Budgeting for a condo: the full upfront cost checklist

The price is not the cost

The headline price of a condo is the number everyone quotes. It is not what buying one costs upfront. A realistic budget adds several other items - some large, some small - that all fall due around the time of purchase. Plan for the full list and there are no surprises at completion.

1. The down payment

You cannot borrow the whole price. A Loan-to-Value limit caps how much a bank may lend, so the rest is your down payment - part of which must be paid in cash and the remainder can come from CPF, subject to CPF rules. The exact cash-versus-CPF split depends on your circumstances and how many home loans you hold. Confirm the current LTV limit and minimum cash portion with your bank.

2. Stamp duties

Buyer's Stamp Duty applies to every purchase. Additional Buyer's Stamp Duty applies depending on your residency profile and how many residential properties you already own - and it can be a very large sum. Both are payable upfront, shortly after the purchase document is signed, and they are not part of your loan. Confirm the current rates with IRAS.

3. Legal and conveyancing fees

A conveyancing lawyer handles the legal transfer, the mortgage documentation and the searches. Budget a professional fee plus disbursements. Fees vary between firms - get a quote early.

4. Valuation fee

For a resale purchase, the bank requires a valuation of the property to set the loan, and there is a fee for the valuation report. For a new launch bought at the developer's price, this works differently.

5. Option or booking money

A resale purchase involves an option fee and, on exercising, a deposit that together form part of the down payment. A new launch involves a booking fee. Either way, you need cash ready before the loan is in play.

6. Renovation and furnishing

For a resale unit, factor renovation realistically - it ranges widely with the unit's condition and your plans. Even a new launch needs furnishing, window treatments and the cost of moving. A new launch does have a wait before completion, which can help you save for this.

7. The smaller costs buyers forget

• Home insurance - fire insurance is generally required by the lender; contents insurance is optional but sensible.
• The first maintenance fee and any sinking-fund contribution.
• Property tax on the property; the rate differs for owner-occupied versus let units.
• Agent's commission, where applicable to your transaction.
• Moving costs and immediate setup.

8. Keep a buffer

Beyond the line items, hold a cash buffer after completion. Interest rates move and life happens; a purchase that is affordable only if everything goes perfectly is not really affordable. A sensible reserve is part of a sound budget, not an optional extra.

A working checklist

Before you commit, total:

• Down payment - cash portion plus CPF portion
• BSD and ABSD, if applicable
• Legal and conveyancing fees, plus disbursements
• Valuation fee, for a resale unit
• Renovation, furnishing and moving
• Insurance, the first maintenance fee, property tax
• A post-completion cash buffer

The takeaway

The buyers who feel in control are the ones who budgeted the whole list before shopping - not the price alone. Build this checklist with real numbers for your situation, get an in-principle loan approval so the financing side is concrete, and a banker, a lawyer and a licensed salesperson can each confirm the parts that fall in their lane.