I am fortunate or unfortunate?

**Laguna** · 09-10-12, 11:05

Just back, realised that I have so much to read about!

I recalled what I had done in the past 12 months,

I am fortunate that I bot before ABSD
I am fortunate that I cash out before CM6

I am unfortunate that did not buy more, be it FV, eCO many many before all the CMs

and conclusion...I cannot buy anymore under my/my spouse's names and can only buy under my children's names...so that is fortunate or unfortunate?

**Tripp** · 09-10-12, 11:18

Treat you jia cake... Deli from Goodwood Park Hotel.

**buttercarp** · 09-10-12, 11:19

Fortunate for your kids.
"Unfortunate" for you.
But anything fortunate for your kids is fortunate for you.
So everyone in your family is fortunate!

**roly8** · 09-10-12, 11:22

uncle, you got so much cash meh??? and betting on long term low interest rate?

**blackjack21trader** · 09-10-12, 12:31

Brother laguna...u r fortunate dun b greedy .

**phantom_opera** · 09-10-12, 12:34

54 per cent of expats here earned more than US$200,000 (S$246,000) a year

Sooner or later they will buy

**irisng** · 09-10-12, 12:38

My friend had just selected his BTO on 5th Oct and apply for HDB loan on the same day, wonder whether will he be affected by the new rules?

**CondoWE** · 09-10-12, 12:41

Originally Posted by Laguna

Just back, realised that I have so much to read about!

I recalled what I had done in the past 12 months,

I am fortunate that I bot before ABSD
I am fortunate that I cash out before CM6

I am unfortunate that did not buy more, be it FV, eCO many many before all the CMs

and conclusion...I cannot buy anymore under my/my spouse's names and can only buy under my children's names...so that is fortunate or unfortunate?

Hi bro,

You consider lucky Liao..

.
I want to buy under my kid's name also cannot as they are both under age...

!

**nav14** · 09-10-12, 13:00

Originally Posted by CondoWE

Hi bro,

You consider lucky Liao..

.
I want to buy under my kid's name also cannot as they are both under age...

!

What is the minimum age to put in children's name? Can the children be unemployed but loan period based on their age and parent's income?

**imjason** · 09-10-12, 13:01

Originally Posted by Laguna

Just back, realised that I have so much to read about!

I recalled what I had done in the past 12 months,

I am fortunate that I bot before ABSD
I am fortunate that I cash out before CM6

I am unfortunate that did not buy more, be it FV, eCO many many before all the CMs

and conclusion...I cannot buy anymore under my/my spouse's names and can only buy under my children's names...so that is fortunate or unfortunate?

If you are fortunate then I'm too ...

**Tripp** · 09-10-12, 13:05

Originally Posted by nav14

What is the minimum age to put in children's name? Can the children be unemployed but loan period based on their age and parent's income?

http://www.fareast.com.sg/en/Residen...Sale/FAQs.aspx

30. I want to buy a property for my son. He is still studying. What is the minimum age requirement for us to be able to put the property under his name? Can we have a guardian?

All buyers must at least of 21 years of age.

**phantom_opera** · 09-10-12, 14:16

is FEO fortunate or unfortunate?

At the weekend, it sold a total of 51 units at various projects. eCO was the top performer.

**price** · 09-10-12, 20:05

Originally Posted by irisng

My friend had just selected his BTO on 5th Oct and apply for HDB loan on the same day, wonder whether will he be affected by the new rules?

HDB loans where got rules 1?

**buttercarp** · 09-10-12, 20:47

Originally Posted by price

HDB loans where got rules 1?

Yup, the new MAS ruling applies to bank loan, HDB is not bank loan, so not affected.

**Laguna** · 09-10-12, 20:56

Originally Posted by nav14

What is the minimum age to put in children's name? Can the children be unemployed but loan period based on their age and parent's income?

must be above 21 years old
u can approach the bankers and they will give u advice.
else u can PM me for more details

**richwang** · 09-10-12, 21:13

Originally Posted by phantom_opera

54 per cent of expats here earned more than US$200,000 (S$246,000) a year

Sooner or later they will buy

The next move will be restricting foreigners to buy properties in Singapore (and no credit for them.) Just look at what is happening in Hong Kong.

My French friend who is sitting on cash is very panic now. Two kids going to school - very expensive. Property upside is uncertain - cannot commit to buy, but rental is so high - burning cash, so he is thinking of renting HDB now.

Thanks,
Richard

**blackjack21trader** · 09-10-12, 21:20

Originally Posted by richwang

The next move will be restricting foreigners to buy properties in Singapore (and no credit for them.) Just look at what is happening in Hong Kong.

My French friend who is sitting on cash is very panic now. Two kids going to school - very expensive. Property upside is uncertain - cannot commit to buy, but rental is so high - burning cash, so he is thinking of renting HDB now.

Thanks,
Richard

ask him dun need to worry, become a Lion and they will be one of us, can buy hdb!

**richwang** · 09-10-12, 21:22

You are very fortunate:

forced generational wealth transfer before the inheritance tax comes.

Your kids are less fortunate:
they will live in the shadow of your wealth - making them feel very depressed.

Thanks,
Richard

**phantom_opera** · 09-10-12, 21:24

Originally Posted by richwang

You are very fortunate:

forced generational wealth transfer before the inheritance tax comes.

Your kids are less fortunate:
they will live in the shadow of your wealth - making them feel very depressed and useless.

Thanks,
Richard

wah u see Laguna's children no up? I am quite old liao but I don't mind have a Godfather or Godmother like Laguna if he/she buys me one ECO 1br

**richwang** · 09-10-12, 22:18

When citizens at Laguna's age cannot leverage to buy properties, yet young foreigners from Philippines, China, India, etc can take the advantage of low interest rate to borrow and buy, you will know what will be the nature next step for the policy: restrictions for foreigners.

That could be the last straw to make Mr. B's wish come true.

Thanks,
Richard

**price** · 09-10-12, 22:20

Originally Posted by richwang

When citizens at Laguna's age cannot leverage to buy properties, yet young foreigners from Philippines, China, India, etc can take the advantage of low interest rate to borrow and buy, you will know what will be the nature next step for the policy: restrictions for foreigners.

That could be the last straw to make Mr. B's wish come true.

Thanks,
Richard

why will SG do that? their aim is not to kill the property market. it's to cool it. let it grow slowly

**newbie11** · 09-10-12, 22:57

Originally Posted by buttercarp

Yup, the new MAS ruling applies to bank loan, HDB is not bank loan, so not affected.

Because hdb loan already have cap at 35/65

**radha08** · 09-10-12, 23:03

i dont think u are fortunate...

i think you are "FORTUNE"-nate

http://en.wikipedia.org/wiki/Fortune

**focus** · 10-10-12, 00:14

Interesting article on how Spain's once booming property market forces parents to be guarantor for their children's home and the impending collapse caused everyone to suffer..

http://www.bloomberg.com/news/2012-1...mortgages.html

Spanish business people, upper middle class families and their loan guarantors, typically parents of first-time buyers, now account for 60 percent of foreclosures in Madrid, according to AFES, an association that advises homeowners facing repossession. Three years ago, 80 percent of foreclosures were on the homes of immigrants, usually the first to lose jobs and fall behind on loan payments in a souring economy. They now comprise 40 percent of the total, according to AFES.

**buttercarp** · 10-10-12, 08:21

Originally Posted by newbie11

Because hdb loan already have cap at 35/65

Oh, did not know that.
Lost touch with HDB rules.

**fclim** · 10-10-12, 09:00

Originally Posted by Laguna

Just back, realised that I have so much to read about!

I recalled what I had done in the past 12 months,

I am fortunate that I bot before ABSD
I am fortunate that I cash out before CM6

I am unfortunate that did not buy more, be it FV, eCO many many before all the CMs

and conclusion...I cannot buy anymore under my/my spouse's names and can only buy under my children's names...so that is fortunate or unfortunate?

I would think about the following issues before buying under my children's names:

1. Should I burden them with a huge loan at such a young age? I would prefer they buy something that they can truly afford. But, I can help with some initial payments. Maybe buy BTO first. It is a citizen's privilege.

2. There was a story of a 87 yo man suing his wife for a house bought in her name. http://www.straitstimes.com/breaking...house-20120919. So, if things do turn sour years down the road, you must be prepared to lose the house.

3. The children may fight over the property. Sometimes, it may not be your children, but their spouse and their spouse family. Even if you have willed the house (which I am not sure is possible since it is in their names), there is nothing to stop them from fighting over it since it was bought with your money, which they will contest for their rights as your biological children.

4. For some reason or other, if any of the children divorce, you must be prepared to lose 50% of the house to his/her spouse.

**buttercarp** · 10-10-12, 09:18

Originally Posted by fclim

4. For some reason or other, if any of the children divorce, you must be prepared to lose 50% of the house to his/her spouse.

So if you pay for the house under your children's name, when they get married, their spouse should sign a pre- nuptial agreement, or just don't include their spouse name in the house.

**Laguna** · 10-10-12, 09:52

Originally Posted by fclim

I would think about the following issues before buying under my children's names:

1. Should I burden them with a huge loan at such a young age? I would prefer they buy something that they can truly afford. But, I can help with some initial payments. Maybe buy BTO first. It is a citizen's privilege.

2. There was a story of a 87 yo man suing his wife for a house bought in her name. http://www.straitstimes.com/breaking...house-20120919. So, if things do turn sour years down the road, you must be prepared to lose the house.

3. The children may fight over the property. Sometimes, it may not be your children, but their spouse and their spouse family. Even if you have willed the house (which I am not sure is possible since it is in their names), there is nothing to stop them from fighting over it since it was bought with your money, which they will contest for their rights as your biological children.

4. For some reason or other, if any of the children divorce, you must be prepared to lose 50% of the house to his/her spouse.

Yes, I fully agreed with u on all these points, that is why I am saying whether I am fortunate or unfortunate.

I assessed my children, the chances of getting divorce is not remote. So I place most of my assets under trust which will take care of their divorce. If not, register their marriage in US and state clear all terms.

I personally will not get my children to commit to BTO, and I don't think it is a privilege as well. There is no free lunch, u need to forgo at least 8 years of freedom in property investment.

I will foot 30-40% as downpayment, then rental should be able to take care of the rest.

I will also make it clear to my children that to safeguard their interest, never never include their spouse's name in the property.

**zeamybro** · 10-10-12, 09:54

Let me share a true story of a personal friend.

She is an avg NUS grad, and her husband-to-be owns a 3BR PC which is partially paid by his parents (after selling their HDB), and part of the monthly mortgage is paid using his CPF. This means that she would not be able to apply for a HDB flat with him, and she would also not get a share of the PC.

Well some gals in her shoes would be more than happy to have a PC to stay in after getting married. However, she felt the situation was rather unfair to her as unlike her peers, she would not be given a chance to start growing her own assets (HDB in this case) even though she could well afford it.

**buttercarp** · 10-10-12, 09:55

Originally Posted by Laguna

I will also make it clear to my children that to safeguard their interest, never never include their spouse's name in the property.

Sometimes it is easier said than done without causing heartbreak.
Some spouse will say that it is equivalent as to not loving and trusting them if their name is not included.

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