- Pay attention to the qualifications conditions and you will cost before getting good second property.
- This new present boost in Extra Buyer’s Stamp Duty (ABSD) means you might you would like way more cash when selecting the next domestic.
- To shop for the next property comes with significantly more economic obligations; it is informed becoming obvious regarding the mission for selecting next assets
That have inflation controling headlines within the previous days, interest levels are set to go up next from the upcoming days. When you yourself have started attending acquire the next possessions, this might be a lot of fun to start lookin since an effective rise in rate of interest could possibly mean stabilisation of property prices.
Other than the price of the house, there are some one thing you might should be attentive to whenever to purchase a second family, particularly qualifications, cost and you will intent.
Qualifications
For those who individual an exclusive assets, you will then be absolve to buy the next individual possessions without the legal effects. Although not, in the event the first house is a community property, whether it is a set-up-to-Purchase (BTO) apartment, selling HDB flat, administrator condominium (EC), or Build, Build market Program (DBSS) flats, then you’ll must complete specific conditions just before your purchase.
HDB flats feature an excellent 5-seasons Minimal Field Months (MOP) criteria, and thus you’d need consume you to definitely property to have an effective minimum of five years before you can promote otherwise book their flat. (more…)