Personally, the thought of getting a second property for both investment and for stay (eventually) has been on my mind for quite some time.
Why I haven’t bought one
There are many reasons.
The main one is the Additional Buyer’s Stamp Duty. With the ABSD framework still in place, I have never really gotten serious about it. For Singapore Citizens wishing to buy a second property in Singapore, that’s 7%.
And that is on top of the Buyer Stamp Duty which is another 3% (altogether 10%). Not forgetting the initial downpayment of 20%. So all in all 30%.
It helps first time buyer, but not to people looking for their second, third properties, etc.
Next is the trend. Although when it comes to market timing – I really suck at it. However, as the saying goes, “The trend is your friend”.
Looking at the above chart, I would say we are still ......