Meet our client, Paul, a HDB upgrader, embarking on the exciting journey into the realm of Executive Condominiums (EC). The task at hand? To choreograph the sale of their existing HDB property while seamlessly transitioning to their eagerly awaited EC, with keys anticipated in mid-2024.
1) Timing the HDB Sale with EC Key Collection
The key lies in comprehending the client's payment scheme. For those opting for the Deferred Payment Scheme (DPS), a significant 65% of the sale price becomes due upon EC key collection. The financial timeline intricately aligns with this commitment. To sidestep unnecessary stress, selling the HDB in harmony with the DPS payment structure is paramount.
2) Selling Before EC Key Collection
The client contemplates initiating the HDB sale before EC key collection but finalizing the deal only afterward. Success in this venture pivots on the marketability of the HDB, a process typically spanning 4-6 months. Factor in the 30-90 days for resale submission and an additional 3 months for renovation, ensuring a comprehensive timeline.
To be safe give yourself a up to 9-10 months to plan in advance.
3) Aligning HDB Completion and EC Key Collection Answer: In the realm of DPS, the strategy involves aligning HDB completion near or after the EC key collection period. Opting for an HDB sale with an extension grants an additional 3 months, strategically utilized for EC renovation endeavors.
Summary: Strategizing your HDB sale when transitioning to an EC necessitates a meticulous understanding of payment schemes and market dynamics. Our dedicated team ensures a smooth process, harmonizing your financial commitments with the rhythm of property transitions.
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