Asked by agnes tan
Which is more ideal - sell 1st buy later OR buy 1st sell later?
2203 views
4 Answers
Afternoon Agnes,
To buy first and sell later, you must have the financial ability to pay for things like stamp and legal fee, COV, downpayment, etc. If you do have the band width, this will allow you to settle down and sell at the same thing.
To sell first and buy later give you the financial ability and freedom to open up your possible choices. However, there might be a period of time where you will be left stranded without a roof over your head.
It would be good for us to meet up for further discussion and work out a possible plan.
Regards
Mike Lim
96929209
m52i@yahoo.com
ERA Read More
To buy first and sell later, you must have the financial ability to pay for things like stamp and legal fee, COV, downpayment, etc. If you do have the band width, this will allow you to settle down and sell at the same thing.
To sell first and buy later give you the financial ability and freedom to open up your possible choices. However, there might be a period of time where you will be left stranded without a roof over your head.
It would be good for us to meet up for further discussion and work out a possible plan.
Regards
Mike Lim
96929209
m52i@yahoo.com
ERA Read More
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Hi, hopefully you managed to sell your unit at a good price then. 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
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
1
In Singapore's property market, the ideal approach between selling your current property first ("sell first, buy later") or buying a new property before selling your existing one ("buy first, sell later") depends on several factors, including your financial situation, risk tolerance, and market conditions.
**Sell First, Buy Later:**
This approach is generally considered less risky and more suitable for those who prioritize financial stability and want to avoid the burden of servicing two mortgages simultaneously.
**Pros:**
* **Financial Certainty:** You know the exact amount of cash proceeds from the sale, making it easier to budget for your next purchase.
* **No Additional Buyer's Stamp Duty (ABSD):** You avoid incurring ABSD, which is levied on the purchase of a second or subsequent residential property.
* **Reduced Stress:** No pressure to sell your existing property quickly to meet financial obligations.
**Cons:**
* **Temporary Housing:** You might need to find temporary accommodation between selling and buying, which can be inconvenient and incur additional costs.
* **Missing Out on Opportunities:** In a rising market, delaying your purchase could mean missing out on potential capital appreciation.
* **Limited Choices:** You might have less time to find your ideal new property due to the six-month timeframe to sell your HDB flat (if applicable).
**Buy First, Sell Later:**
This approach is more suitable for those who are confident in their ability to sell their existing property quickly and are willing to take on the financial risk of owning two properties temporarily.
**Pros:**
* **Secure Dream Home:** You can secure your desired property without worrying about missing out on it.
* **Potential for Capital Appreciation:** In a rising market, you could benefit from price increases on both your existing and new properties.
* **No Temporary Housing:** You can move directly from your old property to the new one.
**Cons:**
* **Financial Risk:** You'll need to service two mortgages until your existing property is sold, which can be a significant financial burden.
* **ABSD Liability:** You'll incur ABSD on the new property unless you sell your existing property within six months.
* **Pressure to Sell:** You might feel pressured to sell your existing property quickly to avoid financial strain and ABSD.
**Recommendation:**
The best approach depends on your individual circumstances. Consider the following:
* **Financial Situation:** If you have sufficient funds to comfortably service two mortgages and pay ABSD, buying first might be an option. Otherwise, selling first is generally safer.
* **Market Conditions:** In a hot market, selling first might be better as you can capitalize on high prices and have more bargaining power when buying. In a slower market, buying first could give you more time to sell your existing property at a good price.
* **Personal Preferences:** Consider your risk tolerance, urgency to move, and the importance of securing your dream home versus financial stability.
Ultimately, weigh the pros and cons of each approach carefully and make an informed decision that aligns with your financial capabilities and goals. You can also consult with a property agent or financial advisor for personalized advice.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 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) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you w Read More
**Sell First, Buy Later:**
This approach is generally considered less risky and more suitable for those who prioritize financial stability and want to avoid the burden of servicing two mortgages simultaneously.
**Pros:**
* **Financial Certainty:** You know the exact amount of cash proceeds from the sale, making it easier to budget for your next purchase.
* **No Additional Buyer's Stamp Duty (ABSD):** You avoid incurring ABSD, which is levied on the purchase of a second or subsequent residential property.
* **Reduced Stress:** No pressure to sell your existing property quickly to meet financial obligations.
**Cons:**
* **Temporary Housing:** You might need to find temporary accommodation between selling and buying, which can be inconvenient and incur additional costs.
* **Missing Out on Opportunities:** In a rising market, delaying your purchase could mean missing out on potential capital appreciation.
* **Limited Choices:** You might have less time to find your ideal new property due to the six-month timeframe to sell your HDB flat (if applicable).
**Buy First, Sell Later:**
This approach is more suitable for those who are confident in their ability to sell their existing property quickly and are willing to take on the financial risk of owning two properties temporarily.
**Pros:**
* **Secure Dream Home:** You can secure your desired property without worrying about missing out on it.
* **Potential for Capital Appreciation:** In a rising market, you could benefit from price increases on both your existing and new properties.
* **No Temporary Housing:** You can move directly from your old property to the new one.
**Cons:**
* **Financial Risk:** You'll need to service two mortgages until your existing property is sold, which can be a significant financial burden.
* **ABSD Liability:** You'll incur ABSD on the new property unless you sell your existing property within six months.
* **Pressure to Sell:** You might feel pressured to sell your existing property quickly to avoid financial strain and ABSD.
**Recommendation:**
The best approach depends on your individual circumstances. Consider the following:
* **Financial Situation:** If you have sufficient funds to comfortably service two mortgages and pay ABSD, buying first might be an option. Otherwise, selling first is generally safer.
* **Market Conditions:** In a hot market, selling first might be better as you can capitalize on high prices and have more bargaining power when buying. In a slower market, buying first could give you more time to sell your existing property at a good price.
* **Personal Preferences:** Consider your risk tolerance, urgency to move, and the importance of securing your dream home versus financial stability.
Ultimately, weigh the pros and cons of each approach carefully and make an informed decision that aligns with your financial capabilities and goals. You can also consult with a property agent or financial advisor for personalized advice.
WhatsApp me at: ABLE Toh (65) 98 56 92 55 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) 98 56 92 55 or through this link.:https://wa.me/6598569255
(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )
(***) You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.
For buyers, I offer solutions for sourcing resale and new private homes at no charge.
I can connect you w Read More