AskGuru Q&A Community

Good evening,

your unit is a 2 beds? 2+study?

How many bedders you intend to purchase?

we need to run some number simulations to see what's your comfort and acceptable mortgage repayment level for your replacement home especially:

1) both of you not paying any mortgage (housing or car) at the moment and
2) you intend to go into part time in 2 years' time (It will be better based on the reduced combined income).

Do share more with me so I will be in a better position to advise both of you further.

But at the initial glance, i will assume $250k x 2 from this potential $1.3m will go into your respectively RA in 6 to 7 years time therefore you left about $800k sales proceeds.

Cash on hand will be $800k + $250k= $1.05m.
CPF $250k.

Your max cap will be $2.7m+ if you take on 75% bank loan on 16 years loan tenure. But abit shagged if you decide to go into part time so we need to run a few options and compare to see which suits both of you the most.

When will be a good time to discuss this further?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!

Association of Chartered Certified Accountants Graduate
Singapore Accredited Mortgage Planner

Contact:
Mobile: 9111 51 71 (wa.me/6591115171)
Email: yt.tan91115171@gmail.com

Check out my websites:
1) propertykaki.sg
2) wealthcreation.sg

Do follow me on:

IG: instagram.com/propertykaki
FB: https://www.fb.com/propertykaki/
YouTube: https://bit.ly/Youtube_PropertyKaki Read More

Do you intend to loan for the next move or you do not intend to do so? With existing funds and a fully paid unit, you could be looking at units in the range of $1.6m comfortable, considering the additional expense like renovation and stamp duty.

Question now is, what is the consideration for you to trigger this intention to move? Dear seller,

Do you know that you are able to find out the indicative value of your home at http://bit.ly/UrHomeMatters and get monthly update on your home value.

——

I have been in the real estate business since 2009, with more than 14 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.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
Senior Division Associate Director
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
 +65 92787772 
www.geryllim.com

My self introductory video on https://www.youtube.com/watch?v=S_2NydENfx0

-----

Note: We value your home as much as you do! Find out the indicative value of your home at http://bit.ly/UrHomeMatters and get monthly update on your home value. Restructure your portfolio with us, speak to us!

Tenants can visit http://bit.ly/SGExpatRental (Official Rental Requirements - Singapore Expatriates) to indicate your rental requirements.

Visit and Like my facebook page at https://www.facebook.com/GerylLimSince2009/ - Aspiring To Be The Best Real Estate Agent In Singapore

Pick up knowledge, skills and Real Estate concepts at https://www.facebook.com/RealEstateXcellence/

New Singapore Expatriates on facebook is up and running. Come join us at https://www.facebook.com/groups/newsgexpats/

-----
Landed Dynamic Alliance
Home of *7772 Hotline
Check out our latest Landed Dynamic Alliance 7772 mobile application on iOS or Android @ http://l.ead.me/7772 Read More

Hi, do you plan to take any loans? Also what is the reason you are planning to move? All of them are factors that needs to be considered before any decision is made.

Hi, hopefully you managed to get your doubt or query answered. If so, then congrats! Hopefully you are doing well now.

If you are currently or planning to find a property agent, I can assist.

If you are interested in prices of houses in your neighbourhood, you may visit this website to find out more or contact me.

https://www.era.com.sg/R064892F

If you are currently planning to go on a property journey selling/buying/renting/investing, I can be of assistance. Do feel free to reach out to me for more queries and assistance.

Landon Chew
97 39 60 40
landonchew@email.com Read More

ASSUMING NO LOAN FOR YOUR NEXT PURCHASE
Based on your financial situation and goals, let’s calculate a conservative budget for a resale condo purchase after selling your Executive Condominium (EC).

### 1. **Estimated Proceeds from EC Sale**
- **Current Value**: $1.3 million
- **Estimated Selling Costs** (legal fees, agent fees, miscellaneous): ~2-3%, around $30K-$40K
- **Estimated Net Proceeds**: $1.26 million after deducting selling costs.

### 2. **Funds Available for Condo Purchase**
- **Net Proceeds from EC Sale**: ~$1.26 million
- **Remaining CPF (after FRS)**: $250K
- **Cash Savings**: $250K
- **Total Available Funds**: $1.76 million

### 3. **Conservative Budget for Resale Condo**
- To keep it conservative, you might look at spending around **80-90%** of your available funds. This approach leaves some liquidity for any future changes in cash flow (especially as you both consider going part-time) and unexpected expenses.
- **Suggested Budget**: $1.4 million to $1.6 million

### 4. **Loan Considerations**
- If you choose to take a partial mortgage, you could consider a smaller, manageable loan that aligns with your future part-time plans. Given your combined CPF and income levels, a **$200K–$300K loan** could provide flexibility, though this is optional.

### 5. **Other Financial Factors**
- **Buyer’s Stamp Duty** (BSD): On a $1.5 million property, BSD would be ~$44,600.
- **Additional Reserves**: By keeping part of your funds as a reserve, you’ll have a buffer for future property expenses, renovations, or lifestyle needs as you transition to part-time work.

### **Conclusion**
With your strong financial position, looking at a resale condo in the **$1.4 million to $1.6 million range** allows for a comfortable purchase while keeping liquidity and maintaining flexibility for future plans.
WhatsApp me at: ABLE Toh (65) 9856-9255  or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 9856*9255 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )

(***) You can READ my REVIEWS here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.

For PRIVATE Home Buyers, I offer solutions for sourcing resale and new PRIVATE homes at ZERO charge (Because Most PRIVATE seller Agent are willing to share commission with Buyer Agent)

I can connect you with reputable bankers for private housing loans free of charge and with no obligation.

I also have partners to assist with mortgage home insurance matters.

Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!

*** You can reach me at my Singapore mobile: (65) 9856 9255  or email me at Able.selling@gmail.com.

From: ABLE Toh- Your Property ASSISTANT : ）
“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”

*** DEVELOPER SALES TEAM !!! BEST PRICES !!! NO AGENT FEES !! LOWEST PRICE GUARANTEED !!!
*** Connect Singapore Line: (65) 9856*9255
FOR : UPDATED INFO / E- BROCHURE / FLOOR PLAN / PRICE LIST !!!
*** Here are some exciting condominium launches in Singapore scheduled between June and December 2024:

<< Sora >> - Located at Yuan Ching Road in District 22, this 99-year leasehold development is set to preview in June 2024. Sora offers a mix of modern amenities and scenic views near Jurong Lake.
<< Kassia Read More

Hi Sir,

You are in a healthy financial position because based on the preliminary information that you have provided you should be able to get a loan of about 1.5 mil. Together with the sale proceeds from your current EC, CPF and Cash on hand, you should be able to afford a property of up to 3 mil.

However, at your age and taking into consideration that you may wish to work part time, you also do not want to end up in a situation where you are burdened by a significant amount of mortgage payment every month.

Please feel free to contact me so that I can understand your intentions and concerns better before I can shortlist some possible options for you.

Regards,
Nick Tan
(M) +65 96 44 48 54
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

SEAA Salespersons Achievement Platinum Award 2020/2022/2023

WhatsApp: https://wa.me/qr/X6VRPGSSIHN5D1

Visit my website to get to know me better:
www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

Testimonial from my Clients
Nick was introduced to me by a friend who learned that my previous property agent wasn’t meeting my expectations. During our first phone call, Nick quickly grasped my concerns and provided a detailed financial plan the next day. Since switching to Nick, selling my house has been much more relaxed. His virtual tour and informative fact sheet eliminated the need for my family and me to be constantly present for viewings by unsuitable buyers.
Nick was invaluable in purchasing my next property. He sourced units within my budget and analysed price trends of condo projects I was interested in. With Nick’s assistance, the buying process was seamless, and he expertly coordinated the sale of my current unit with the purchase of the next. Kudos to Nick for his outstanding service and advice!
Eileen Chen (Seller) June 2024

During Nick’s presentation to us, he showed confidence and resourcefulness. He showed us his various methods of reaching out to potential buyers instead of just relying on Propertyguru. He also saw the potential of our home to sell at our projected price. Where other agents deem impossible to achieve, he did his analysis and deems it reasonable and achievable. Nick proves trustworthy. From time to time, Nick will update us on the progress and on any viewing. He will filter buyers who could not meet our asking price and provide update and advice on the offers. We are grateful that he helps us to negotiate for a good price for our home. In summary, Nick is dedicated, resourceful, trustworthy and willing to take challenges.
Sunny Ng (Seller) April 2024

Selling our house was a pretty stressful ordeal, as we have already committed to buying our new home and hence have a timeline to meet. Losing a substantial deposit and worse still, not getting our dream home caused many sleepless nights as we are nearing our deadline. I am very glad we have decided to switch to Nick and seek his help after the dismal performance of our first agent. Not only is Nick very patient in explaining things to us, time and time again he gives us reassurance to allay our worries. And he walked his talk.
With his help, we finally managed to sell our unit at a price within our expectations, before the deadline. Nick’s service is top notch – he is knowledgeable in his field, swift to respond, easy to communicate with and extremely accommodating.
Thank you very much once again Nick, for this smooth transaction!
Judy Rong (Seller) Dec 2023 Read More

Hi Sir/Madam

Selling:
1. Estimated Selling Price: $1.3 mill
Estimated Selling Costs (agent fee, legal fee, etc): $25k - $30k
---------------------------------------------------------------
Estimated Net Proceeds: $1.27 mill after deducting selling costs

2. Steps in selling
- Appoint agent to market your unit, I will be glad to assist on this
- After that I will proceed to market your unit in online portals and propose to buyer on hand.

3. Pricing Strategy
Selling price will be depend on level, facing, condition of unit, etc
Appreciate if you can contact me at (65) 9660.8508 with details of your unit so I can advise accordingly

4. I will be glad to assist finding the right buyer

Timeline:
- It is important to ensure that the buyer of your current property have already exercised the Option To Purchase before you exercise the Option To Purchase for your next property purchase to avoid incurring Additional Buyer's Stamp Duty (ABSD)
= I will be glad to share the financial breakdown and timeline as well

Buying:
1. Do you intend to take loan for your purchase?
If yes, Before shortlisting project/unit, I will suggest to check your in principal approval of your loan from banker.
Based on $20k/month fix income, assuming no other loan, estimated loan will be around $1.558 Mill
I can connect you with reputable banker for in principal approval of your loan, free of charge and no obligation.

2. If you do not plan to take loan, you can consider property around $1.6 - $1.7 mill

If you are thinking of getting a loan, you may want to explore properties in the $2.7 million range. On the other hand, given the possibility of transitioning to part-time work in approximately two years, I recommend considering properties in the $2 million to $2.3 million range.

3. How many bedrooms are you looking at and which area you prefer?
I have current price list, promo of every projects in Singapore and will be glad to advise you
No agent fee from private property buyer

I will be glad to assist, I am well versed in private property and has done many transactions
I hope the above clarifies, please feel free to contact me at (65) 9660.8508 so I can explain further
Appreciate if you can contact me at (65) 9660.8508 with details of your unit
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9 6 6 0 8 5 0 8
Email: Silviayang8@gmail.com Read More

Hi, appreciate your sharing. Able to check with banker base on your loan first before planning out the move.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
Stewart-PropNex (Senior Associate Division Director) Read More

Hi

Congratulations, I would say you and family are in a very comfortable financial position.

The question that comes to mind will be how much bank financing you intend to take up at this phase of life, and for how long. And would the next home be most likely one to stay for good, or you might feel another right-sizing may be in the works 10 years down the road?

Quick number calculation, 1.3m plus 250k cpf oa for housing plus 250k savings give us 1.8mil budget to work with.

How much loan you plan to take up will determine the locations and options to look at?

Any particular reason the current EC is not meeting your needs as well as before? Look forward to chat more and understand your plans better.

Hope the above clarifies. I am well-versed with HDB and private property transactions, having helped more than 100 homeowners transit smoothly with their housing plans. Please reach out to me at 97432395  for a more in-depth discussion :)

May I have more info on your requirements so as to make better recommendations? Thanks and looking forward to chat more

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Multiple Diamond Award Achiever

SEAA Salesperson Achievement Award (Gold)
SEAA Singapore Accredited Mortgage Planner (SAMP)

ERA Top 11th Achiever in Feb 2024 (Top 1% Company Level)
ERA Top 64th Achiever in March 2024 (Top 1% Company Level)
ERA Top 37th Achiever in Oct 2023 (Top 1% Company Level)
ERA Top 93th Achiever for Full-Year 2020 (Top 1.5% Company Level)
ERA Top 11th Achiever in June 2020 (Top 1% Company Level)

SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
Whatsapp: wa.me/6597432395
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
WeChat: ivanng10
FB: fb.com/IvanNgRealtor
Web: ivanng10.com/clientreviews
(Client's Testimonials)
CEA: R052114D

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! **

Condo Seller

Mr & Mrs Wee : We would like to share our appreciation and commendation to Ivan for their professionalism and dedication in handling our property transaction. It was a great pleasure to work with him as he was patient throughout the entire process and explained to us and clarified any doubts we had without fail. He was also very prompt in responding to all the queries we had. While we were unsure if we were able to sell off the property in time, Ivan constantly reassured us that it was possible and offered his professional advice. In fact, he managed to secure an offer to sell the property above our expected price while concurrently negotiated the buying price for our next property. Having Ivan as our agent significantly made the entire process seamless and fuss-free. We will definitely recommend Ivan to our family and friends.

EC Seller
Mr. & Mrs. Siah : We have had a positive experience with Ivan throughout the sale of our EC. He is a very responsible and helpful agent. He managed to sell our EC within a month, which exceeded our expectations. He has gone the extra mile to ensure there are interested buyers viewing our flat every weekend, and has provided frequent updates on the progress. On top, he has provided valuable advice in our property planning journey. He is someone who listens to the needs of his clients, but at the same time value add by adding his own perspective and insights to what works the best. We are very grateful to have him through this sale, especially since this was our first time selling our EC Read More

Based on your situation, here's how you can approach purchasing a **resale condo** after selling your **fully-paid EC**:

### 1. **Consider Your Budget for a New Property**
- **Sale Proceeds from EC**: After selling your EC for **$1.3 million**, you would first need to deduct the amount set aside for your **Full Retirement Sum (FRS)** in your **CPF** accounts. The remaining CPF of **$250K** can be used for your new purchase or any other related expenses.

- **Cash Savings**: You have **$250K in savings**, which can be used for the purchase, stamp duties, or other costs involved in the transaction.

- **Loan Eligibility**: If you plan to take a bank loan (since you're not taking an HDB loan), your eligibility will depend on your **monthly income** and the **loan-to-value (LTV)** ratio. With a combined monthly salary of **$20K**, you may be eligible for a larger loan, but keep in mind that your loan eligibility may reduce if you go part-time in the next 2 years.

### 2. **Estimate the Maximum Price Range**
- Based on your remaining CPF, cash savings, and potential loan eligibility, you can likely afford a resale condo in the **$1.6M to $2.1M range** conservatively. Here's the breakdown:

- **$250K in CPF** + **$250K in cash savings** = **$500K** available for down payment.
- Assuming you qualify for a loan of **around $1.1M to $1.6M**, you can target condos in the **$1.6M to $2.1M range**.

If you intend to go part-time and your income reduces, this may affect the loan amount you qualify for, so it's important to factor that into your decision.

### 3. **Consider Other Financial Factors**
- **Stamp Duty**: You’ll need to account for **stamp duty**, which is 4% of the purchase price (or market value, whichever is higher) for properties above $1 million.
- **Additional Costs**: Don't forget to budget for legal fees, renovation costs, and moving expenses.
- **Retirement Plans**: Ensure that after purchasing your new condo, you can still meet your **retirement savings goals**, especially with reduced income in the next few years.

### 4. **Loan Tenure & Monthly Instalment**
- With your combined monthly salary of **$20K**, your monthly mortgage repayment will also depend on the loan tenure you choose. You can take a loan of up to **30 years**, but it’s crucial to plan ahead, especially considering the potential income reduction when you and your wife go part-time.

### Conclusion:
Based on your current financial situation, you should conservatively target resale condos in the **$1.6M to $2.1M** price range after selling your EC. However, I recommend consulting with a **financial advisor** or **bank officer** to get a precise loan eligibility and help with long-term planning, especially considering the potential change in your income.
WhatsApp me at: ABLE Toh (65) 9856-9255  or through this link.:https://wa.me/6598569255
----------------------------888--------------------------------888--------------------------->>>
"If you need more assistance with property matters:
like renting / selling, buying / or investing, I'm here to help!
WhatsApp me at: ABLE Toh (65) 9856*9255 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )

(***) You can READ my REVIEWS here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.

For PRIVATE Home Buyers, I offer solutions for sourcing resale and new PRIVATE homes at ZERO charge (Because Most PRIVATE seller Agent are willing to share commission with Buyer Agent)

I can connect you with reputable bankers for private housing loans free of charge and with no obligation.

I also have partners to assist with mortgage home insurance matters.

Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Tech Read More