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

[uniqlo]

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.

are you noob?

 

[Coutinho_#23]

For my case.

My parents bought 10kkj 4 room BTO flat back in the 1980s under their name, paid using cash (no cpf). I applied for 4 room BTO in slumkang under the family nucleus (me being main applicant, parents as occupants - 2nd timer scheme) in 2015. They sold their flat and pocketed 400k profit as their retirement funds. They moved in with me. New flat paid using my CPF.

good for you .. when I turn 35. My parent hdb left 40+ years lease nobody will buy one.

maybe one of my sibling buy condo after take over the hdb unit to rent out fund my parent old age medical . Then I can bto with my parents ( they bought resale one). Then I pay for the bto.. old Liao can rent out or downgrade ..

 

[saycheese]

No hor. if possible, they could use the proceedings i pay them to offset the new bto flat?

Then you still ask if they can sell their flat to you for the min amt for what? Just buy at market rate lah. Then same time, come up with the cash to buy over the debt from them when they bto a new place to satisfy you ah

 

[j4jersey.]

Just once..... i am urging them to go try luck for the 2nd time

Don’t act clever, if they got it and see how small the flat is, you will tio Chao gan badly lol

 

[䏣炆玧示老太]

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.

TS why don't you go buy a resale flat on your own?
let your parents sell off their HDB for max profit lar

 

[AreYouNoob]

The contra part I never did before.

I did the same things 10 years ago. I bought my parent HDB (@valuation price) and they went to ballot new BTO. They sold to me first before getting BTO. So once they managed to get a unit, they paid full + levy (40k for 4rm).

Really good to know that 10yrs ago, it works.

 

[AreYouNoob]

TS why don't you go buy a resale flat on your own?
let your parents sell off their HDB for max profit lar

Because I am thinking, if lifetime got 2 chance to BTO, dont waste the 2nd time mah? HAHA

 

[AreYouNoob]

Ask your parents to add you as co-owner, then they remove their name from the property lor, then you just need to pay them back their cpf + accural interest only, don't need to set what low selling price etc. And you are still consider 1st timer if next time you want to buy another resale or ballot BTO

Based on my understandings, for transfer of ownership (add co-owner) need some valid reasons now. Not suka suka wanna add, can add de.

 

[harbinger255]

Then you still ask if they can sell their flat to you for the min amt for what? Just buy at market rate lah. Then same time, come up with the cash to buy over the debt from them when they bto a new place to satisfy you ah

What I think he is basically trying to do is get over the BTO restrictions on size and location for singles while not paying exorbitant price in resale market.

Just have to be cash rich enough to play this card...

 

[䏣炆玧示老太]

Because I am thinking, if lifetime got 2 chance to BTO, dont waste the 2nd time mah? HAHA

Your parents can get senior 2rm type even faster

 

[galaxy_henry]

Because I am thinking, if lifetime got 2 chance to BTO, dont waste the 2nd time mah? HAHA

Yes, don't waste the chance. But not easy to ballot as 2nd timer

 

[8zaoyu]

we are all still staying in the 4-RM flat. I am just thinking ways to buy a bigger new flat.

If my parent buy BTO, can 5 RM
If I (single) buy BTO, max is 2 RM

so best is they buy and resale to me. LOL

Your idea not bad, as you said, can't sit down to forever think, need action.
2nd Timer, wait long long (maybe try the non-mature estates), but HDB loan with 15% downpayment currently - can only loan the younger elderly till 65. Bank loan not sure can loan longer. I am sure you can support with cash. As BTO is SO MUCH lesser than Pte Condo monthly overheads.
If you however richer, can buy any max size resale HDB, eg EA , then rent out their 4-Rm flat

 

[amransan]

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.

buy your own hdb flat!!!!

then u and your parent shift to your new hdb flat and your parent can rent out their hdb flat and your parent can retire gracefully!

thank me later!

 

[SG SUPERMAN]

Based on my understandings, for transfer of ownership (add co-owner) need some valid reasons now. Not suka suka wanna add, can add de.

Oh yes just realise the rule changed in 1-April-2016, before that can suka suka add and remove... I already removed my post to avoid confusion

 

[kage]

Get ur parents to sell current house and buy a new BTO 5 room .... TS meanwhile go buy a resale HDB 4rm.

The sales proceeds from parents current house should be able to cover the new BTO 5rm. Leftover money save as retirement fund or subsidise TS resale house.

When 5rm BTO ready, all move to new house enjoy, TS resale HDB rent out income.

Like tat Got new bigger 5rm BTO to stay and monthly rental income.

 

[Ye_Rongtian]

Yes, don't waste the chance. But not easy to ballot as 2nd timer

Yup. I tried about 30 times before I got lucky. That time dunno why people did not want Fernvale Rivergrove and instead Anchorvale Harvest was the popular one. I got Fernvale Rivergrove with the marvelous view and breeze of the park.

 

[saycheese]

What I think he is basically trying to do is get over the BTO restrictions on size and location for singles while not paying exorbitant price in resale market.

Just have to be cash rich enough to play this card...

Yah. Trying to skirt around. I know someone who did it. End up, the debt is carried by the taxi driver father

 

[AreYouNoob]

What I think he is basically trying to do is get over the BTO restrictions on size and location for singles while not paying exorbitant price in resale market.

Just have to be cash rich enough to play this card...

harbinger255 is my soulmate

 

[harbinger255]

Yah. Trying to skirt around. I know someone who did it. End up, the debt is carried by the taxi driver father

This part is inherent risk and between them riao... Just like how some grandparents wanna skirt absd by buying in trust..... sekali grandkid turn out to be char siew and pwn them gao gao

 

[AreYouNoob]

Yah. Trying to skirt around. I know someone who did it. End up, the debt is carried by the taxi driver father

that is why i am asking around first. Research is berry impt so my parents dont carry the debts/burden unnecessarily.