What are the hidden costs that buyers should know before purchasing Tembusu Grand?
Buying a unit in Tembusu Grand is an exciting and potentially lucrative investment, but it is important to be aware of the hidden costs that can arise during the purchasing process. These costs can quickly add up and impact your overall budget, so it is important to be prepared and factor them into your financial planning. In this article, we will explore the hidden costs of buying a unit in Tembusu Grand.
One of the most significant hidden costs of purchasing a condo in Singapore is legal fees. These fees include the costs of hiring a lawyer to handle the legal aspects of the transaction, including conveyancing, stamp duty, and other administrative costs. Legal fees can vary depending on the complexity of the transaction and the services required, but they can typically range from 0.3% to 0.6% of the purchase price of the property.
Buyer’s Stamp Duty (BSD)
Buyer’s Stamp Duty (BSD) is a tax imposed on the purchase of property in Singapore, and it is a significant cost to consider when buying a condo. The BSD rates vary based on the purchase price of the property, and they range from 1% to 4% of the purchase price. For example, if you are purchasing a condo for SGD 1 million, you would need to pay SGD 24,600 in BSD.
Additional Buyer’s Stamp Duty (ABSD)
Additional Buyer’s Stamp Duty (ABSD) is a tax imposed on certain groups of buyers, including foreigners, PRs, and Singaporeans purchasing a second or subsequent property. The ABSD rates vary based on the buyer’s nationality and residency status, and they range from 5% to 20% of the purchase price. For example, if you are a foreigner purchasing a condo for SGD 1 million, you would need to pay SGD 210,000 in ABSD.
If you are financing your Tembusu Grand purchase with a mortgage, there are additional costs to consider. These costs include mortgage processing fees, valuation fees, and legal fees related to the mortgage. These fees can range from a few hundred dollars to several thousand dollars, depending on the size of the mortgage and the services required.
After purchasing a Tembusu Grand condo, you will need to pay monthly maintenance fees to the management corporation of the development. These fees cover the costs of maintaining and managing the common areas of the development, such as the swimming pool, gym, and landscaping. The fees can vary depending on the size and facilities of the development, but they can range from a few hundred dollars to thousands of dollars per month.
Finally, if you plan to renovate your condo after purchasing it, you will need to budget for renovation costs. These costs can vary widely depending on the scope of the renovation and the materials used, but they can easily add up to tens of thousands of dollars.
In conclusion, there are several hidden costs to consider when purchasing Tembusu Grand condo. These costs can quickly add up and impact your overall budget, so it is important to be aware of them and factor them into your financial planning. By doing so, you can ensure a smooth and successful condo purchase experience.