6 Mistakes To Avoid When Upgrading From An HDB To A Condo

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When it comes to upgrading your HDB, one of the main concerns is whether to buy a new home first, or sell your existing place first. So if you are planning to upgrade to a condo from an HDB in 2021, here are 6 mistakes to avoid:

- Forgetting the OTP is negotiable
The standard length of the Option To Purchase is between 14 to 21 days. Don't forget this can be extended with permission from URA for up to 12 weeks for new launches.
- Losing the intended unit because you wait to sell first
In 2021, it's a general understanding that it is a seller's market, so unless you have a hard to move property, most people should not have trouble selling. Conversely, that means buying is difficult because of the demand, so you will need to plan your timeline very carefully.
- Misunderstanding the terms of ABSD remission
You can apply for ABSD remission afterward if your previous home is sold within six months. Note that this means six months after the TOP date of your new home (if uncompleted), or six months of the date of purchase of your new home, whichever is earlier. Don't forget this only applies to married couples and that one party has to be a Singaporean.
- No preparation for renovation delays and costs
In 2021, Covid-19 has hit the construction industry hard, so you can expect there to be delays when it comes to your own construction. With that in mind, you will have to be generous with your timeline planning - especially if you are upgrading from an HDB to a condo and have to renovate.
- No contingency plan for staying longer


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Chapters
0:00 - Intro
0:35 - #1 Option-to-Purchase (OTP) can be negotiable
1:41 - #2 Losing the intended unit when you wait to sell first
3:17 - #3 Not understanding how ABSD remission works
4:42 - #4 No preparation for renovation costs/delays
5:30 - #5 No contingency plan for staying longer
6:31 - #6 Selling first with nothing to buy
8:10 - Outro

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Stacked is an online editorial aimed at helping Singapore home buyers, sellers, and renters make better decisions. By regularly conducting research and publishing our findings, we hope to give our readers a much better perspective on buying, selling, or renting Singapore real estate.

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