What other hidden costs should I budget for when buying a home?
Beyond the main purchase costs, Singapore homebuyers should budget for property valuation fees, fire insurance, agent commissions, renovation costs, moving expenses, condominium maintenance fees, and annual property tax. These additional costs can range from a few hundred dollars to well over S$100,000 depending on the property type and scope of renovation. Accounting for all these upfront helps you avoid financial strain during the buying process.
Last updated: 22 Apr 2026
Beyond the purchase price, downpayment, stamp duties, and legal fees, there are numerous additional costs that homebuyers in Singapore should budget for. Failing to account for these can strain your finances during an already expensive period.
Property valuation fees are charged when the bank conducts an independent valuation of the property to determine its market value. This typically costs S$200 to S$700 for standard residential properties and may be higher for landed properties or unique developments.
Fire insurance is required by your bank to protect the property (which serves as collateral) against fire and related perils. The cost is relatively modest, usually S$80 to S$300 per year for standard residential properties. Some banks include fire insurance in their loan package.
Agent commissions are payable when you engage a property agent to assist with your purchase. For resale HDB flats, the buyer typically pays around 1% of the purchase price to their agent. For private resale properties, the buyer's agent fee is usually 1% to 2%, though for private properties such as condominiums or landed properties, the buyer normally doesn't pay for the agent's commission as this is covered by the seller instead. For new launches purchased directly from developers, the buyer usually does not pay agent commission as the developer covers this cost.
Renovation costs can be substantial, particularly for resale properties or bare-unit new launches. Renovating an HDB flat typically costs between S$30,000 and S$80,000 depending on the scope of work, while condominium renovations can range from S$50,000 to S$150,000 or more.
Moving costs, including professional movers and temporary storage, typically range from S$300 to S$2,000 depending on the volume and distance.
For condominium purchases, a maintenance fund contribution may be required at the point of purchase. Monthly maintenance fees (called management and sinking fund contributions) are an ongoing cost that ranges from S$200 to S$1,000 or more per month depending on the development.
Property tax is an annual tax based on the Annual Value (AV) of your property, calculated at progressive rates. Owner-occupied residential properties enjoy concessionary rates starting from 0% for the first S$8,000 of AV.
Cashew's comprehensive cost calculator factors in all these expenses, giving you a realistic picture of the total financial commitment involved in your property purchase.