Following HDB MOP rules, this writer sold her BTO flat after it fulfilled the 5-year Minimum Occupation Period and bought a resale condo. These are the top 5 lessons she learnt about buying a resale condo in Singapore.
Return funds back into your CPF OA and make an offer and pay option fee for condoCompletion of purchaseThis is the general timeline for upgrading, assuming you have already found a buyer immediately. As you can see, even if you have a ready buyer, the process will take time. The stages with potential for delays are mainly the submission to HDB , and the completion by HDB.
Add all the weeks up and you are looking at six months or longer! Additionally, during the handover period, you will need to make interim living arrangements. If you move back in with family, you will need to pay for movers twice . Likewise, you’ll need movers if you rent on the open market. With the current sky-high rental prices, that is a significant expense to account for!3.
The process takes three weeks after the HDB flat sale is completed. So, if you need the funds for the downpayment of your condo, you must wait. In the grand scheme of things, this might not really matter because mortgages are often a 20- to 30-year commitment so ups and downs are pretty much par for the course. However, if you have been doing your calculations and budgeting based on outdated market rates, then you may need to adjust them accordingly.
If you live in a duplex, some service providers also charge extra for their workers to climb the stairs.Thus far, it may seem like I’m complaining about everything. However, it is quite the contrary – there were hiccups along the way, but I do not regret moving at all and am very excited to be in my new home.
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