Dear sir/mdm,
There is no standard agent fees applicable but typically agent fees applicable for service rendered in a resale HDB purchase is at 1% of the purchase price with GST applicable based on current market.
Some factors you should consider or check before embarking on the search of property:
1) Purchase eligibility - Resale HDB purchase is not open to everyone and you will need to fulfil the criteria before you are allowed to purchase a property, therefore it is best to know that you are eligible to purchase a resale HDB first.
2) Home loan - Home buyers who requires home loan for their purchase can take up either HDB loan (if meet the qualification criteria) or bank loan. The cash component required will be different for these 2 loan types. If you qualify for HDB loan, you maybe able to loan up to 80% of the purchase amount or valuation (whichever is lower). Minimal cash component required, usually subject to the Option Money and Exercise Money given to sellers if you have sufficient CPF to meet the remainder of 20% required. For bank loans, you will only be able to take up to 75% loan based on the purchase price or valuation (whichever is lower) and minimum 5% of this must be in cash, with remaining made up from cash and CPF combined. You can do u up your home loan assessment (HLE with HDB or IPA with bank) before you proceed with home search such that you are able to understand the financial options as well as what are the types of flats that are available for your considerations.
3) Stamp Duty - All property purchases in Singapore are subjected to buyer stamp duty. For purchases below $1m, stamp duty applicable is 3% minus $5,400 and for purchases above that, it will be 4% minus $15,400. This can be paid in CPF monies. If you are a Singapore PR household, you maybe subjected to Additional Buyer's Stamp Duty of 5% (depending on your nationality).
4) Administrative Fees - There are various administrative fees to take note of, like Valuation Request, Resale Application, Conveyancing as well as lodging of caveat. If you are eligible to take up HDB loan, you may engage HDB lawyers to do the conveyancing which is cheaper than a private law firm, but if you are taking a bank loan, you can only engage a private lawyer to do the conveyancing and typical costs is about $3,000 thereabout. Resale application fees, Valuation request fees and the lodging of caveat should not cost you more than $500.
These are probably the considerations you need to undertake before you embark on the search. Remember, if you are unfamiliar with the whole process, it is in your interest to engage the services of a realtor instead of handling the transaction on your own as not all purchasing process are the same.
If you require any further assistance feel free to get in touch with us and we can discuss more!
I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.
I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.
Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.
With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.
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