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Planning to ask Parent to sell off their HDB

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Old 09-06-2018, 09:45 AM   #1
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Planning to ask Parent to sell off their HDB

Due to Lawrence Wong saying that HDB after 99 year lease return to state I am asking my parent to sell off their jumbo flat and apply for 3 room BTO but I heard that after 55 years old all the HDB sale proceed will go their CPF Retirement account? Does that mean they cannot use the sale proceed to pay for the new BTO?
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Old 09-06-2018, 09:47 AM   #2
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Due to Lawrence Wong saying that HDB after 99 year lease return to state I am asking my parent to sell off their jumbo flat and apply for 3 room BTO but I heard that after 55 years old all the HDB sale proceed will go their CPF Retirement account? Does that mean they cannot use the sale proceed to pay for the new BTO?
Cannot use CPF after 55 years old. After deduct everything including interest the rest is cash. Use cash only.
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Old 09-06-2018, 10:42 AM   #3
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Cannot use CPF after 55 years old. After deduct everything including interest the rest is cash. Use cash only.
Can also use amount in excess of half of Retirement Account. Downgrade from jumbo to 3rm BTO should have enough, unless jumbo not fully paid up.
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Old 09-06-2018, 11:12 AM   #4
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Can also use amount in excess of half of Retirement Account. Downgrade from jumbo to 3rm BTO should have enough, unless jumbo not fully paid up.
Can also but see what TS wants bah…. actually whats the parents age? If very old then use your idea is good, keep more cash in pocket.
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Old 09-06-2018, 02:38 PM   #5
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Due to Lawrence Wong saying that HDB after 99 year lease return to state I am asking my parent to sell off their jumbo flat and apply for 3 room BTO but I heard that after 55 years old all the HDB sale proceed will go their CPF Retirement account? Does that mean they cannot use the sale proceed to pay for the new BTO?
Visit CPF with your parents to find out the actual amount to return back to their CPF.
And queries on how much able to re-use for the next BTO flat.
At the same time can check how much they will get upon reaching age 65.
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Old 09-06-2018, 03:07 PM   #6
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Thank all for the info both my parents in 70 plus years old the jumbo unit fully paid up. I also whether thinking of waiting for my own resale 5 room MOP then sell off and my parent jumbo cash proceed to get a condo unit then i pay for the housing mortage
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Old 09-06-2018, 03:26 PM   #7
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Thank all for the info both my parents in 70 plus years old the jumbo unit fully paid up. I also whether thinking of waiting for my own resale 5 room MOP then sell off and my parent jumbo cash proceed to get a condo unit then i pay for the housing mortage
Somehow, I dislike those thinking of riding on their parents' current house for their own benefit. You may not think so, but to others, it sure is.

You did not elaborate whether they will be staying with you after getting a condo, will they be co-owners to the condo, or will they still downgrade to a 3rm and let you use the cash proceeds without the need for you to repay etc.

In any case, buy within your own means.
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Old 09-06-2018, 03:59 PM   #8
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As long as they are alive, their assets are not yours. Please have a proper discussion with them first. Who knows they rather donate their money than give to a gold digger.
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Old 09-06-2018, 04:13 PM   #9
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Oh... Your parents get 3 room from their sales of jumbo while you get a condo when you still got a 5 room? Will you pay your parents back? Well... I don't encourage that to use parents retirement fund to get your condo. Of course it's your family issue, but if your siblings know will be messy.
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Old 09-06-2018, 04:36 PM   #10
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Hmm.. should have a serious discussion with parents and not sure if you are the only child or not.

Don't forget that your companion may not like the idea on your parents to live-in.

Consider all scenario.. but the best is your own house on your own money.. no future argument or confrontation.
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Old 09-06-2018, 04:37 PM   #11
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No lah put one of my parent as co-owner they will be staying with me if Iwe decide to take this option
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Old 09-06-2018, 04:38 PM   #12
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I am single and not planning to get marry might as well can take care of them
mssynice168 and eric3743 like this.
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Old 09-06-2018, 05:19 PM   #13
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I am single and not planning to get marry might as well can take care of them
Better to have 2 hdb flats. Don't bother with the age of the flat. Rent out one. Yield is go enough to take care drop in value. Rental will be good to take of expenses in their old age.
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Old 09-06-2018, 05:33 PM   #14
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Better to have 2 hdb flats. Don't bother with the age of the flat. Rent out one. Yield is go enough to take care drop in value. Rental will be good to take of expenses in their old age.
We are renting out 2 bedroom for one year plus already my area St. George’s only can get Indian tenants my parent cannot tahan their smell lol. Anyway the flats already 34 years need a major overhaul in order to rent to other nationalities might as well can a new 99 year lease
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Old 09-06-2018, 08:49 PM   #15
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Thank all for the info both my parents in 70 plus years old the jumbo unit fully paid up. I also whether thinking of waiting for my own resale 5 room MOP then sell off and my parent jumbo cash proceed to get a condo unit then i pay for the housing mortage
Your parents may need the cash proceeds to fund their retirement.
Would not suggest you raise this to them. Being parents they may not be able to reject your request but if they do this they ended up being cash poor for retirement.

Now you are single and can live with them. What if you got married next time and your wife could not get along with them ?
What is going to happen to them ?
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