2 Must-dos After Purchasing Your Property (HDB and Condo)
Bank statements can be used to compute the profits made from your property.
It is important to regularly monitor the market price of your property and properties in the vicinity.
Even within the 3 years that you are liable to pay a Seller’s Stamp Duty (SSD), you can still keep track of the market for your property.
What you should do after purchasing your property is an important question to ask.
Firstly, it is important to keep track of the profits made from your property. Every year, banks typically release a statement of the total interest and principal paid. This statement can be requested from the bank if you do not receive it. To calculate your actual profits from the property, you should subtract the interest from your total revenue.
The next thing you should monitor is the market price of your property and properties in the vicinity. This analysis should ideally be done on a quarterly or half-yearly basis. It is useful to stay updated with the latest trends in property prices, whether they are increasing or decreasing.
You should also take note of the master plan (MP) that is unique to the district your property is in. These master plans, which change every 3-4 years, inform you of the developments that can be expected in your district.
In the case of newly launched properties, it is possible to monitor market prices and pay attention to the district master plan. However, it is more productive to monitor these trends roughly 2.5 years after making your purchase, when your property is almost completed.
Property sellers are liable to pay a Seller’s Stamp Duty (SSD) if they sell their property within the 3-year holding period. People purchase properties at different times and thus conclude their SSD periods at different times. Even if your 3-year SSD period is not up yet, you can still check if people who had purchased the same property earlier are selling or have sold their property. From there, you can better understand what the market is like for your property.
Whether you have the intention to sell your property or not, it is still important to take your property seriously and monitor the aforementioned factors regularly. After all, purchasing a property is a significant investment that involves a large sum of money. Knowing what to do after you purchase a property is as important as knowing what to do before.