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New homeowners often focus on the price of the property, but not the additional fees, stamp duties, and recurring charges. It’s a common mistake to think these “miscellaneous” costs don’t amount to much - in fact, they can sometimes be the deciding factor when it comes to real estate investment. Even for homeowners, it’s best to keep the following in mind, so you can budget appropriately.
1. Buyers Stamp Duty (BSD) and Additional Buyers Stamp Duty (ABSD) rates
The BSD applies to all properties, even HDB flats. The amount is as follows:
- 1% of the first $180,000
- 2% of the next $180,000
- 3% of the next $640,000
- 4% of any outstanding amount
2. Sellers Stamp Duty (SSD)
The SSD is as follows:
- 12% if sold on the first year following purchase
- 8% on the second year
- 4% on the third year
3. Lawyer fees / Conveyancing fees
For HDB properties, the legal fees can range from a few hundred dollars to over a thousand, depending on the resale flat price as well as your choice of loan (whether it’s an HDB or bank loan).
For private properties, the fees often range between $2,500 to $3,000. This can sometimes be paid with CPF, depending on the law firm involved.
4. Valuation fee
These firms often charge between $500 to $700, depending on the size of the property. Some banks may absorb this cost, so do bargain a bit; or get a mortgage broker to negotiate for you.
5. Insurance premiums
The exact cost of insurance premiums varies; like health insurance or car insurance, it is based on factors like your age, profession, health, etc. You should work out the monthly costs, and factor this into your overall home costs.
For more, visit our full article here: stackedhomes.com/editorial/9-...
Chapters
0:00 - Intro
0:54 - #1 - Stamp Duties
3:29 - #2 - Seller’s Stamp Duty
4:23 - #3 - Lawyer/Conveyancing Fees
4:49 - #4 - Valuation Fees
5:44 - #5 - Insurance Premiums
6:29 - #6 - Loan Interest Rates
7:39 - #7 - Renovation & Furnishing Costs
8:22 - #8 - Monthly Maintenance Fees
9:40 - #9 - Home Maintenance & Repairs
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Stacked is an online editorial aimed at helping Singapore home buyers, sellers, and renters make better decisions. By regularly conducting research and publishing our findings, we hope to give our readers a much better perspective on buying, selling, or renting Singapore real estate.
Editorially independent, our articles are published in-house and do not receive sponsorship. We hope to provide unbiased, reliable content that our readers can use.
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