Condo downgrade to hdb - Double Whammy with FRS and 15m wait-out period?

[charliebrown]

Think your friend is really maths goondu. Or, he is not telling you everything.

Depending on when he brought his condo, most likely it is already a few hundreds k profit.

At age 54 plus before 55, sell that condo every cpf plus accrued interest goes back to OA. He shd have already met or if not, will meet FRS. Renting a HDB for 15 mths just add that as a cost to seeking that

I am 51 now. As I grow older, I learnt Face Value is nothing lor. Money in my bank is more impt than friends or relatives think I am rich. They do them, I do me.

live private it's not all abt face value. it's abt more pleasant environment and less chance meet siao lang if u stay those hdb...
there is no different whether u r at 30 or at 50... point is steel e same.

 

[lifeafter41]

Ya I agree HDB don’t really care about growing family, my friend waiting for his 3rm BTO and his wife unexpectedly pregnant with twins and submit appeal to HDB to waive off penalty as 3room HDB is too small for raising 2 kids

HDB also rejected their appeal

Already said many many many times.
Those chaps that approved and design and read appeal letters don’t stay in hdb ones……..
Most if not all stayed in condos in landed.
How would they know 3room flat for 3 kids and 2 adults is insufficient.
As if the kids don’t grow into teenagers and beyond……..
Bunch of jokers…………..

PAP wansui!!!!!!!!!

 

[SG SUPERMAN]

How much was the deposit?

Got seek MP help mah?

Don’t think got help la, MP only can help write letter to HDB only

Since HDB already rejected the appeal don’t think they won’t accept with only a MP letter one bah

I heard from them is 10% deposit, I didn’t ask the exact amount la

 

[kimkuan]

Think your friend is really maths goondu. Or, he is not telling you everything.

Depending on when he brought his condo, most likely it is already a few hundreds k profit.

At age 54 plus before 55, sell that condo every cpf plus accrued interest goes back to OA. He shd have already met or if not, will meet FRS. Renting a HDB for 15 mths just add that as a cost to seeking that

I am 51 now. As I grow older, I learnt Face Value is nothing lor. Money in my bank is more impt than friends or relatives think I am rich. They do them, I do me.

agreed. TS friend is throwing smoke screen.... where got not enough for FRS. if he worked at least 20 years of his life.

 

[PARKRANGER]

Great to have this policy to tackle those no big head want wear big hat

Stay condo cash so little
Then want downgrade to cash out

 

[XuishX]

Wife nt working still wan buy condo. Plus nt high earner, Siao boh

He strives to give wife good life. Can’t fault him for that

 

[8zaoyu]

Hi, recently a friend did some reading and shared with us his concerns, which will also apply to us in the coming years. So seeking some insights here pls.


He is currently staying in a condo, and he is nearing 50yo.

If he want to downgrade to resale HDB now, he will have to suffer the "new" 15m wait-out rule, which means he need to rent for roughly 2 years, which is about $60k-$80k in current crazy market?

The good thing is if he sell his condo now, his entire refunds to his CPF can be used to buy the next HDB.


However, the 15m wait-out rule exempts 55yo who downgrade to HDB 4-room.

So, if he wants to avoid the rental expense ($60k-$80k) by only selling at 55yo, he no need to wait for 15m before buying the next resale HDB.

However, he read that when he sells the property at 55yo, he need to top-up his Full Retirement Scheme. (If a person turns 55yo in 2027, the required FRS is $228,200, and the figure will continue to climb over the years!)

After deducting the FRS, there won't be much left to apply towards the next HDB purchase, and need to take loan again?

Looks like selling a 1 bedder 1+ Mil to buy a large HDB resale at 1+ mil spotted - otherwise buy a smaller HDB like big corner 3 rm sure got some excess from profit one
Anyway if never use CPF or partial CPF, selling pte sure enough to return to CPF to buy resale HDB.
If wait till 55, FRS done, also can use all cash to buy the resale aka no need loan - lie flat elsewhere in JB? and rent rooms out

 

[jumpthepig]

He strives to give wife good life. Can’t fault him for that

Some sinkies are like that …they believe “material comfort” is everything….They will tell you “不枉此生”(Do not regret this life)

 

[rizhal]

Is it possible to find a resale HDB and write agreement to rent and buy 15 months later ? Potentially remove hassle of moving.

but seems no incentive for seller to accommodate.

 

[campoix]

Is it possible to find a resale HDB and write agreement to rent and buy 15 months later ? Potentially remove hassle of moving.

but seems no incentive for seller to accommodate.

why will seller wait for 15 months

 

[rizhal]

why will seller wait for 15 months

Yeah. Really cannot proceed unless buyer pay full cash during day 1, which is unimaginable.

 

[SG SUPERMAN]

Is it possible to find a resale HDB and write agreement to rent and buy 15 months later ? Potentially remove hassle of moving.

but seems no incentive for seller to accommodate.

The seller may need to sell their hdb in order to buy their 2nd property so can’t rent in out for 15months

 

[gilcrest]

Good to know the policity is working then. Reserving hdb for peasants who need it. And not easy to downgrade after buying private property.

Too many speculators spoilt the market, its a good move to make speculators think thrice

 

[8zaoyu]

tat why... to live within ur mean best to have no debt.
dun listen to those smart alec smr guru invest this tat make $$ work harder smrj end up all these type of daiji...

I see my neighbour kids growing up and buy fashionable sports shoes and clothings - one room also not enough, now we must avoid their corridor stack up with shoes, go down one floor to take lifts

 

[NewBiSai]

7000+ went for Jden opening. Who will sell condo stay HDB. Fake news from TS.

 

[rizhal]

The seller may need to sell their hdb in order to buy their 2nd property so can’t rent in out for 15months

Oh yes! This is the key factor ! Thanks

 

[8zaoyu]

3room too small la, they help the nation increase birth rate, hdb can just sell the new BTO easily in the next SOBF exercise mah, no loss to them also but die die don’t accept appeal, want to makan their deposit and don’t allow them to apply another house for 1 year

What deposit? Got an apt now means not ELIGIBLE to apply whatever HDB - must wait 15 mths or 30 mths mah.
Most pple same reasons to buy bigger resale HDB, want the space, cannot tahan the ever increasing mcst fees every year for facilities they longer want to use any more like tennis/gym/swimming

 

[SG SUPERMAN]

What deposit? Got an apt now means not ELIGIBLE to apply whatever HDB - must wait 15 mths or 30 mths mah.
Most pple same reasons to buy bigger resale HDB, want the space, cannot tahan the ever increasing mcst fees every year for facilities they longer want to use any more like tennis/gym/swimming

I talking about my friend case, not TS case

 

[ahboy82]

He strives to give wife good life. Can’t fault him for that

The wife oso another kind, no noe how to think

 

[ILUV_SG]

the problem with singaporeans is that they wanna win by left and also wanna win by right... no such thing anymore

just either downgrade and rent and sug it up or stay in condo and sug it up

but what singaporean want bottom line is what the govt also wants...

which is

Privatize Gains but Socialize Losses...




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