Our client, an HDB upgrader, was stepping into the world of Executive Condominiums (EC). The challenge was orchestrating the sale of their existing HDB property while ensuring a seamless transition to their new EC, for which keys were expected in mid-2024.
Question 1: Timing the HDB Sale with EC Key Collection Answer: Understanding the client's payment scheme is crucial. For those on Deferred Payment Scheme (DPS), 65% of the sale price is due upon EC key collection. The financial timeline hinges on this commitment. Sell the HDB in sync with the DPS payment structure to avoid unnecessary stress.
Question 2: Selling Before EC Key Collection Answer: The client wondered about initiating the HDB sale before EC key collection but finalizing the deal only afterward. Success here depends on the HDB's marketability, typically requiring 4-6 months. Factor in the 30-90 days for resale submission and an additional 3 months for renovation.
Question 3: Aligning HDB Completion and EC Key Collection Answer: In the case of DPS, align the HDB completion near or after the EC key collection period. Opt for an HDB sale with an extension to utilize these additional 3 months for EC renovation.
Summary: Strategizing the sale of your HDB when transitioning to an EC demands a meticulous understanding of payment schemes and market dynamics. Our team ensures a smooth process, aligning your financial commitments with property transitions.
Ready to Navigate Your Property Transition? Contact us for tailored advice and a seamless HDB-to-EC transition. Your property journey starts with strategic planning.