Options for existing private owner to own EC or HDB (resale or otherwise)

[Worsty]

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

[richwang]

http://www.hdb.gov.sg/fi10/fi10321p....e?OpenDocument

She can buy Resale HDB immediately under Fiancé/Fiancée Scheme.
And sell her private within 6 months after getting HDB key.

Thanks,
Richard

[richwang]

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.

[richwang]

http://www.hdb.gov.sg/fi10/fi10322p....y?OpenDocument

The levy is S$45k - S$50K if you are buying 5-RM or Exec.

http://www.hdb.gov.sg/fi10/fi10321p....t?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

[Tripp]

For EC, you need to ensure that the income ceiling for both does not hit more than $12K.

[ikan bilis]

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... )

[evergreen]

Simple: Don't marry the guy! She's so desperate?

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.

[House]

Simple: Don't marry the guy! She's so desperate?

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]

yeah, the survey said SG girls are materialistic ... so be it

http://sg.news.yahoo.com/blogs/singa...092109660.html

[carbuncle]

5) Find better guy with more vitamin M Mmediately!!!!! Once found dump this guy.

[House]

yeah, the survey said SG girls are materialistic ... so be it

http://sg.news.yahoo.com/blogs/singa...092109660.html

Hello this one common knowledge leh, no need simi research or survey lah

[Worsty]

Thanks all for the feedback.

I'll forward what's mentioned here over to her.

[jwong71]

Hello this one common knowledge leh, no need simi research or survey lah

last time min 5c..

now need many Cs= condosssssss

got many condos, many chances!

[Leeds]

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.

[PN]

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?

[Komo]

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?

[kane]

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.

[Worsty]

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?

[Worsty]

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?

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

[Worsty]

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.

[price]

Actually this is quite similar to my case! If she profit from subsale now, just sell and go for hdb?

[hyenergix]

Actually this is quite similar to my case! If she profit from subsale now, just sell and go for hdb?

You are a girl?

[price]

You are a girl?

Similar not same!

[hyenergix]

Similar not same!

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.

[PN]

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.

[hyenergix]

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.

[cornycow]

good analysis by PN

[buttercarp]

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.

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.

[espeyap]

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.

Go to see MP, ask for special arrangement with HDB. If they disagree, try again and again until MP tak boleh tahan....

[evergreen]

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
Never go out with a guy who splits the bill 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 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.