Just reach age 35! Need some advise on buying resale HDB from my Parents!

[Sumimasen]

when i bought my parents place (also fully paid already), HDB officer said my parents want to sell to me for $1 also can

in the end was sold $10k below valuation (family discount)

my parents then bought a resale and paid in full for that one from the sale

this was 6 years ago

But if your parents buy 2 rm short lease bto isn't it even better they will have more fund for retirement.

 

[bossjiaksai]

Because if government allow that then will open to loop holes for people to withdraw cpf lor, imagine you pay for your house 500k using cpf fully paid, then you sell me 1k, I under table give you cash 499k no need pay back cpf.. then you only pay back your cpf 1k, the "cash gift" 499k you can keep

How government stop people from using this method to withdraw cpf leh? Lol

The selling price can be anything you want. But if the flat is not sold at market value, the CPF refund must be done in full. If the selling price less the outstanding loan is not enough to cover the CPF refund, the excess refund must be done in cash. Pro ration of refund is only if the selling price is at market value. So the CPF withdrawal loophole is already covered

 

[gumbokins]

But if your parents buy 2 rm short lease bto isn't it even better they will have more fund for retirement.

2 rm too small for their lifestyle

 

[g_t2006]

the lease over i close to 80 years old liao bro.. how to buy house?? only can rent..

might as well buy my own house at 35. But i think about it rent out my parent unit can help to cover medical expenses while staying with me in new bto parent-child scheme

What bto parent child scheme?? You form nueclus with your parents to buy an unit, your parents have to dispose their unit. Left what unit for rental?

There are 2 rooms flexi units for the elderly. You can live to how old? Rental for the elderly under HDB also not expensive. There's the HDB community care apartments.

 

[Sumimasen]

the lease over i close to 80 years old liao bro.. how to buy house?? only can rent..

might as well buy my own house at 35. But i think about it rent out my parent unit can help to cover medical expenses while staying with me in new bto parent-child scheme

How your parent own 2 HDB?

 

[ateampc]

As long as, the resale price is sufficient to pay back the CPF withdrawn for the flat, It should be okay.

I have friends who did that before in the last ten years

 

[mewmew]

Hi all,

So I just reached the legal age to buy resale flat as a single and I have some questions to ask:

1) Can my parents with existing 4-RM HDB flat (fully paid) just go ahead and apply for BTO and eventually sell their flat to me (i am the son) for a minimum amount and use the proceedings to contra for their new flat?

2) If point 1 is valid, does the minimum amount needs to be a certain figure? Lets say 4-RM flat is 450,000 but I pay my parents 250,000 to cover their CPF+ accrued interest that they have spent on the flat over the years.

3) Even if it is legal, will HDB block the transaction if the selling price is too low compare against the actual valuation price?

Need some advise from all the saxpert here, thanks in advance.

huai chiu want buy low? next time sell again peepur can check yr unit transact price

buy high and take rebate from yr parent rah

 

[Sumimasen]

2 rm too small for their lifestyle

If not too small for u too, u can stay in the new 2rm while they continue to stay in their existing flat and can rent out spare room also.

 

[Kunkka]

Government now clever liao, want to just change ownership must be got people die, marriage, divorce or current owner need someone to form new family nucleus... 1-april-2016 new rule came out

Good

 

[Coutinho_#23]

What bto parent child scheme?? You form nueclus with your parents to buy an unit, your parents have to dispose their unit. Left what unit for rental?

There are 2 rooms flexi units for the elderly. You can live to how old? Rental for the elderly under HDB also not expensive. There's the HDB community care apartments.

if my sibling is co owner, my parent name can remove right and apply bto with me??

 

[Coutinho_#23]

How your parent own 2 HDB?

cannot transfer ownership to my sibling then i apply with my parents bto??

 

[pohw0008]

This ish what TS should do la
(Provided TS salary can hit the max loan amount)

Old 4rm HDB (parent) = 250k need go back into CPF
New 4rm BTO (parent) = 350k (include levy)

TS buy Old 4rm (parent) = market value 450k (To wipe out TS CPF le then loan remaining from HDB/bank)

Parents received 450k from TS via TS HDB/Bank loan, 350k goes into BTO, parent have cash 100k in bank, use 20k renovation left 80k for buy bitcoins and buy one vietnamese wife for TS.

TS nao own the old 4rm and finance using CPF. Rent extra 2 rooms out to tiongbus and vietneses zeh zeh.

oh wait. if TS can afford 450k market value HDB. Wai not buy his own HDB!!?!!!?

ok la. because his parents BTO HDB 350k if next time sell away ish can earn la after MOP provided they no more buy le then ish 99 years

Maybe ts want to stay in the bto himself although officially the house not under his name?

 

[pohw0008]

I think the most IMPT criteria is TS parents must be able to get 4rm or 5 rm bto first as a 2nd timer. not easy lo.


Read HWZ Forum Rules!

I think those areas like canberra and bukit gombak have higher chance.

 

[buttbERry]

a lot of housing sexperts

 

[g_t2006]

if my sibling is co owner, my parent name can remove right and apply bto with me??

You know the meaning of co-owner? Your sibling co-own with who?

 

[g_t2006]

cannot transfer ownership to my sibling then i apply with my parents bto??

Wah. You really taking advantage of your sibling! Your sibling take old flat, next time cannot sell or sell at loss. Then have to pay ABSD for condo some more. And the rental income also not your sibling makan, is to pay for your parents'expenses and medical fees. Your sibling agreed to it already? Or you decide for your sibling?

 

[jim889]

get a valuation done properly for chiur parents flat and pay them the amount.

 

[SG SUPERMAN]

The selling price can be anything you want. But if the flat is not sold at market value, the CPF refund must be done in full. If the selling price less the outstanding loan is not enough to cover the CPF refund, the excess refund must be done in cash. Pro ration of refund is only if the selling price is at market value. So the CPF withdrawal loophole is already covered

Wooo so government really think very far ahead.. so actually TS and his parents if got cash can just give TS the flat for free lor just need to top up back cpf they used using cash

 

[~sabaisabai~]

Me not rich bro just that I started working when I was 16 year old and I work very hard so my cpf got enough to pay the downpayment for 3room HDB bro.

I don’t have good education but I work from morning to night most of the time bro

hardworking bro.. u are enjoying all your past hardwork now

 

[Kunkka]

TS got sibling? Are you the favoured child?
Cos my calculation is if I buy my parents flat, then parents use the money from flat sale fund new bto, likely 2 room bto at mature estate. When they uplorry, will have to sell the bto. Then the money will be given to my sibling, at best I get half. Basically my money, I get back less than half. Now make parents cash rich, they will likely spam on sibling and especially the grandchild. Very worried sibling can’t afford his family. Sure will offer to pay this pay that, buy them this buy them that cos they feel “rich” from flat sales. So yeah. Status quo. Either this or I ownself buy resale.

If no sibling, yeah sure why not. Especially if you hiam resales and prefer first owner flat (BTO). Just ask parents keep trying, $10 nia.

Seems like u and your siblings and family not on good term