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    Singaporeans tend to park their money in cash over anything else.

    Even though Singaporeans are generally risk-averse, most of us don’t have a gigantic wad of extra cash lying around.

    Particularly if you’ve got most of your money tied up in investments or your financial obligations, you don’t want to be caught unaware with a large bill.

    So it helps to know the exact costs of selling property in Singapore – and when exactly you need to fork out that cash.

    This way, you can plan when to liquidate those assets at rates that are favorable to you.

    In this guide, we’ll detail all the costs of selling your HDB or private property. We’ll also give you a rough timeline of when you’ll be expected to settle those bills so you can make arrangements accordingly.

    Singaporeans tend to park their money in cash over anything else.

     

    The Costs of Selling Your HDB or Private Property

    Here’s a quick overview of all the costs you’ll need to cover when you sell your property:

    Type of Expense HDB Private Property When to Pay Up
    Administrative Fees $40 - 80   Upon submission of the Resale Application
    Property valuation from licensed valuer   $200-$400 (but banks will also provide an indicative valuation) When setting the price for your property
    Miscellaneous marketing fees (e.g. newspaper ads) Optional Optional When listing your property
    Home staging From $1,000 onwards depending on the size and type of property From $1,000 onwards depending on the size and type of property When listing your property / conducting home viewings
    Professional photography From $300 onwards depending on the size of your property From $300 onwards depending on the size of your property When listing your property
    Legal fees (conveyancing, caveat, etc.) $288 - $2,300 (Using HDB's solicitors is the cheapest route) $2,500

    HDB: After HDB accepts your Resale Application

    Private Property: Deducted from cash proceeds, or close to the sale completion date

    Agent commissions + GST 1 - 2% of purchase price + GST 2 - 5% of purchase price + GST

    Depends on your agent, but typically at the close of the sale

    Service & Conservancy Charges Dependent on the flat type  

    Before you attend the HDB Resale Completion Appointment

    Upgrading costs If applicable  

    HDB sends a yearly statement of account for upgrading costs around February. Outstanding upgrading costs will have to be cleared with cash proceeds or CPF.

    Resale levy If applicable (click here to find out if you need to pay the resale levy)  

    Deducted directly from sale proceeds, or paid upon purchasing your second flat

    Reimbursement to new owners for extension of stay If applicable. Includes reimbursement to the new owner for Service & Conservancy Charges, property tax, and the $20 application fee.  

    Upon submission of the Resale Application

    Bank loan penalty for early termination If applicable If applicable

    At the close of the sale

    Bank legal fees If applicable If applicable

    At the close of the sale

    Seller’s stamp duty (SSD) If applicable (click here to find out if you need to pay SSD) If applicable (click here to find out if you need to pay SSD)

    Within 14 days after the S&P agreement is signed

    Property tax until the end of the year Prorated amount upon completion of sale Prorated amount upon completion of sale

    Payable in January for the year in advance

    Moving / renovation costs

    Typically before the close of the sale so buyer can confirm vacant possession

    * Note: These quoted figures are estimates, as the fees will depend on the specific firms, banks, or individuals you engage.

     

    Obviously, some of these may not apply to you. If you’ve taken an HDB loan rather than a bank loan for instance, HDB doesn’t charge an early repayment fee.

    If you’re selling a flat, it’s cheaper to go with HDB for most of the process. After all, their mission is to provide affordable housing for all Singaporeans, and they’ve gone to great lengths to keep their services inexpensive.

    You’ll find, for example, that HDB’s solicitor fees are significantly lower than fees from an independent law firm elsewhere.

    One final note here: If you’re looking to minimize some of these costs, Bluenest provides a full suite of services to help you sell your property faster. The industry standard for agent commissions is 2% -- Bluenest charges just 1%.

     

    Was this article helpful? Good things must share!

    Book an appointment with a Bluenest agent to get the biggest bang for your buck in the sale of your property.

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