How to minimise ABSD impact for property buyers
This video is for both consumers and property agents especially PropNex agents as i'll be sharing a special calculator that only PropNex agents have access to. But first, some background information. Pandemic is ongoing, businesses are on shaky ground and yet the property market is on the uptrend.
There are groups of buyers still thinking of owning an additional property as an investment and to earn passive income. But something is actually holding them back what is it that's holding them back it is the additional buyer stamp duty or ABSD.
ABSD is preventing them from making the next move. The buyers are interested to buy their second property or third property or more. But they are not keen to pay ABSD. They will need to pay something like 12 percent or 15 percent if they are Singapore citizen, 5 percent or 15 percent if they are Singapore permanent residents or 20 percent if they are foreigners. [The ABSD rates was changed on 16 Dec 2021]. The latest ABSD rate was changed on 15 February 2023.
But what if i were to show you a few magic numbers that can help you reconsider your fear of paying for ABSD. Will it help you to have a second look? This video is to help you see from a different perspective.
Propnex has developed a special calculator to calculate the stamp duties break-even point. It can be found in Propnex PA app and i'll show you how to use it in this video.
If you would like to calculate the ABSD for a resale private property, check our Resale Payment Calculator.
Continue to watch the video as you will learn how you can balance the cost of paying for the ABSD and determine if it is worth considering to buy the next property.
Watch the video to learn about the concept. Due to changes in the ABSD rates, some of the ideas may not be applicable. Practice with caution.