Condo Management Fees
Condo management fees is payable for the upkeep of the estate. The fee varies on the share values and the size of your property. They typically range from S$200 to S$600 per month. For luxury property, it could range up to S$1,000 or more per month.
You need to appoint a solicitor to help you in the conveyancing of the property. Most legal fees range from S$2,500 – S$5,000 for typical property purchase. However, if you have more complex cases, please check with the solicitor directly on their fees. This is a one time payment only when you are selling or buying a property.
Property tax is a wealth tax levied on property ownership. It is not a tax on rental income. All property owners have to pay property tax based on the value of their property, irrespective of whether the property is occupied or vacant. Property tax range from S$500 to S$5,000 per year depending on the annual value of your property.
Mortgage stamp fees
This is usually a relative unknown mortgage stamp fees you need to pay when securing a housing loan. The mortgage stamp fees is cap at a maximum of S$500. This is a one time payment only when you are taking a housing loan to purchase a property.
Any rental income collected from renting out the property is consider as taxable income. This rental income will be consolidate as part of your annual income for that financial year and is taxable by IRAS. Please refer to www.iras.gov.sg for more information.
Fire insurance premium is dependable on the value of your property and the coverage of the property. Most fire insurance premium should range from as little as S$20 to S$100 or more per month. It is compulsory to have fire insurance if you are taking any loan or using CPF to purchase the property.
No commission is payable if you are buying a new home in Singapore. All prices listed here are direct developer prices.
If you are renting out your property, you will need to set aside a yearly budget for fair wear and tear to the property. Such budget is used to upkeep the property. A rule of thumb is to set aside 0.5 month of rental for every year of tenancy.