Dear Sir/Mdm,
Congrats to taking your first step towards owning a 2nd property. These are the 4 main considerations when buying a 2nd property.
1. Additional Buyer Stamp Duty of 7% is applicable if you are purchasing a residential property so you will need to take that into consideration during your financial planning. Alternatively, you may want to consider investing in commercial or industrial property which do not attract ABSD.
2. Loan. If you still have an outstanding housing loan for your current place, you will only be eligible for 50% loan instead of the max 80% loan. This will mean that your capital outlay will be greater.
3. CPF usage. Under the current CPF ruling, you will need to set aside a basic retirement sum of $83,000 in your OA and SA accounts before you can use the balance in your OA account to fund the purchase of a 2nd property.
4. Once you have settled the above, the most important decision is to choose the right product to buy, a product which will be able to generate decent passive income for you while also has the potential for upside appreciation in the longer run.
Please feel free to contact me so that I can understand your objectives better so that I can provide you with further assistance!
Regards,
Nick Tan
(M)
+65 9644 4854
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com
Testimonial from Satisfied Clients (2016/2017)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefited a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)
“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)
“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)
“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)
“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House)
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