Knowledge
By wisdom a house is built, and through understanding it is established; through knowledge its rooms are filled with rare and beautiful treasures.
Freehold vs Leasehold
Property owner retains ownership over an indefinite period in freehold property; whereas for leasehold property, the ownership is for a fixed period, typically 60, 99 or 999 years in Singapore. HDB flats in Singapore are granted 99-year lease and once the lease runs out, these flats will be returned to the government.
Property Wealth Planning
Financial freedom and a comfortable retirement is possible for those who know how. Property Wealth Planning (PWP)™ has been helping many property owners to increase their wealth accumulation capabilities and plan for their financial future.
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Annual Value of My Property <Case Study of AV>
The residential annual value of buildings is the estimated gross annual rent of the property if it were to be rented out, excluding furniture, furnishing & maintenance fees. It is determined based on the estimated market rentals of similar or comparable properties and not on actual of the rental income received.
Property Tax <Tax Rates Calculation>
Property Tax is a tax on property ownership & applies whether the property is owner occupied, rented out or vacant. Property tax rates on owner-occupied and non-owner occupied residential properties (4% & 10% respectively) are applied on a progressive scale . All other properties continue to be taxed at 10% of the Annual Value.
Seller Stamp Duty <SSD Tax Rates>
If a residential property is acquired on or after 20 Feb 2010, SSD is payable if the residential property is disposed of within the holding period. When parts of the residential property were acquired by the vendor at different times, the holding period for each part acquired will be computed from the respective acquisition date.
Buyer Stamp Duty <BSD Rates>
When you buy any property, you need to pay BSD within 14 days of the date of Contract/Agreement. In most instances, your lawyer acting on your behalf in purchasing the property will arrange for payment of Stamp Duty. For residential properties, BSD rates of up to 6% are chargeable. ABSD of up to 60% may also be applicable. BSD rates of up to 5% is applicable to acquisition of non-residential properties.