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Assessing whether you have enough cash proceeds from your HDB flat to plan for an upgrade

Updated: Jan 24

Are you thinking about upgrading your what are the options after HDB mop but aren't sure if you have enough cash? The good news is that with careful planning and evaluation, you can determine whether your current HDB flat is worth enough to finance your upgrade plans like some of our clients that transit from hdb upgrade to ec or upgrading from hdb flat for a bigger space.

To begin, it is critical to understand what cash proceeds are. When you sell your HDB flat, the cash proceeds are the money you get left over after any loans, legal fees, and other costs related to the sale are taken out. This money can be used to buy a new home or to improve your current one. Which most of the homeowners missed out!

When deciding if your HDB flat has enough cash for an upgrade, you should think about a few things:

The current HDB flat price

The value of your HDB flat is an important consideration in determining your cash proceeds if you could sell bto upgrade to condo. The higher the value, the more money you'll get when you sell it. You can determine the estimated value of your HDB flat using a variety of methods, including checking HDB's website or hiring a professional valuer.

Outstanding debts and expenses

Before you can calculate the cash proceeds, you must consider any outstanding loans or costs associated with the sale of your HDB flat. This includes any outstanding home loans, legal fees, and other fees associated with the sale of your apartment.

Costs of upgrading

You can begin to plan your upgrade budget once you have a good idea of your cash proceeds. This includes the costs of buying a new home or remodeling your current one. You should also factor in the costs of any renovations, furniture, and other expenses associated with a home improvement.

Options for funding

If your cash proceeds are insufficient to cover your upgrade plans, you can look into other financing options. For example, you could finance the upgrade with a home loan or your CPF savings. However, keep in mind that any additional financing will increase your overall expenses as well as your debt burden. Specially if you’re a first-timer planning to upgrade to condo from hdb will suggest get professional advice.

Here's a an example for you to picture:

  • A down payment of 20% to 25% of the purchase price, which is between $200,000 and $250,000, will be required.

  • 4% stamp duty applies to the first $180,000 of the purchase price, 6% to the next $180,000, and 8% to the remaining amount. It is estimated that $24,600 in stamp duty will be payable in this scenario.

  • Purchasing a property requires the services of a conveyancing lawyer. The cost of legal services can range from $2,500 to $4,000.

  • A condo unit's condition and your renovation requirements determine the costs of renovation.

In total, you'll need to prepare estimated $276,100 to $324,600 to upgrade from an HDB flat to a $1 million condo unit, excluding other miscellaneous expenses such as furniture and moving costs.

It is important to note, however, that these are only rough estimates, and the actual costs may vary based on your individual circumstances. If you want a more accurate picture of the costs involved, consult with a financial advisor or a real estate professional.

Lastly, to figure out if your HDB flat has enough cash for an upgrade, you need to carefully look at its current value, any outstanding loans and costs, the cost of the upgrade, and your financing options. If you take the time to plan and budget, you can decide whether or not upgrading your HDB flat is financially possible for you.


We understand that financial planning can be a daunting task, and we're here to simplify it for you speak with us.

If you have a plan in mind but not sure if it works well – do share with us or let us know.

We will do our best to assist you to make sure you look at your plan from multiple angles and ensure you have a very clear picture on what’s going on.

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