AskGuru Q&A Community

Get answers from PropertyGuru experts in 24 hours

Asked by
Help needed…
For first time purchase… should I buy the EC at Esparina (Seng kang) or should I buy an existing condo unit in the open market eg Simei Green / Esparis? Budget is about 800k. Intention for purchase is to stay in the unit for a few years before renting them out.

Also with the new regulations from government, how much Cash (5% or 10%) I need to set aside to purchase a 800k condo? And will there be any grant for first time purchase (Singaporean) from the government?

Thanks
0 •
3362 views
Upvote Upvoted
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

2 Answers

Richard Wan
Replied
Hi,

If you do not have any existing home loan, the cash is 5%, then 15% in cash/cpf. The other 80% will be in bank loan.

You can get the 30k grant only if you buy a new EC (first you must qualify to buy a new EC e.g family nucleus, age etc).

If you buy a resale EC, you can buy it as a single person or even with a non-related person (don't have to buy it with related people such as spouse). But you do not qualify for the 30k grant if you buy a resale EC.

Your decision will depend on 1. location of where you will most like to live 2. whether you can wait for new EC to be built 3. financial means (whether you will like to use the 30k grant) 4. future plans (if you buy a resale EC now, you can no longer buy a hdb or a new EC unless you sell the private property.

Thanks!

Regards,
Richard Wan
Black Diamond Real Estate Group
richardwan@live.com
 94363793  Read More
0
Upvote Upvoted
  • LL
    Replied
    thanks Richard. So if i were to buy an existing condo in the open market, i only need 5% cash then 15% cash/cpf?
Victor Ho
Replied
Hi Lee Lee,

you dont need to pay commission for new condo. government still give you 30k cpf grant!

New ECs like Esparina have Dual Key concepts which makes renting a breeze and increase the price you can rent.

Please contact me at 98586078  for more specific information or visit www.punggol-ec.com for more information on eligibility.

Cheers,
Victor
ERA Read More
0
Upvote Upvoted

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Ask Your Question
Previously Asked Questions