When upgraders ask me what their move will cost, they’re usually thinking about one number: the condo’s price. But the price is the equity you’re buying — it largely becomes your asset. The costs that genuinely leave your pocket for good are the fees and duties around the transaction, and they’re easy to underestimate by tens of thousands of dollars.
Let me itemise every line, separate the money you’ll never see again from the money that becomes your home, and run a full worked example so you can see the real cash choreography of an upgrade.
The calculator adds up your stamp duties, downpayment and net sale proceeds to show whether the cash works.
Two kinds of “cost”
Before the table, internalise this distinction — it changes how you read every figure:
- Sunk costs — agent commission, legal fees, stamp duties. Gone for good. This is your true “cost of upgrading.”
- Equity outlay — the downpayment. It’s cash leaving your account, but it converts into ownership of your condo. Not a cost, but it is cash you must have on hand.
People who only budget for sunk costs get a nasty surprise at the downpayment; people who only budget for the downpayment forget the ~$60,000 of sunk fees. You need to plan for both.
Selling your HDB: the costs
| Cost | Typical amount | Notes |
|---|---|---|
| Agent commission | 2% + 9% GST | Negotiable; some sellers pay 1.5%. On $580k ≈ $12,644 |
| Legal / conveyancing fees | $1,800–$2,500 | HDB resale conveyancing |
| HDB resale levy | Usually $0 | Applies only when buying another subsidised flat/EC — not private |
| Seller’s Stamp Duty (SSD) | $0 | Only applies if sold within 3 years; you’re past the 5-year MOP |
Two reliefs worth noting: because you’re buying private, the resale levy doesn’t apply, and because you’ve served your 5-year MOP, there’s no SSD. Most of your selling cost is simply the agent’s commission.
Buying your condo: the costs
| Cost | Typical amount | Notes |
|---|---|---|
| Buyer’s Stamp Duty (BSD) | 1%–6% graduated | ~$44,600 on a $1.5M condo |
| Additional Buyer’s Stamp Duty (ABSD) | $0 or 20% | $0 if you sell first; 20% (refundable) if you buy first |
| Legal / conveyancing fees | $2,500–$3,000 | Purchase conveyancing |
| Valuation & mortgage admin | $300–$700 | Bank valuation, loan processing |
| Downpayment | 25% of price (equity) | 5% cash + 20% cash/CPF, if 75% LTV |
How BSD is calculated
BSD on residential property is graduated (rates in force since 15 February 2023):
| Portion of price | Rate |
|---|---|
| First $180,000 | 1% |
| Next $180,000 | 2% |
| Next $640,000 | 3% |
| Next $500,000 | 4% |
| Next $1,500,000 | 5% |
| Remainder | 6% |
On a $1,500,000 condo: $1,800 + $3,600 + $19,200 + $20,000 = $44,600.
Full worked example: $580K flat → $1.5M OCR condo (sell first)
Let’s follow a real cash trail for a couple selling first, with a $180,000 outstanding HDB loan and $200,000 of CPF used (now ~$240,000 with accrued interest).
Stage 1 — Sell the HDB:
| Item | Amount |
|---|---|
| Sale price | $580,000 |
| Less outstanding loan | −$180,000 |
| Less CPF refund to OA (principal + accrued interest) | −$240,000 |
| Less agent commission (2% + GST) | −$12,644 |
| Less legal fees | −$2,000 |
| Cash in hand after sale | ≈ $145,356 |
| CPF returned to OA (reusable) | ≈ $240,000 |
Stage 2 — Buy the $1.5M condo:
| Item | Amount | Source |
|---|---|---|
| Downpayment (25%) | $375,000 | $75k cash + $300k cash/CPF |
| BSD | $44,600 | cash or CPF |
| ABSD (sold first) | $0 | — |
| Legal fees | $3,000 | cash |
| Total cash + CPF needed at purchase | ≈ $422,600 | — |
Stage 3 — Does it work? They have ~$145k cash + $240k CPF = **$385k** from the sale. Against ~$422k needed, they’re about $37,600 short — covered by existing savings outside CPF, or by targeting a slightly lower condo price. This is exactly the kind of gap that’s invisible until you itemise.
Don’t forget the post-purchase costs
These aren’t transaction fees, but they hit right after you move:
- Renovation — $30,000–$80,000+ depending on unit and taste.
- Fire insurance (mortgage requirement) — ~$100–$200/year.
- MCST maintenance fees — $300–$600+/month, ongoing.
- Property tax — higher than your HDB, based on Annual Value.
- Moving + interim housing (if selling first leaves a gap).
The CPF mechanics behind the downpayment — what can come from your OA versus the mandatory cash — are covered in Using CPF OA for Your Condo Down Payment, and the full sale-side picture in How Much CPF Do You Get Back?.
The bottom line
The sunk cost of upgrading — commission, legal fees, and BSD — typically runs $55,000–$65,000 if you sell first, before any renovation. The downpayment is a separate ~$375,000 of equity outlay you must fund from cash and CPF. ABSD only enters the picture if you buy first. Itemise all of it before you shop, because the gap between “I can afford the mortgage” and “I have the cash to complete” is where upgrades stall.
Net cash from your HDB sale, ABSD exposure, and the condo budget you can actually afford — worked out in about 2 minutes.
General information for Singapore HDB upgraders, not financial advice. Figures are illustrative and rounded; commission, legal fees and renovation vary. Confirm BSD/ABSD at iras.gov.sg and your transaction costs with your agent and conveyancing lawyer.