Did I make a profit on my sale?

To determine if you made a profit on the sale of your property, you need to consider several factors beyond just the purchase and selling prices.

Steps to Calculate Profit

1. Determine the Selling Price and Purchase Price:
- Note the price at which you sold the property and the price at which you purchased it.

2. Calculate the Gross Profit:
- Subtract the purchase price from the selling price to get the gross profit.

3. Deduct All Costs:
- Include all costs associated with the property, such as:
- Buyer's Stamp Duty (BSD) and Additional Buyer's Stamp Duty (ABSD) if applicable.
- Seller's Stamp Duty (SSD) if the property was sold within three years of purchase.
- Agent fees for both buying and selling.
- Legal fees for both transactions.
- Mortgage interest payments and any prepayment penalties.
- Property taxes paid over the years.
- Maintenance and renovation costs.
- Any CPF monies used, along with the accrued interest.

4. Calculate Net Profit:
- Subtract all the costs from the gross profit to get the net profit.

Example

If you bought a property for $741,280 and sold it for $900,000:

- Gross Profit: $900,000 - $741,280 = $158,720
- Deduct Costs:
- BSD, ABSD, SSD, agent fees, legal fees, mortgage interest, property taxes, maintenance, and any CPF monies used.
- Let's assume these total costs amount to $50,000.
- Net Profit: $158,720 - $50,000 = $108,720

If the net profit is positive, then you made a profit on the sale of your property.

For a more detailed and accurate calculation, you can use the resources available on EdgeProp Singapore to guide you through the various costs and fees involved in property transactions in Singapore.