Do I Need To Sell HDB To Buy Condo?

Can work permit stay in condo?

Work permits holder includes for semi-skilled foreign workers in the construction, manufacturing, marine, process or service sectors.

Since Nov 7, 2006, non-Malaysian work permit holders from the construction sector are not allow to sublet HDB flats or rooms..

How much money do I need to buy EC?

Additional Costs: Beyond the purchase price, you need to pay legal fees of about $2,000 and valuation fees of about $200 for a new EC. There is also the Buyer Stamp Duty, which is 3% of the purchase price or 4% if purchase price is above $1 million.

Should I buy resale new condo?

Generally speaking, if you want faster capital appreciation within 3-4 years, you should consider the new launch properties. However, if you are looking for immediate rental yield with a long term investment approach, you can consider resale condo.

Can I buy condo without selling HDB?

If you’re a HDB owner and want to own a Private Condo, you can purchase one after the 5-year Minimum Occupation Period (MOP). If you are a Private Condo owner and want to buy a HDB, you will need to sell any private properties that you own.

Can I buy EC if I own HDB?

Can I get a new EC if I used to/ still own an HDB flat, DBSS flat, or EC? Yes, provided that you only own/ owned 1 of the following units prior to your application: Flat bought from HDB.

Can I rent out rooms in my condo?

Laws and Regulations when Renting out A Room in Your House. … For example, it might be that you own a condo, however, your local homeowner’s association might prohibit additional occupants that aren’t family members – effectively meaning you can’t rent out a spare room in your property.

What if I Cannot sell my HDB flat?

For those who are unable to sell their flats, HDB may grant them an extension of time and advise them to be realistic about their asking prices, he said, adding that the HDB will “continue to exercise flexibility for households with exceptional circumstances”.

Is resale EC worth buying?

#1: Closer to full privatisation One advantage of buying a resale Executive Condominium, rather than a brand new one, is that an EC is fully privatised after 10 years. Crossing this milestone allows you to sell it to foreigners and entities in five years’ time or less, depending on when you buy the resale EC.

Can a HDB owner buy a condo?

Yes you can buy a private property if you own a HDB. It may be a good investment for those who are thinking to go into property investment. You don’t have to sell your HDB and buy 2 condominiums in order to rent it out.

Should I buy a resale HDB or condo?

And when it comes down to it, HDBs can have far better rental yield compared to their condo counterparts, simply by virtue of how affordable they are. (Note: This depends on the rental income generated as well. Condos do tend to generate higher rental income than flats, which can sometimes offset their higher costs.)

How much cash do I need to buy a condo?

The downpayment for a condo is: New condo launch: 20% of the purchase price, of which at least 5% must be paid in cash (i.e. 15% with CPF) Resale condo: At least 5%, including an option fee of at least 1% which must be paid in cash (i.e. 4% with CPF)

Can I rent out my HDB and stay in condo?

If you own a HDB and a condo, you can rent out either one or stay in both properties. … By renting out your HDB, you will also be able to enjoy a positive cash flow every month after deducting the mortgage!

Is EC worth buying?

This means EC buyers have an immediate price advantage over private condominium buyers as they are buying a product that has a similar look and feel of a mass market condominium, but at a cheaper price since ECs come with full condominium facilities and have the same level of privacy and finishes one would typically …

Is it better to buy a new condo or resale?

New launch condos will always be priced higher than existing resale units in the area. … A new launch condo can be at a premium of as high as 40 per cent compared to existing resale units, on a per square foot basis. You’ll need to check existing prices in the area, to know how much more you’re paying.

Will HDB resale price drop further?

This chart from OrangeTee & Tie shows that the resale prices for HDB flats is projected to decline 1-3% in 2020. At the same time, the number of resale transactions could dip to 21,000 to 22,000, from 23,714 in 2019.