Is It Worth Selling Your HDB Flat to Upgrade to a Condo?

Upgrading from an HDB Flat to a Condo: Is It Really That Hard?

Thinking of ditching your HDB home for a swanky condo? It’s a big move, but let’s break it down.

Step One: Get the Number on Your HDB Sale

First thing’s first—find out how much you could realistically get when you sell your HDB unit.

Check recent sale prices of similar flats.
Ask a property agent for an expert appraisal.
Don’t forget that a bit of renovation can bump up the value.

Step Two: Do the Quick‑Math Check

Put that sale price in a calculator and see if it lines up with the condo you have your eye on.

Condo price minus your expected sale proceeds = shortfall or surplus.
If it’s a surplus, you’re good to go. If it’s a shortfall, you’ll need to think about borrowing or building a bigger budget.

What If You Wanna Keep Both?

There’s always that option of holding onto your HDB flat while buying a condo. You can absolutely do that—just remember it’s a whole other set of headaches (and details) that we’ll tackle in a future post.

Final Thought

All in all, the math isn’t the only hurdle; the money side is more subjective. But press on—catch those numbers, crunch them, and you’ll see if the condo dream is within reach.

TL;DR: Can I afford to sell my HDB flat and upgrade to a condo?

To calculate estimated sale proceeds :

Getting the Skinny on HDB Flat Sales and Costs

Let’s break down the key components you’ll hit when you’re buying or selling an HDB flat.

1. Sales Price of the Flat

The sales price is the sticker number you’ll see on the listing.
It’s influenced by factors like the flat’s size, location, age, and any recent renovations.
Beware of price pumps in prime districts—do your research before you sign!

2. Outstanding Mortgage Loan

This is the remaining balance you owe on a loan you took to buy your flat.
When you sell, the bank will first recoup this amount before you get the cash.
Make sure the loan is settled or that the buyer can cover it; otherwise, your deal stalls.

3. Mortgage Loan Pre‑payment Penalty

Some HDB loans charge a penalty if you pay off the loan early.
The fee usually clocks around 1–4% of the outstanding balance, depending on how long you’ve had the loan.
Factor this into your budget—paying that extra could eat into your net gain.

4. Legal Fees

You’ll need a Conveyancer or Solicitor to handle the paperwork.
Fees typically range from SGD 2,000 to 4,000, depending on the complexity of the transaction.
Don’t ignore the legal fees for obtaining the Flat Trading Licence; they’re mandatory if you’re buying or selling the property.

5. Property Agent Commission

If you enlist an estate agent, they’ll usually take a commission of 1–2% of the sales price.
Agents can save you time, but the extra cost might not be worth it if you’re comfortable navigating the market yourself.
Always check if the agent’s fee is inclusive of all taxes or if additional charges apply.

Bottom line: Knowing these costs helps you calculate the real profits (or loss) from your HDB transaction. Keep a spreadsheet, double‑check each line item, and you’ll avoid nasty surprises that could spoil a smooth sell or buy experience.

To calculate estimated cash proceeds :

Understanding Your CPF Sale Proceeds: What Happens When CPF Money Is Used

So your property just sold, and you’re wondering why the sum of the sale looks different. Well, that’s because the CPF (Central Provident Fund) cash you used at the purchase comes back into play during the sale. Let’s break it down so you can see exactly how it works.

1⃣ Fetch the Numbers

Sale Price: The amount buyers paid for your property.
CPF Contribution: The portion of that sale that counts as your personal budget rather than a just good deal.
Net Proceeds: The amount you actually pocket after you’re set to return the CPF money.

2⃣ Why the CPF Money Must Return

Remember when you invested the CPF money into buying your home? That was a strategic move, not a free lunch. When the house changes hands:

CPF funds are collision‑free – you can’t pocket them entirely.
The system automatically deducts what you used and asks you to return that specific slice.
Think of it as a pay‑back plan for the good parts of your savings that helped get the house in the first place.

3⃣ The Sweet Spot: Your Actual Take‑Home

Subtract the CPF portion from the sale price, and there’s your net cash. That’s the real money you walk away with.

Example: SG$400,000 sale, SG$50,000 CPF used → SG$350,000 after the return.
That 50k is still part of your CPF account, ready for your next big goal or that dream vacation.

4⃣ Stay On Top of It

Your local property office or online portal should give you a calculation sheet. If anything feels off, reach out immediately – better double‑check than to let a hidden fee bite you later.

5⃣ Final Feeling Check

Sell a home? A big milestone! Knowing exactly how much you’ll get after the CPF return gives you peace of mind and a clean budget for the next adventure (or that extra 3‑pad of your wardrobe).

To calculate whether you can afford it:

What Your Wallet Looks Like When You Buy a Property

Cash you’ll get on the table: 5% of the down‑payment goes straight into your pocket. Quick, simple, and it’s the sweet spot you hope kicks off your ownership journey.

Your CPF stash: That juicy 20% of the down‑payment lands in your CPF account, but it’s a bit of a team effort. Alongside the stamp duty, legal fees, and agent commissions, your CPF contribution will cover these costs once you cross the finish line and sign the papers.

Breakdown of the Numbers

Cash proceeds: 5% of the down‑payment
CPF bank roll: 20% of the down‑payment + stamp duty + legal fees + agent commission

In a nutshell, the 5% gives you a little nest egg right off the bat, while the 20% plus all those other fees means you’ve got a built‑in safety net covering the big-ticket items that come with the property game.

How to calculate estimated sales proceeds from selling my HDB flat?

Crunching the Numbers for Your HDB Flat Sale

Want to know what pile of cash you’ll actually walk away with? Buckle up – here’s the quick‑scan list you’ll need to pull together before you sign on the dotted line.

Estimated selling price – Your best‑guess figure for the house after all the hype and reality checks.
Outstanding mortgage – The exact balance that’s still hanging over you from the bank or HDB.
Pre‑payment penalty – If the bank or HDB has a “pay early, we’ll charge” policy, that fee shows up here.
CPF contributions & interest – Those savings you’ve tucked away and the accumulated interest that comes with them.
Legal fees – The lawyer’s bill, notarisation stamps, and all that paperwork that keeps the deal legitimate.
Agent commissions – If you enlisted a property agent, you’ll be tempted to buy the first house for free – that’s the commission cost.

Grab these figures, slide them into a spreadsheet, and voilà – you’ll see your net proceeds before handing over the keys.

1. Estimated sales price of your HDB flat

How to Pin Down Your HDB Sales Price

Curious about how much your HDB flats could fetch? Take a look at the resale median prices. They’re like a price snapshot from the past that gives you a good idea of what similar units are selling for in your neighbourhood.

Scope out recent transactions of units just like yours.
Compare those numbers to what’s happening in your town area.
Use the data to estimate a realistic price for your flat.

2. Outstanding mortgage loan

Quick & Easy Ways to Find Your Mortgage Balance

Got a bank loan? The fastest route is simple – just dial your bank’s number and ask them for your current outstanding balance. No paperwork required, and you’ll get a clear figure in seconds.

HDB housing loan? Follow these steps to see your balance online:

Login to My HDBPage using your SingPass credentials.
Navigate to the “Outstanding Mortgage Loan” section.
Read the exact amount remaining on your loan.

Both methods are quick and hassle‑free – just pick the one that fits your loan type!

STEP 1: Navigate to “My Flat” and select “Purchased Flat” from the dropdown menu

STEP 2: Select “Financial Info”

STEP 3: Check your “Outstanding Balance” in “My Account Balance(s)”

Where Your Mortgage Hangs Out

Curious about how much you still owe on that house? The Outstanding Balance section is your go-to spot.

Step‑by‑Step

Log into your personal portal or bank app.
Navigate to the “Mortgage” tab—usually found under the main dashboard.
Scroll down until you hit the Outstanding Balance box.
There you go: your remaining loan total. Pretty clear now, right?

Pro Tips

Always double‑check that the figure matches your latest statement.
Consider setting a reminder to review your balance quarterly—helps you stay on track.
Feel free to ping customer support if any numbers look off; they’ll straighten it out faster than you can say “no interest!”

Now you’re all set to spot the exact amount you’ve left to pay, and maybe crush that debt in no time.

3. Mortgage loan prepayment penalty

Prepaying Your Loan: Why the Fine Follows

Got a bank loan? If you decide to pay it off early, you’ll probably face a prepayment penalty of around 1.5% of the borrowed amount. It’s the bank’s way of saying,
“Hey, we made this deal and want to recover a bit of the interest we expected.”

What’s the Deal?

Each dollar you pay early triggers a small fee.
The fee is usually calculated as a percentage of the total loan.
Think of it as a quick coat of paint on the loan’s original schedule.

Why It Happens

Roadmaps are made. Banks plan their cash flow for the long haul. If you toss a wrench in that path early, they’re paid a modest compensation for the sudden shift.

Takeaway

Before you rush to pay off that loan, weigh the 1.5% penalty against your savings goals. Spoiler alert: it’s worth it only if you’re saving enough to comfortably cover that extra bite.

4. CPF utilised plus accrued interest

What Happens to Your CPF Money When You Sell Your Flat?

When you use your CPF savings for buying a home – whether it’s the fancy down‑payment or those monthly installments – there’s a little rule you need to keep in mind.

Grab the cash back, plus a tiny thank‑you note in the form of interest!*

Step‑by‑Step Take‑Home

Sell the Flat

Once the deal is sealed and you’re moving on, you’ll need to hand over your CPF contributions.

Calculate the Return

Your CPF balance (down‑payment + any installments) plus the accrued interest is what you’re required to return.

Reclaim Your Savings

Log into the CPF website to tap into the exact figure you’ll be sending back.

(It’s as easy as ordering sushi online – just less fiber‑optics.)*

Why This Matters

Regulatory Compliance – Singapore’s Housing & Development Board wants to keep the game fair.

Financial Refresh – You get your money back, handsomely with interest, ready for your next big adventure.

Smooth Exit – Avoid any pesky “I still owe money” surprises on your next property tour.

Remember: Think of this as returning a library book with a little extra for the stack – the system loves it, and you’re left in good standing.

STEP 1: Select “My Statement”

STEP 2: Scroll down and select “Property” under Section C

STEP 3: Check your “Net Amount Used” and “Accrued Interest”

5. Legal fees

Getting Your HDB Legal Fees Sorted Out

When you hand over the reins of your HDB resale to a solicitor, the first thing you’ll want to know is how much the legal wizardry costs you. Good news: HDB’s Legal Fees Enquiry lets you peek inside the pricing before you sign on the dotted line.

What the Fees Cover

Conveyancing Fee – The price tag for transferring the ownership. It slides along with your selling price, but there’s a sanity‑saver: a minimum fee of $20.
Mortgage Discharge – Cutting out the old mortgage is a separate cost. The amount depends on how many rooms you’re tossing back into the market:
- 1‑Room flat: $22
- 2‑Room flat: $33
- 3‑Room flat: $44
- 4‑Room flat: $55
- 5‑Room flat: $66
- Executive flat or maisonette: $77
Registration & Microfilming – Think of it as the “paper‑trail” fee. Title search is $10.40, while taking out the mortgage takes another $38.30.
Miscellaneous Fees to HDB – A small administrative fee of $5.00.

How Much Do You Actually Pay?

Because the fees tick up as your selling price climbs, you’ll end up paying roughly $500 – but that’s a fun, “guess‑timate” figure. If you’re aiming for a bit higher or lower, check the enquiry tool or just ask your solicitor for a quick rundown.

Bottom line: wrap your head around these numbers, and you’ll be one step closer to closing the deal with confidence.

6. Property agent commission

Choosing a Property Agent for Your HDB Flat Sale

If you decide to enlist a property agent to sell your HDB flat, you’ll typically hand over a commission of 1 % to 2 % of the final sales price.

What the Numbers Mean

Commission is calculated on the total selling price.
It includes the current GST applicable to the transaction.
So if your flat sold for $300,000, you’d pay roughly $3,000‑$6,000 in agent fees.

Going Solo?

Don’t feel like you’re stuck with a middleman; it’s entirely possible to sell and buy a flat without a property agent. It might require a bit more paperwork and hustle, but you can keep that commission money for yourself.

So… how do I calculate the estimated sales proceeds from selling my HDB flat?

Crunching the Dough from Your HDB Sale

Ready to find out how much actual cash will land in your pocket when you sell your HDB apartment? Let’s break it down step by step, sprinkle in a bit of humor, and keep the numbers rolling.

Step‑1: Figure Out the Gross Sale Proceeds

First, grab the price your flat actually sells for. From there, subtract the obvious costs:

Outstanding mortgage loan – the last bit you still owe on that loan.
Mortgage pre‑payment penalty – if you’re early on the game, this fee will bite.
Legal fees – lawyer time is expensive, but it’s there.
Property agent commission – are you doing it yourself? Good luck, but if you hired an agent, this cuts into your proceeds.

So the formula looks like:
Estimated Sale Proceeds = Sale Price – Outstanding Mortgage – Pre‑payment Penalty – Legal Fees – Agent Commission

Step‑2: Send CPF Money Back

Remember that they used some CPF cash to buy the house? That money has to go back into your CPF Ordinary Account. Think of it as the house forcing you to return the money you borrowed from yourself.

So the Estimated Cash Proceeds become:

Estimated Cash Proceeds = Estimated Sale Proceeds – CPF Money Used

Feeling a little overwhelmed? You can actually let HDB’s Sale Proceeds Calculator do the heavy lifting for you.

Illustration: Zoe & Boon Keng’s Quickmath

Zoe and Boon Keng are under 55, own a 4‑room HDB flat, and dream of plopping into a condo. They bought the place 10 years ago (so they’re past the Minimum Occupation Period) and have been chugging CPF to cover downpayment and monthly installments. Keeping the budget tight, they sold the flat without an agent.

Let’s calculate:

Sale Price: SGD 2,200,000
Outstanding Mortgage: SGD 1,200,000
Pre‑payment Penalty: SGD 40,000
Legal Fees: SGD 15,000
Agent Commission: NIL (no agent used)
CPF Used: SGD 300,000

Putting it all together:

Estimated Sale Proceeds = 2,200,000 – 1,200,000 – 40,000 – 15,000 – 0 = SGD 945,000
Estimated Cash Proceeds = 945,000 – 300,000 = SGD 645,000

That’s your “take‑home” after all the numbers apple‑pie‑mathematically peel away. Zoe and Boon Keng now have a neat sum to fund their condo upgrade or any other exciting venture. Happy selling!

Estimated sale proceeds

Do You Really Need CPF to Buy a Condo?

Picture this: you own a 3‑bedroom HDB flat, it’s time to upgrade, and the market’s back in your favor.

How the Numbers Break Down

Sale price of the HDB flat: $500,000
Outstanding HDB loan: $250,000
Mortgage pre‑payment penalty: $0 (lucky)
Legal fees: $290
Property agent commission (1%): $0 (save that 1%)
CPF used + accrued interest: $300,000
Estimated cash proceeds: $50,290

So, after ringing off the loan and paying legal bits, you’re left with a neat $50,290 in cash.

What Happens When CPF Is Involved

Because the buyer tapped into their CPF stash (which includes interest), they’re required to sandwich back $300,000. That’s the big bill that eats into the sale proceeds.

Bottom line:

Cash cash cash. If you hoped to pocket the entire $500k, you’ll only get $50,290 unless you find extra funds.

Is $50k Enough for a Condo?

Depends on the condo’s price tag. If the apartment costs around $120,000, that $50k might get you a down payment, but you’ll still need to stagger the rest through other sources—maybe a bank loan, more CPF, or that old savings account.

And if the condo is more like an $800k luxury unit, you’re looking at a lot more than the $50k your sale gives you.

Toss Up: Cash vs. CPF?

“Should I pay cash or tap CPF?” The answer is – it’s a trade‑off. Cash keeps you solvent but reduces your CPF balance. CPF keeps you with a built‑in loan, but you’ll have to repay it later. The sweet spot is often a mix: use a bit of CPF for the down payment, keep the rest in cash for emergencies.

Final Thought

When the HDB doors close, they might not be the only doors you open. Use this as a wake‑up call: plan, budget, and keep a roomy smile in your wallet. Happy house hunting!

How do I know if I can afford a condo?

Crunching the Numbers: Is Your Condo Within Reach?

Before you get swept up in that glossy condo‑deal, let’s give your wallet a quick pep‑talk. Here’s the dollar‑dip package you’ll need to pull together:

Price of the Condominium – The headline figure that’s making everyone jump up and down.
Downpayment – The juicy chunk you’ll hand over upfront (usually 20‑30% unless you’re winning a best‑deal awarded).
Buyer’s Stamp Duty – The government’s side‑charge that’s as mandatory as a coffee on Monday mornings.
Additional Buyer’s Stamp Duty (if applicable) – That extra “oops” tax for those top‑tier price tags.
Legal Fees – The cost of the lawyer who makes sure you’re not signing on a midnight wish list.
Property Agent Commission – If you’re hiring a broker, this is the fee for their “wizardry” of finding the right deal.

Grab a cup of chai, jot these numbers down on a sticky note, and give your finances a quick pedicure. If the math lines up, go grab that condo with confidence. If the numbers stumble, it’s time to tweak your budget, snag a better deal, or simply keep dreaming for now.

1. Price of the condominium

From A‑to‑Z: That Easy‑Peasy Part

Why it’s literally as simple as it sounds

Picture this: you’re at the beginning of a grand adventure, and the first step? Easy peasy lemon squeezy.
No nitty‑gritty complications—just a straight‑forward path that even your grandma could follow.
Think of it like putting together a puzzle where every piece ducks to its proper spot without any drama.

So, What Makes It “Straightforward”?

Because the instructions are clear, the obstacles minimal, and the outcome guaranteed to be as expected.

And If You’re Still Unsure…

Trust me—challenge accepted! Grab your coffee, take a deep breath, and brace yourself for a “piece of cake” experience.

2. Downpayment

If you have NO existing home loans

What’s the deal with the down‑payment?

When your loan stays short and sweet (under 30 years) & you’re still under 65 when the final payment is due…

Put down just 5% of the car’s price.
You’ll keep more cash in your pocket for a coffee, a new playlist, or that spontaneous road‑trip.

But if you go the long‑haul route…

⏳ Loan length >30 years OR you’ll be over 65 during the repayment period →
Cash down payment jumps to 10%.
You’ll have fewer “cash‑in” headaches, but you’ll pay a little bit extra upfront.

So, the key to keeping the budget light is: keep the loan period under 30 years and stay under 65 until you finish paying!

If you have existing home loans

Heads‑Up: Minimum Downpayment Rules!

Ever tried to buy something and get stuck with a hidden fee? That’s the whole point of a 25‑percent minimum cash downpayment. In plain English: you have to throw at least a quarter of the total cost in cash before you can get the rest covered by credit or financing.

Why It Matters

A smoother purchase – avoid surprise “extra fee” moments.
Better credit terms – lenders love a solid downpayment.
Peace of mind – less debt creep, more ownership.

Quick Tips for Meeting the 25%

1. Plan ahead – set aside that quarter early.

2. Save smartly – use a dedicated savings account to keep it separate.

3. Keep track – double‑check the amount before finalizing the deal.

Bottom Line

Make sure you’ve got that 25% in place, and you’ll step into the buying process with confidence. No tricks, no surprises—just a solid downpayment that keeps you in control.

When do I make the downpayment for my condo?

Paying for Your Unit: The 25% Deal

Buying a unit is almost a game of “pay, then wait.” Let’s break it down so you know exactly what’s expected.

The 5% “Instant Cash” Move

What you pay: 5 % of the unit’s price.
When it’s due: Right when you lock in the purchase—think of it as the confirmation snack.
Payment method: Cash only. No CPF in the mix, no tricks.

The 20% “Top‑Off” Sprint

What you pay: 20 % of the unit’s price.
Deadline: Within eight weeks of exercising your option to buy.
Payment flexibility: Mix it up with CPF credits and your own cash—the smoother your blend, the easier the flow.

In short: Hit the 5 % checkpoint with pure cash, then finish the 20 % punch‑line using a handy combination of CPF and cash—all within the eight‑week sprint. Happy buying!

3. Buyer’s Stamp Duty

Why Singapore’s Buyer’s Stamp Duty (BSD) Feels Like a Surprise Party

BSD isn’t just a fancy abbreviation for “Buyer’s Stamp Duty.” It’s the tax that nudges high‑end sellers a bit more—which is great for the government and a biggie for your wallet.

What Makes It Tick?

BSD skips the typical “purchase price” fast track and actually looks at the bigger picture: you can end up paying a stamp duty on whichever number is higher – the agreed purchase price or the market value of the property. That’s why the math can feel like a wild roller‑coaster.

BSD Rates You’ll Find (And Why You’ll Love the Clarity)

Below we break down what you’ll pay if you go on a property spree. Think of it as a staircase where each step comes at a different price.

First $180,000 – 1% for both residential and non‑residential.
Next $180,000 – 2% for both types.
Next $640,000 – 3% for both categories.
The rest of the amount – 4% (the final, pricey step).

Crunch the Numbers Like a Pro

Feeling stuck on calculations? No worries, IRAS’s online Stamp Duty Calculator will do the math faster than you can say “I’m buying a penthouse.” Just plug in the numbers, hit “calculate,” and poof—you’ll see what you owe.

Takeaway

BSD isn’t a mystery—you just need to know the right rates and use a handy tool. Slip it into your budgeting toolkit, and you’ll keep your surprise party simple and predictable.

4. Additional Buyer’s Stamp Duty

Singapore ABSD Rates 2024 Update

If you’re a Singapore Citizen owning a single home, you’re in the clear—no Extra ABSD to worry about. But if you’ve got more than one residence, buckle up: the 12 % ABSD is on the table.

What the Numbers Mean by Buyer Profile

Singapore Citizens (SC)

First home: 0 % ABSD – you’re baby‑redeemed!
Second home: 12 % – a moderate tax bump.
Third and beyond: 15 % – the rate climbs, so keep an eye on your finances.

Singapore Permanent Residents (SPR)

First home: 5 % – a little sweeter than the Citizens.
Second or later: 15 % – same as SC’s second tier.

Foreigners (FR)

Any home: 20 % – the sky’s the limit here.

Entities buying property

Any home: 25 % – taxes are piling up.
Extra 5 % if you’re a Housing Developer and the payment isn’t remittable.

What does this mean for you? If you’re a SC eyeing another property, you’ll have to budget a 12 % slice of that purchase price. Feel free to celebrate or lament accordingly—it’s all part of the London‑style hyper‑tax legislation world!

5. Legal fees

Why Private Property Deals Cost More (and What You Can Do About It)

When you’re running a house hunt, you’ll quickly notice a difference between your HDB flat budget and a private property agreement: the legal fees. Instead of a modest stamp‑duty‑plus amount, you’re looking at a lawyer bill that’s juggling somewhere between $2,000 and $4,000. It’s not a mystery—just a mix of expertise, paperwork, and the type of deal you’re sealing.

What’s Behind the Numbers?

Complexity of the transaction – Private homes come with more paperwork: property reports, title checks, and sometimes tricky conditions. The more paperwork you pile onto the clause, the more the lawyer will break out the calculator.
Your lawyer’s mojo – A pro who’s done dozens of deals may negotiate lower retainer rates, but a newly minted solicitor might charge the full price to cover their learning curve.
The type of deal – A ‘no‑clear‑title’ scenario or a negotiation over annotations in the property’s title deed can make the legal process feel like a marathon.

How to Keep Your Wallet from Crying

Here are a few practical tricks you can pull off to keep those fees from blowing up:

Shop Around – Don’t just pick the first legal eagle you meet. Call a few folks, ask about their typical charges, and see if they can give you a flat fee for the whole deal.
Negotiate a Retainer – Some lawyers will bundle preliminary checks (like title and land related filings) into a discounted bundle. Explain your budget upfront; most are willing to work with you.
DIY Where You Can – Do your own online research on the property’s background—this can reduce the amount of time a lawyer needs to spend. It’s not a hack, but a shortcut for a bit.
Ask for a Split Bill – Some buyers prefer covering half of the cost, and the seller covers the other half. It’s a common practice and can shave your bill in half.

Bottom line: While private property deals inevitably come with heftier lawyer fees compared to HDB flats, a little planning and a savvy pick of counsel can keep your finances from getting too tangled. Happy house hunting, and may your legal costs stay as low as your dreams of a cozy home!

6. Property agent commission

Who’s Really Cashing the Check?

When you’re hunting a condo, the whole “who pays the agent?” scene is pretty open‑ended—there’s no hard‑and‑fast industry rule. It’s more of a “let’s see what works” playground.

Typical Go‑Get‑It Deal

Most buyer agents stick with a 1 % of the purchase price fee.
You’re basically handing a tiny slice of your house to the agent for their help.

When the Agents Do a “Partner‑Up” Fun

Some buyers’ agents & sellers’ agents will split the commission—so each gets a portion.
Less commonly, the seller takes the bill entirely, leaving the buyer agent free to do what they like.

Bottom Line

It hinges on the contract you sign.
Ask your agent straight up: “How are you getting paid?” – no hidden fees, just clear conversation.

So in short: you’ll pay a small percentage, but the final split can go either way. Just keep the chat open—no one likes a surprise penny later!

So… how do I know if I can afford a condo?

How Much Cash & CPF Do You Actually Need Up Front?

Picture this: you’re ready to swoop into a brand‑new condo, but first you gotta do the math. Think of the “up‑front bill” as a quick snapshot of how many of your favourite cash, CPF, and other goodies you’ll need to crunch the numbers.

Step 1 – Crunch the Numbers

Down‑payment – that splash‑in‑the‑pot portion of the price (often 20 % of the purchase value).
Buyer’s Stamp Duty – the tax that keeps the government happy.
Legal Fees – the professional guardrails that make the transaction legit.
Property Agent Commission – the “thank‑you” to the folks who show you the place.

Combine all those and you’ve got:

Cash & CPF needed up front = Down‑payment + Buyer’s Stamp Duty + Legal Fees + Agent Commission.

Applying It to Zoe & Boon Keng

So Zoe and Boon Keng eyed a lovely condo priced at S$1 million. Let’s walk through their payoff plan.

Down‑payment (20 %) = S$200,000
Buyer’s Stamp Duty (usually 1–3 %) ≈ S$20,000
Legal Fees ≈ S$3,000
Agent Commission (≈3 %) ≈ S$30,000

Adding them up:

Up‑front Cash & CPF ≈ S$253,000

So when the clock starts ticking on their condo purchase, Zoe and Boon Keng will need at least that amount in their pockets (or good to have a CPF money cushion).

Quick Takeaway

Save up for the big chunks, nail down those fees, and you’ll be well‑armed to jump into your dream space without a penny of panic.

Cash and CPF needed upfront for condo

From HDB to Luxury: How They Made the 1‑Million‑Dollar Condo a Reality

What the Numbers Look Like

Downpayment (5% option exercise) – $50,000 paid in cash
Downpayment (20% after eighth week) – $200,000 using cash or CPF
Legal fees – $2,000
Property agent commission (1%) – $10,000

Cash Flow Check‑In

They pulled up about $50,290 from selling their 4‑room HDB flat—just enough to cover the initial $50,000 cash downpayment.

Pulling the CPF Punch Line

The remaining $212,000? From the CPF vault!* Thanks to a recent $300,000 refund to their CPF‑OA, they had the bandwidth to meet the lump‑sum requirement.

Bottom Line is: They Can Afford It

With a mix of selling proceeds, a quick dip into the CPF account, and a bit of strategic financial juggling, that shiny $1,000,000 condo isn’t far off the ledger.

Note: This is an educational snapshot to illustrate how one can navigate the financing maze in Singapore.

Should I sell my HDB flat and buy that condo?

Dreaming of a Condo? Let’s Crunch the Numbers Before You Sprint

Ever fantasised about living in a sleek high‑rise condo? You’re not alone. The allure of fancy elevators, balcony views, and that “pin‑point” location is hard to resist. But before you start packing your boxes and declaring “HDB, I’m leaving you forever,” let’s do a quick reality check.

Step 1: Figure Out the Cash You’ll Actually Get

When you sell that HDB flat, the money you pocket isn’t as simple as “price minus taxes.” You’ll need to account for:

Closing costs (legal, agent commissions, etc.)
Any outstanding loans or mortgages you still own
The timing of the sale (the market can swing pretty fast)

Once you’ve peeled back those layers, you’ll have a clearer picture of the net amount you can bring to the table.

Step 2: Size Up the Down‑Payment

Let’s say you’re eyeing the Zoe and Boon Keng Condo that tops the charts at $1,000,000. The typical down‑payment for a condo of this size is about 30–40 %. That means you’ll need somewhere between $300,000 and $400,000. Pull a calculator or a finance wizard to see exactly how much you’re looking at—and test different percentages to get the sweet spot.

Step 3: Don’t Forget the Mortgage That Follows

Here’s where many dreamers stumble: focusing on the upfront cost while overlooking the long‑term loan. If you’re putting $750,000 into mortgage debt (the usually 70 % of the condo price), that means a monthly payment you’ll endure until retirement.

On a 30‑year loan at 2 % interest, you’re looking at roughly $2,700 per month.
Raise the interest rate to 3 % and it jumps to about $3,300.

Putting that into context: if your monthly savings allow you to stack $1,500 toward debt, you’ll be draining that stack for a decade or more.

Step 4: Can the Condo Actually Pay Itself Back?

Think of your condo not just as a home but as an investment asset. Unless you’ve got a plan to turn the units into rental income—or leverage a co‑tenant partnership—you’ll have a situation that looks a lot like:

“I am asset‑rich but cash‑poor.”

That can be perfectly okay if your health, lifestyle, and long‑term goals allow it. But if you’re aiming for a cushion to dive into other ventures or safeguard against emergencies, the balance can become tricky.

Final Thought: Look Beyond the Down‑Payment

Buying a condo is a big step. Professional advice, a clear budget, and a thought-out strategy for the long‑term financial heat are essential. Remember, it’s not just about the highway to the dream; it’s also about the tolls along the journey. Make sure you’re comfortable both on the path and with the destination before you grab that condo key.

Good luck—and here’s to a future where your condo doesn’t just look good on Instagram, but also feels great in your wallet!