discoverHow to calculate your sales proceeds
Hello, you are probably thinking of selling your current place or just curious. Whatever the case may be, today we’ll breakdown the simple way of calculating your sales proceeds step-by-step below. All you need are just your Smartphone and Singpass to access the official websites like HDB and CPF.
Sales proceeds is just a fancy word for saying profit so we are going to calculate how much cash profit would you have! Today we’re going to do a simple math calculation, so that you can be clear minded and make one of the most profitable decision of your life!
Warning: If at this point you are already experiencing headaches at the mere mention of calculations?, please call a real estate agent that you trust, or whatsapp us for help using the button below.
Fix a selling price. Every thing on sale have to have a price tag right? More importantly is to know the market price and set your pricing accordingly. Set your price correctly and it’ll certainly help you achieve your sale faster. For a benchmark you can visit HDB MAP SERVICES, click on the housing icon and input your address, as shown in the screenshots below.
If you’re holding onto a private property, you’re welcome to put in your request for a Project research report or an indicative valuation for your unit.
Amount of outstanding loan. For HDB flat owners, get ready your Singpass at this point, visit MyHDBPage and login using your singpass. Once login, follow the screen shots below, going to “My Flat”, “Housing payments” and then “Payment of Outstanding Instalment by CPF for Mortgage Loan” and check under Outstanding Balances. Note down the number.
For private property owners, check your bank mortgage statements or call your bank for assistance.
Step 3 – You’re more than halfway through
CPF used and accrued interest to date. Get ready your Singpass, this time you’d need to login to CPF website using your Singpass.
Tip: Important to note that if have any co-owners, everyone must login to their own CPF account and get their own figures and total up. And note down the total amount.
For more info about what is CPF accrued interest and how it will affect your profits please check out our detailed post here.
Agent fee. If you’re engaging an real estate agent to help you with the price setting, giving marketing strategies and advice on any other procedures the fee is typically is 2%. Alternatively, assuming you take care of the marketing, the selling and paperwork yourself, this part will be zero cost.
Legal fee. If using HDB lawyers the fee is $300~$400, if using private law firm it ranges from $1,800 to $2,500, so for simplified calculation you can use $2000 as an estimate for private property owners.
You’re almost done! Now use the following formula below to get your potential profit numbers.
Use [Selling Price] – [Outstanding loan] – [Total CPF and accrued interest for all owners] – [Agent fee] – [Legal fee] = $PROFIT
That’s it, easy right? All you need are just your Smartphone and Singpass.
Calculation is easy, but more thoughts and planning have to be done on how much to determine your selling price, through what marketing avenues and using what strategies to help you more effectively sell your property.
This estimated simple calculation is assuming that you’re selling before your Minimum Occupancy Period and for Private property owners without Seller stamp duties.
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Get in touch with us, we at PropertyDiscovery would be more than happy to help you through this stressful phase. Feel free to contact us using the whatsapp button below, or using the traditional form below
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