View Full Version : Options for existing private owner to own EC or HDB (resale or otherwise)
Hi all,
I have a friend who's considering her options now based on her current situation.
She's not married but bought a 1 bedder for investment purposes and probably TOP 2013?
Now, she's starting to see this guy and although his family is financially well off, it is not likely that they will 'sponsor' his down payment for a private and if they do decide to get married, they would need to get an EC or resale HDB etc (due to lack of vitamin M)
What are her available options?
1) Sell her current place, wait out the 30 months?
2) Transfer ownership to her mum? How does this work? Incur stamp duty? What about remaining bank loan? Can this be transferred?
3) Hopefully rent out once TOP and save up for another condo? Can they buy a condo with both their names, but loan under the guy (no prior property purchase) and only have to pay 20% down payment? She comes up her mortgage via cash top up.
4) Any other options?
Thanks all in advance
http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyResaleFlatFFScheme?OpenDocument
She can buy Resale HDB immediately under Fiancé/Fiancée Scheme.
And sell her private within 6 months after getting HDB key.
Thanks,
Richard
By the way, try not to take the HDB Grant if possible. Reasons are:
1) Once you take the Grant, you will no longer be considered as 1st timer if you want to apply 1st hand HDB in future;
2) When you sell your HDB, there will be a levy. It is super high.
So there is no such thing as "GRANT", it is a super high interest "LOAN".
Thanks,
Richard
PS. She can always get some bridging loan, housing equity loan or personnel loan from the bank (yes, higher interest rate - still better than taking HDB "GRANT") if she faces some cash flow problem during payment for HDB and before selling Private.
http://www.hdb.gov.sg/fi10/fi10322p.nsf/w/SellFlatResaleLevy?OpenDocument
The levy is S$45k - S$50K if you are buying 5-RM or Exec.
http://www.hdb.gov.sg/fi10/fi10321p.nsf/w/BuyResaleFlatCPFGrant?OpenDocument
The grant is S$30K (for 2 citizens) or S$20K (1 citizen + 1 PR).
Another 10K if your parents are staying with 2KM.
Thanks,
Richard
For EC, you need to ensure that the income ceiling for both does not hit more than $12K.
ikan bilis
29-04-12, 12:15
:confused: MM will be Top 2013, just nice for the couple mah...
(is like i keep seeing all types of funny/weird questions here,... from very first look without the details given... :D )
Simple: Don't marry the guy! She's so desperate? :doh:
Tell him he'd better find the money to buy a condo for both of them to stay in first then can get married. If his family is really well-to-do, he shouldn't have a problem getting some money out of them.
The MM was for her investment and income so she should not put herself in a worse off situation after marrying him.
Simple: Don't marry the guy! She's so desperate? :doh:
Tell him he'd better find the money to buy a condo for both of them to stay in first then can get married. If his family is really well-to-do, he shouldn't have a problem getting some money out of them.
The MM was for her investment and income so she should not put herself in a worse off situation after marrying him.
The mm Should be her personal + private savings acct.
phantom_opera
29-04-12, 13:02
yeah, the survey said SG girls are materialistic ... so be it
http://sg.news.yahoo.com/blogs/singaporescene/pore-girls-materialistic-smu-study-092109660.html
5) Find better guy with more vitamin M Mmediately!!!!! Once found dump this guy.
yeah, the survey said SG girls are materialistic ... so be it
http://sg.news.yahoo.com/blogs/singaporescene/pore-girls-materialistic-smu-study-092109660.html
Hello this one common knowledge leh, no need simi research or survey lah :D
Thanks all for the feedback.
I'll forward what's mentioned here over to her.
Hello this one common knowledge leh, no need simi research or survey lah :D
last time min 5c..
now need many Cs= condosssssss
got many condos, many chances!:D
Hi all,
I have a friend who's considering her options now based on her current situation.
She's not married but bought a 1 bedder for investment purposes and probably TOP 2013?
Now, she's starting to see this guy and although his family is financially well off, it is not likely that they will 'sponsor' his down payment for a private and if they do decide to get married, they would need to get an EC or resale HDB etc (due to lack of vitamin M)
What are her available options?
1) Sell her current place, wait out the 30 months?
2) Transfer ownership to her mum? How does this work? Incur stamp duty? What about remaining bank loan? Can this be transferred?
3) Hopefully rent out once TOP and save up for another condo? Can they buy a condo with both their names, but loan under the guy (no prior property purchase) and only have to pay 20% down payment? She comes up her mortgage via cash top up.
4) Any other options?
Thanks all in advance
I think a workable solution for the couple is for them to move into the apartment with the agreement that the guy need to pay "rental" to finance the loan. They could wait for a more appropriate time to buy another PC or EC.
Not enough info. A few questions for Worsty
How old are they?
How long have they been working?
How much do they have in their savings?
How much they have in CPF?
How much is they total income?
What is their family planning?
let's say the couple shift into the mm. the girl pays the instalment and the guy pays nothing. if they divorce, can the guy claim 50% share?:D
Rush in to buy condo without thinking long term and miss out on the opportunity to buy an EC. If want to invest. Make sure get a 2 bed at least. More options later on. 1 bedders aren't scalable unless you're not planning to settle down and have kids.
Not enough info. A few questions for Worsty
How old are they?
How long have they been working?
How much do they have in their savings?
How much they have in CPF?
How much is they total income?
What is their family planning?
She's 28, He's 27
They started working since they are done with uni?
No idea on their savings but she probably depleted quite a fair amount on the downpayment of the 1 bedder she bought earlier.
No idea again as above.
Combined should be 10-11k per month?
No idea.
Need me to ask her about the above questions?
let's say the couple shift into the mm. the girl pays the instalment and the guy pays nothing. if they divorce, can the guy claim 50% share?:D
The guy paid nothing. The 1 bedder's paid solely on her own. So even if they shift in, the guy can't claim la. Haha
I think a workable solution for the couple is for them to move into the apartment with the agreement that the guy need to pay "rental" to finance the loan. They could wait for a more appropriate time to buy another PC or EC.
1 bedder very shack leh for a couple.
Actually this is quite similar to my case! If she profit from subsale now, just sell and go for hdb?
Actually this is quite similar to my case! If she profit from subsale now, just sell and go for hdb?
You are a girl?
You are a girl?
Similar not same! :D :cheers6:
Similar not same! :D :cheers6:
You bought the MM Suites @ Paya Lebar? MM is good for young couples or retirees. If your future wife is not working, chances are you need your parents to help you look after your kid later. It is better that you shift back to their house and rent out the MM.
She's 28, He's 27
They started working since they are done with uni?
No idea on their savings but she probably depleted quite a fair amount on the downpayment of the 1 bedder she bought earlier.
No idea again as above.
Combined should be 10-11k per month?
No idea.
Need me to ask her about the above questions?
She has worked for about 7yrs. That explains why she can afford to buy a 1 bedder on her own. She must be a smart & capable girl.
As for the guy, As a single working for about 4yrs (younger & has NS). He should be earning about 5k today with about 30k to 50k savings unless he doesn't save at all. CPF ordinary account should have about 45k.
The problem is party due to the guy is younger than her. That's is why I ask for the age. This make her situation very tricky as he does not have much $$$ to afford anything decent for private. They can't buy hdb now since she has a condo.
If she really want to marry her soon. Only solution is stay in the 1 bedder.
A bit small but should be ok for them temporary. But make sure she don't let him meddle with the ownership just to be on the safe side.
Stay there for 2-3yrs and accumulate enough (savings+other investment) to buy a larger condo. This could be tough as condo price will probably be higher than today. Sell away the 1 bedder and buy a larger condo with both names. Problem is the 40% deposit and $$$ may or may not be enough.
If she really love and want to marry him. Sell away the 1 bedder if she is not bounded by the 4yrs SSD. With the $$$ profited (I assume there is), buy a larger condo together(at least a 2 bedder to start with). Can be resales which is larger & around the same quantum. She will be 31 if wait for 30mths if want to buy a hdb/ec. Is she going to delay her marriage until then?
This is not a matter of just property. It involves love, housing and family planning. She got to weigh this carefully herself. Investment more important or starting a familty more important?
That's what I also need to educate my girsl not to marry someone younger. She will becomes the one having all the headaches. Man tends to mature later than woman as far as I observed. Marry someone older is still better in most cases.
Is he really THE ONE? If not move on and look for better option.
I also headache liao. :doh:
You bought the MM Suites @ Paya Lebar? MM is good for young couples or retirees. If your future wife is *delete* working, chances are you need your parents to help you look after your kid later. It is better that you shift back to their house and rent out the MM.
K.O. state when typing.
buttercarp
29-04-12, 22:44
That's what I also need to educate my girsl not to marry someone younger. She will becomes the one having all the headaches. Man tends to mature later than woman as far as I observed. Marry someone older is still better in most cases.
I also headache liao. :doh:
Yalor.... I have been primed since young by my mother never to set eyes on a younger man.
My mother even said don't marry man of same age.
She has worked for about 7yrs. That explains why she can afford to buy a 1 bedder on her own. She must be a smart & capable girl.
As for the guy, As a single working for about 4yrs (younger & has NS). He should be earning about 5k today with about 30k to 50k savings unless he doesn't save at all. CPF ordinary account should have about 45k.
The problem is party due to the guy is younger than her. That's is why I ask for the age. This make her situation very tricky as he does not have much $$$ to afford anything decent for private. They can't buy hdb now since she has a condo.
If she really want to marry her soon. Only solution is stay in the 1 bedder.
A bit small but should be ok for them temporary. But make sure she don't let him meddle with the ownership just to be on the safe side.
Stay there for 2-3yrs and accumulate enough (savings+other investment) to buy a larger condo. This could be tough as condo price will probably be higher than today. Sell away the 1 bedder and buy a larger condo with both names. Problem is the 40% deposit and $$$ may or may not be enough.
If she really love and want to marry him. Sell away the 1 bedder if she is not bounded by the 4yrs SSD. With the $$$ profited (I assume there is), buy a larger condo together(at least a 2 bedder to start with). Can be resales which is larger & around the same quantum. She will be 31 if wait for 30mths if want to buy a hdb/ec. Is she going to delay her marriage until then?
This is not a matter of just property. It involves love, housing and family planning. She got to weigh this carefully herself. Investment more important or starting a familty more important?
That's what I also need to educate my girsl not to marry someone younger. She will becomes the one having all the headaches. Man tends to mature later than woman as far as I observed. Marry someone older is still better in most cases.
Is he really THE ONE? If not move on and look for better option.
I also headache liao. :doh:
Go to see MP, ask for special arrangement with HDB. If they disagree, try again and again until MP tak boleh tahan.... :)
Yalor.... I have been primed since young by my mother never to set eyes on a younger man.
My mother even said don't marry man of same age.
It's not age but the ability of the man to take care of himself and his family that matters. Most guys can't even take care of themselves: mother/maid does all the housework and buys underwear for them :o
Never go out with a guy who splits the bill :tsk-tsk: He is a person who hasn't gotten his priorities right. If he has no money he should be spending his time earning more instead of spending on dates.
Never get serious with a guy who is unwilling to discuss money matters :2cents: This is a sign that he has none or that he is unable to manage his own financial situation.
Never marry a guy who is nasty to his own mother (unless his mother has been nasty to him). This is a sign that he has no respect for women.
Never go out with a guy who splits the bill :tsk-tsk: He is a person who hasn't gotten his priorities right. If he has no money he should be spending his time earning more instead of spending on dates.
singapore's cost of living has gone really high. if the girl expects to be dining at restaurants on every date and expects the guy to be paying, be ready to compromise on your wedding package.
if the average dude after graduation earns about 2500 to 3000, I'm pretty sure he won't have much savings left after spending on dining at restaurants, and giving a portion to his parents.
when i was starting off, i'm glad my other half paid for some of the meals and had simpler request of me.
today's youngsters like to live the high life even when they don't have that sort of money.
today's youngsters like to live the high life even when they don't have that sort of money.
some even told me - if he ta bao coffeeshop kopi and bring to office, very siah suay. die die must carry that starbucks paper cup.
:cheers5:
buttercarp
29-04-12, 23:53
Never go out with a guy who splits the bill :tsk-tsk: He is a person who hasn't gotten his priorities right. If he has no money he should be spending his time earning more instead of spending on dates.
Never get serious with a guy who is unwilling to discuss money matters :2cents: This is a sign that he has none or that he is unable to manage his own financial situation.
I tell my son never go out with a girl who makes him pay on every occasion.
I believe if a girl is really interested in a guy, she would not take advantage of his financial situation.
When I was dating my husband, he was just a poor student who rode a motorcycle.
How to make him pay every time?
We did not split hairs over bills, but took turns to pay whenever we went out.
some even told me - if he ta bao coffeeshop kopi and bring to office, very siah suay. die die must carry that starbucks paper cup.
:cheers5:
Just take one stack of the cup and pour the kopitiam coffee inside every day la lol
You all talk about the gals you date expecting you to foot the bills... I encountered worse. Guys whom I dated. Some were fully fledged working adults or earned even more than me, or even if not, expect me to foot every damm thing just because they are the 0 role for example...
I tell my son never go out with a girl who makes him pay on every occasion.
I believe if a girl is really interested in a guy, she would not take advantage of his financial situation.
When I was dating my husband, he was just a poor student who rode a motorcycle.
How to make him pay every time?
We did not split hairs over bills, but took turns to pay whenever we went out.
*+1 like*
girls got to understand not everyone is born with a silver spoon. taking turns is healthy for everybody.
some youngsters go drinking and rack up monthly bills of almost $1000 a month. that's another thing i struggle to understand. if it brings them business, fine. but if it's just socialising with friends, they don't realise that it isn't worth it.
You bought the MM Suites @ Paya Lebar? MM is good for young couples or retirees. If your future wife is not working, chances are you need your parents to help you look after your kid later. It is better that you shift back to their house and rent out the MM.
i got 2 MMs under my name now, not sure when will i be getting married hence not worried about getting a HDB yet. I figured since im only 24, no rush!
if prices are ok when im planning to get married, i wont mind selling of both to buy a resale HDB. otherwise i can always choose 1 to live in.
You all talk about the gals you date expecting you to foot the bills... I encountered worse. Guys whom I dated. Some were fully fledged working adults or earned even more than me, or even if not, expect me to foot every damm thing just because they are the 0 role for example...
:scared-5: :scared-5: :scared-5: :scared-5:...u like both bolt & nut?
singapore marry younger man tough financial life
young man got ns start work late
by the time got money to have kids wife already past prime
tough tough tough
Yalor.... I have been primed since young by my mother never to set eyes on a younger man.
My mother even said don't marry man of same age.
Simple: Don't marry the guy! She's so desperate? :doh:
Tell him he'd better find the money to buy a condo for both of them to stay in first then can get married. If his family is really well-to-do, he shouldn't have a problem getting some money out of them.
The MM was for her investment and income so she should not put herself in a worse off situation after marrying him.In that case never get married coz not prepared to share your investment and income with spouse but only expect spouse to share his income w u? Selling now might be a blessing in disguise but you'll never know lah... and what do you mean by worse off?
let's say the couple shift into the mm. the girl pays the instalment and the guy pays nothing. if they divorce, can the guy claim 50% share?:DIf condo don't have guy's name then no 50% claim...
I tell my son never go out with a girl who makes him pay on every occasion.
I believe if a girl is really interested in a guy, she would not take advantage of his financial situation.
When I was dating my husband, he was just a poor student who rode a motorcycle.
How to make him pay every time?
We did not split hairs over bills, but took turns to pay whenever we went out.++1 like like... :cheers6:
:scared-5: :scared-5: :scared-5: :scared-5:...u like both bolt & nut?Now you know... :o
If condo don't have guy's name then no 50% claim...
If he does not contribute to the installment, he get's nothing.
But if he does help to pay the installment after married, he is the husband and if he can show the court with proof of his contribution, he can claim based on the % contributed even if he is not owner. But not 50% lah since the girl has paid most of it.
I did read similar case on news before.
Hi all,
I have a friend who's considering her options now based on her current situation.
She's not married but bought a 1 bedder for investment purposes and probably TOP 2013?
Now, she's starting to see this guy and although his family is financially well off, it is not likely that they will 'sponsor' his down payment for a private and if they do decide to get married, they would need to get an EC or resale HDB etc (due to lack of vitamin M)
What are her available options?
1) Sell her current place, wait out the 30 months?
2) Transfer ownership to her mum? How does this work? Incur stamp duty? What about remaining bank loan? Can this be transferred?
3) Hopefully rent out once TOP and save up for another condo? Can they buy a condo with both their names, but loan under the guy (no prior property purchase) and only have to pay 20% down payment? She comes up her mortgage via cash top up.
4) Any other options?
Thanks all in advanceIMHO... HDB prices have peaked. Govt clamping down hard on HDB with those high numbers of BTO launched. Room for price appreciation in HDB is limited. More room for PC there.
HDB is attractive for 2 main reasons... 1. Cheaper than PC; 2. Can get govt subsidy. At today's price, its not that much cheaper liao and if some people say better don't get the subsidy if need to sell off in future, then no more reason for buying HDB.
My recommendation is for them to talk through it and see what they want in the near future. How will things pen out if they want kids, etc and possibility of staying w parents, etc. Until they sort those things out (provided they already sort out that they're going to get married), then they can decide if they should get HDB flat.
If he does not contribute to the installment, he get's nothing.
But if he does help to pay the installment after married, he is the husband and if he can show the court with proof of his contribution, he can claim based on the % contributed even if he is not owner. But not 50% lah since the girl has paid most of it.
I did read similar case on news before.Not too sure about the details but I remember the woman's charter stipulates protection for the ladies so so much and the guys have absolutely no protection. So guys are always the big losers in a divorce... While divorced women have monthly allowances from divorced ex-husband but husbands who were house husbands have nothing from working ex-wife after a divorce... :scared-3: so that poor guy left with nothing, including work experience... :doh:
rattydrama
30-04-12, 12:06
i got 2 MMs under my name now, not sure when will i be getting married hence not worried about getting a HDB yet. I figured since im only 24, no rush!
if prices are ok when im planning to get married, i wont mind selling of both to buy a resale HDB. otherwise i can always choose 1 to live in.
when you purchase your MM? How you managed to buy 2 MM just 24 years og age?
when you purchase your MM? How you managed to buy 2 MM just 24 years og age?
There r lots of 18 yr olds driving ferraris n lambos.etc
*+1 like*
girls got to understand not everyone is born with a silver spoon. taking turns is healthy for everybody.
some youngsters go drinking and rack up monthly bills of almost $1000 a month. that's another thing i struggle to understand. if it brings them business, fine. but if it's just socialising with friends, they don't realise that it isn't worth it.
Some will say eeh my fren family owns this n that biz so good to pull the strings a bit next time he sure take over the biz n be filthy rich
rattydrama
30-04-12, 13:57
There r lots of 18 yr olds driving ferraris n lambos.etc
Yes, parents might be filthy rich.
This forumer is proud & matured and of course keen to know why she decided on ppty at such early age...
:scared-5: :scared-5: :scared-5: :scared-5:...u like both bolt & nut?
no... i like cadbury fruit n nut
post BANANA n nut crunch cereal i oso like
Yes, parents might be filthy rich.
This forumer is proud & matured and of course keen to know why she decided on ppty at such early age...
Should be the good influences by her parents, not just $.
Especially kids with biz men parents - they tend to venture/invest at a earlier age. One of my clients' son has at least 6 properties, just turned 21 last year already start shopping.
Should be the good influences by her parents, not just $.
Especially kids with biz men parents - they tend to venture/invest at a earlier age. One of my clients' son has at least 6 properties, just turned 21 last year already start shopping.
Well, there is a difference as to whether he bot the properties using his monies he earned or his parents' money.
singapore's cost of living has gone really high. if the girl expects to be dining at restaurants on every date and expects the guy to be paying, be ready to compromise on your wedding package.
if the average dude after graduation earns about 2500 to 3000, I'm pretty sure he won't have much savings left after spending on dining at restaurants, and giving a portion to his parents.
when i was starting off, i'm glad my other half paid for some of the meals and had simpler request of me.
If guy want to go out with girls who only eat at expensive restaurants, then he will have to pay the price. It's his choice if he wants to date them. If he doesn't, don't worry, there are many other guys out there who would!
I tell my son never go out with a girl who makes him pay on every occasion.
I believe if a girl is really interested in a guy, she would not take advantage of his financial situation.
When I was dating my husband, he was just a poor student who rode a motorcycle.
How to make him pay every time?
We did not split hairs over bills, but took turns to pay whenever we went out. Now you still pay for joint expenses?
I wouldn't say "take advantage" but if a guy can't afford to pay for gal's meal, he won't be able to afford a place to live and to raise children (that's the whole point of getting married right).
If he does not contribute to the installment, he get's nothing.
But if he does help to pay the installment after married, he is the husband and if he can show the court with proof of his contribution, he can claim based on the % contributed even if he is not owner. But not 50% lah since the girl has paid most of it.
I did read similar case on news before.
This is true.
In that case never get married coz not prepared to share your investment and income with spouse but only expect spouse to share his income w u? Selling now might be a blessing in disguise but you'll never know lah... and what do you mean by worse off?
I mean worse off financially. If the investment was made before she met him, why should she share the income? And if he lives with her in her MM, it becomes a marital home. He lives there for free and may even be able to get a share in it if they divorce.
regency321
30-04-12, 15:33
Should be the good influences by her parents, not just $.
Especially kids with biz men parents - they tend to venture/invest at a earlier age. One of my clients' son has at least 6 properties, just turned 21 last year already start shopping.
21 years old having 6 properties... do they pay THAT well in NS? Actually is only shopping using his parent's money, nothing to be proud of...
If guy want to go out with girls who only eat at expensive restaurants, then he will have to pay the price. It's his choice if he wants to date them.
...maybe I'm old fashioned... actually I agree with you :)
when you purchase your MM? How you managed to buy 2 MM just 24 years og age?
i bought my first Q4 last year and 2nd Q1 this year. Go watch the thai show "billionaire" :)
i bought my first Q4 last year and 2nd Q1 this year. Go watch the thai show "billionaire" :)
If u r a guy, u r either a local poly grad with ur own business or foreigner deg grad who make good these few years. The most likely scenario is ur family background is quite good. I cant rule out stocks gain. Most local deg grad already owe e govt lots of $ e moment they grad at 25 years old.
I mean worse off financially. If the investment was made before she met him, why should she share the income? And if he lives with her in her MM, it becomes a marital home. He lives there for free and may even be able to get a share in it if they divorce.So if that guy has another property before he met the girl who also has an MM, then when they are planning on marriage but tight on cash for a metrimonial home, who'll sell their PC to finance the metrimonial home?
Then when the kids come and it was decided that one person stays home, who'd it be? Does it still hold then that each person pays his/her own meals, entertainment, etc on top of expenses for that kid?
My point is simple: Being too calculative will be a super big hinderance to a happy marriage and even complicate things when children come along. Better off being a single and enjoy no disagreement with a spouse! :47:
I had an open discussion with my children on this subject matter before. My concern is, divorce is now well accepted by Gen Y/X as part of life.
For HK, if the property is bought X years (forgot how many) before marriage, then, it will not be considered as metrimonial home if the other party did not help out in the loan payment etc. For Singapore, I think this is not the case.
I made it very clear to my children that and their spouses that not all the parent's assets will not be vested to them upon our death. We have a trust to protect the assets from their divorce and bankruptcies.
If u r a guy, u r either a local poly grad with ur own business or foreigner deg grad who make good these few years. The most likely scenario is ur family background is quite good. I cant rule out stocks gain. Most local deg grad already owe e govt lots of $ e moment they grad at 25 years old.
wow! ur spot on!
I'm a poly grad and went on into a overseas uni :D:cheers6:
Only the part about my family, i fund my own education, they owe me $ for their biz :( :( :(
So if that guy has another property before he met the girl who also has an MM, then when they are planning on marriage but tight on cash for a metrimonial home, who'll sell their PC to finance the metrimonial home?
Then when the kids come and it was decided that one person stays home, who'd it be? Does it still hold then that each person pays his/her own meals, entertainment, etc on top of expenses for that kid?
My point is simple: Being too calculative will be a super big hinderance to a happy marriage and even complicate things when children come along. Better off being a single and enjoy no disagreement with a spouse! :47:
haha i wish my future other half will have her own MM too! combined financials should allow us a better home.
Powered by vBulletin® Version 4.2.2 Copyright © 2024 vBulletin Solutions, Inc. All rights reserved.