Seller’s stamp duty rules: buyers to the advantage
Seems 2017 is a year of multi surprises for the people of Singapore as the government announced the new seller’s stamp duty rules. It is expected to be an incentive that will encourage more investments in the housing sector of the economy.
The atmosphere is amazing as the new rule will be to the benefits of new house hunters and those who will be selling their properties after the announcement of the new rule.
What new buyers stand to gain?
Buyers who invest in a property after the announcement of the new rule will not have to pay the seller’s stamp duty. In case, they decide to sell the property after three years. Earlier property investors could only avoid SSD if they sell the property after four years.
The beauty is, the SSD is cut by a whopping four percent for each tier. Good savings for potential house hunters. The new Seller’s stamp duty rules give hope and better return on investments to those who are willing to put their money in housing after the rule came into effect. Perhaps the possibility that you can sell your property earlier is a bride investor will like to toy with.
Motivation to buy
Since house buyers and investors can resell their properties earlier. There is high energy among people to invest their money in a three years property that will appreciate over the period with fears of paying stamp duty to the government. The fewer restrictions will no doubt lead to the new culture of buying properties in Singapore.
Though, so investors do not see the difference by a huge margin over the earlier four years period. But to a first-time house buyer, and an average investor, this is an opportunity to make more money in a shorter period of time.
Either as a young family that wants to upgrades to condos from HDB flats or an investor, the new SSD is an incentive to buy new properties. It may be seen as an avenue for upgrades to have more benefits in the long run, but the fact is, new stamp duty rules would give the chance to sell the after just three years with four percent incentive added.
There is no better time to invest in new properties in Singapore than now when you have a short time that you can dispose of the property if you wish and have more incentives as icing on the cake.
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