With soaring property prices and unceasing cooling measures, more buyers are considering buying their second or third property under their children's names. Here are some of the reasons: 1) Buy for the next generation just in case they can't afford one in the future. 2) Buy it under a child who hasn't bought any property to avoid paying ABSD (Additional Buyer Stamp … [Read more...]
New property cooling measures on loan restrictions
A new round of government measures to cool the property market was announced on Friday: 1) With effect from 6 October 2012, mortgage tenures of HDB flats and private properties are capped at 35 years. 2) Loans longer than 30 years have a borrowing limit of 60 percent of the property price. 3) If the >30-year-loan goes beyond the borrower’s retirement age of 65, and … [Read more...]
Why you can’t buy it now
A friend of mine is puzzled why I keep telling others to beware of buying overpriced properties. "Didn't you make your bucks from people who bought at the last peak of the market?" "If all buyers are so cautious, where can you find good buys next time when the market clashes?" I was speechless. Yes, you won't go warning the fish about the bait when you also want … [Read more...]
Story of my third property (part II)
The one-bedroom unit near Clarke Quay was a good bargain. But it took months to close the deal. Every time I had a request, offer or counter-offer, it took ages for the property agent to get back to me. His excuses included (but not limited to) owner in different time zone, cannot get hold of owner, owner not replying e-mail, too expensive to use IDD, etc. For … [Read more...]