/Other-Taxes/Stamp-Duty-for-Property/Claiming-Refunds-Remissions-Reliefs/Common-Stamp-Duty-Remissions-and-Reliefs-for-Property-at-a-Glance/
It's only for married couples.
@@StackedHomes Thanks for the reply. So, the only way to avoid paying ABSD for my case is that I have to sell off my flat before buying a private property, right?
Someone please give Ryan a raise. He's teaching us about upgrading property yet his house is made of chip wood.
🤣 That's the studio!
Whoever that buy PR8 at 2k psf is literally a vegetable head!