With some exceptions, anyone who sells a private property must now wait 15 months after the transaction before they can buy a resale flat. If you need to sell your flat to upgrade, the prospective pool of buyers may be a bit smaller This could mean having to pay your monthly home loan in cash at some point, rather than with your CPF.
This is regardless of whether the EC is new or already privatised.Īnother factor caused by high-interest rates is that you might hit CPF Withdrawal Limits sooner (see below). As of 2023, you are more likely to find loan rates at around three per cent, with fixed-interest loans being at about 3.8 per cent.īuyers of Executive Condominiums (ECs) should keep in mind that you must use a bank loan for ECs there's no HDB loan for such properties. Interest rates on bank loans are much higherĪround two years ago, it was still possible for bank loan rates to be around two per cent per annum. This portion of the property value (above $1.5 million and up to $3 million) will be taxed at five per cent, up from the current four per cent.Īny remaining value above $3 million will then be taxed at six per cent:ģ. The increased BSD will impact property values above $1.5 million. While it's not a huge sum, it is something else to factor into your calculations. Here's what the new rates would look like: This has been the case since Feb 14 this year. The Buyers Stamp Duty (BSD) was recently tweaked to impose higher taxes on properties valued at $1.5 million or more. The Buyers Stamp Duty was recently adjusted
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We suggest you read this article on how to only move once when upgrading, as it could spare you hefty rental fees right now. On the other hand, those buying new launch condos may need to increase their planned budget, if rental accommodation is necessary. Some buyers might be able to use this to their advantage (assuming you're not in a huge rush to move in yourself). This appears to correlate with rental rates right now, which are among the highest we've seen over the last few years.
Some sellers may even be willing to negotiate further or pay you rent, in exchange for being allowed to stay on longer. Rental rates are at record highsįrom word on the ground, realtors have mentioned more cases of sellers requesting a later vacant date of possession. While most readers are already aware that prices are higher, here are a few other factors to watch for: 1. Whether you're looking at a new launch or resale unit, these are the main issues to keep in mind - a few points on how 2023 might differ from previous years.īefore we go into detail below, we should highlight some potential hazards of the current boom market. Here's a look at how you might go about doing it smoothly. It means bidders must email you before placing a bid but NOT that they must pay out the cash if they win.With recent policy tweaks and a much pricier property market, upgrading in 2023 might be a bit of a challenge. If a bidder refuses to pay, then the only option for sellers is to give “second chance offers” to other bidders or relist the item.įor items of a high value, eBay recommends that sellers put a limit on their listing to approve bidders. This is because in order to sign up to the website, users do not need to put in valid bank or PayPal details before making a bid. The most eBay can do is add a note to the buyer's account about the unpaid item or remove their ability to bid and buy. In its terms and conditions, the auction website states that bidders enter a “legally binding contract to purchase an item”, but there’s no way to enforce this rule in reality. Remember to set a minimum price that is higher or at the very least equal to the face value of the coin.Įven if your coin “sells” on eBay for a high price there’s no guarantee that the buyer will cough up. If you want to sell the coin you’ve found in your spare change on eBay then you need to know the risks. They usually deal in very old coins but they may be able to help you assess whether it’s worth selling your coin at auction or whether it would be valuable to a collector. If you’ve got a coin that you would like to sell at auction then you can contact a member of the British Numismatic Trade Association. Once you’ve found out whether the coin is real or not, you have a number of options - either selling it through a coin dealer, at auction or on eBay. These are often deemed the most valuable by collectors.
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