The upgraders who run into trouble almost never fail at the showflat — they fail months earlier, by skipping the homework. They fall for a unit, then discover the cash doesn’t reach, the loan won’t size up, or the ABSD clock is against them.
So before you view a single condo, work through these twelve confirmations. Treat it as a pre-flight checklist: every item is something I’d verify with a client before letting them step into an agent’s car. Tick all twelve and you’ll shop with clarity instead of hope.
The calculator confirms your net cash, ABSD exposure and realistic condo budget — the heart of this checklist.
The 12-point pre-upgrade checklist
1. Confirm your MOP expiry date
You can’t sell or buy private until it’s served. Check the exact date on the HDB Flat Portal — not your memory. See MOP Explained.
2. Pull your CPF Home Ownership dashboard
Log in to CPF and note two numbers: the principal you’ve withdrawn for the flat and the accrued interest owed. Both must be refunded to your OA when you sell. This is the figure that quietly shrinks your cash. See CPF Accrued Interest.
3. Check your outstanding HDB loan balance
Whatever you still owe gets redeemed from your sale proceeds first — and, just as importantly, an outstanding loan caps your next condo’s LTV at 45%. Know the number.
4. Estimate your net cash from the sale
Sale price − outstanding loan − CPF refund − selling costs = your real cash in hand. It’s almost always far less than the headline “profit.” See How Much CPF Do You Get Back?.
5. Confirm your cash savings (the 5% floor)
At least 5% of the condo price must be paid in cash — CPF cannot cover it. On a $1.5M condo that’s $75,000. Make sure you have it outside of CPF.
6. Check your TDSR headroom
Your total monthly debt can’t exceed 55% of gross income, stress-tested at 4%. Clear small debts (car, personal loans) to lift your ceiling. See TDSR for Upgraders.
7. Get Approval-in-Principle (AIP) from a bank
An AIP tells you your real loan ceiling before you commit, not after. It’s free and takes days.
8. Understand your LTV position
75% if your HDB loan is discharged; 45% if it’s still outstanding. This decides whether your downpayment is 25% or 55%. See Upgrading with an Outstanding Loan.
9. Decide sell-first vs. buy-first
This shapes your ABSD exposure, LTV, and interim-housing needs. Decide deliberately, not by default. See Sell First vs. Buy First.
10. Know your ABSD exposure
$0 if you sell first; 20% upfront (refundable in 6 months) if you buy first. On a $1.5M condo that’s a $300,000 swing. See ABSD for HDB Sellers.
11. Budget the Buyer’s Stamp Duty and other fees
BSD runs 1–6% (~$44,600 on a $1.5M condo), plus legal fees, valuation, and eventual renovation. Itemise it all. See Full Cost Breakdown.
12. Set a realistic condo budget
The lower of what your loan supports and what your downpayment covers — that’s your ceiling. Lock it before you view, so you only fall in love with units you can actually complete.
How to use this checklist
Work it in order — the early items (MOP, CPF, loan balance) feed the later ones (net cash, budget). Items 1–3 are data-gathering you do from your HDB and CPF portals. Items 4–11 are analysis. Item 12 is the decision that comes out the other end. Don’t view condos until item 12 is settled; otherwise you’re shopping without a budget, and that’s how people overcommit.
If you’d rather not hand-calculate items 4, 10 and 12, that’s exactly what the calculator is for — feed it your numbers from items 1–8 and it returns your net cash, ABSD position, and condo budget directly.
The bottom line
Twelve confirmations stand between “thinking about upgrading” and “ready to shop”: your MOP, CPF figures, loan balance, net cash, cash floor, TDSR, AIP, LTV, strategy, ABSD, fees, and final budget. None is difficult on its own — but skipping any of them is how upgrades unravel. Do the homework first, and the showflat visits become the easy part.
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. Confirm figures against your own HDB and CPF dashboards and with your banker, agent and conveyancing lawyer.