What is the Total COST for your New Home Purchase? (Episode 18)

Ok after knowing about how much you can borrow and how much would be your monthly commitment, now you should understand how much is the total cost to purchase your new home.

Hello, I’m Stephen Chong and today I’m going to share with you:
What is the Total Cost for your condo purchase?

Here’s the total cost:
1. 25% initial payment (5% for the booking fee, 15% payable within 8 weeks, and 5% upon foundation complete; the balance 75% bank loan subject to approval)
2. Buyer Stamp Duty 3% - $5,400 or 4%-$15,400 and Additional Buyer’s Stamp Duty if any.
3. Legal Fee (for the purchase) ranging from $2,300 to $3,000.

And the sum of (1), (2) & (3) are known as the Capital Outlay.
4. Mortgage installment (which includes 4a principal and 4b interest).
5. Maintenance fee (subject to the share value, normally ranging around $200-$400 per month)
6. Property Tax (subject to the annual value and whether you are using the property for own stay, the property tax will be lower or if you rented it out, the property tax will be higher)
7. Income Tax (if you are collecting any rental income)
(5), (6) and (7) only payable after the vacant possession (TOP).

8. Mortgage Insurance (subject to your age and amount of protection but this is not the major cost)

The above is the total cost of your purchase.
Even is buying for own stay, a lot of you would sell and upgrade in the future. Contact me to do a property portfolio review so that I can share with you in-depth about which are the condo price selling at a reasonable price and comes with a high potential upside.
My next episode will discuss how much you need to sell in order to breakeven or gain profit.

Contact Stephen: 91887652