The downpayment is only one part of a longer list. Getting the complete picture right — before you commit — is the difference between a comfortable upgrade and one that leaves you financially tight for years.
The Downpayment
The minimum downpayment is 25% of the purchase price, of which at least 5% must be in cash. For a $1.8 million condo, the minimum cash downpayment is $90,000, with up to $270,000 from CPF covering the rest.
Buyer's Stamp Duty (BSD)
BSD must be paid in cash. On a $1.8 million property, BSD works out to approximately $54,600. CPF cannot be used for BSD.
Legal Fees
Conveyancing legal fees typically run between $2,500 and $4,000.
Renovation And Move-In Costs
For resale properties, renovation can range from $30,000 for light cosmetic work to over $100,000 for a full overhaul. Moving costs and new furniture add another $5,000–$20,000.
The Buffer
Beyond all purchase costs, maintaining a cash buffer of at least three to six months of total household expenses is basic financial prudence. An upgrade that consumes every dollar is an upgrade that leaves you vulnerable.