Why I Don’t Buy Resale Private Property in Singapore ?

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In this video, Singapore Property Advisors Alvin Tay will discussed on Why he Don’t Buy Resale Private Property in Singapore ?

Contact us @ http://bit.ly/WhatsappAlvinTaySingaporePropertyAdvisor

Whenever I meet my clients who are actively searching for a home, they will probably have a set budget and location in mind. They will do their own research, comparing sizes and psf pricing and start to make a shortlist.

While on their research, they realize that “Eh, I can actually buy this older resale property – which is far bigger, has more developed transport links and great location!

So is Resale Properties better ?

Check out the Video to have a some good insights

This interest in the private property resale market is very common because usually for the same price of a new launch development, it is possible that one can get an older private property that is bigger and even likely to be a freehold development.

However for someone like me who has seen many different transactions, there is a distinct disadvantage of considering older private resale units over new launch developments today.

Buying a property is a significant purchase – whether is it for own stay or for investment purposes. We want as much as possible to be on the positive side of the equation.

I believe we are at this juncture – where you can easily take advantage of rising prices in a new launch private residential development.

For new launch

-Prior to completion, you are on progressive payment

-No surprise liability to take on within the 12 months defects liability

-no renovation needed unless you want additional ID

-enjoyed everything brand new

-Quantum may even be significantly lower

-Efficient layout

In Conclusion

If you are considering to purchase a property – either for your own stay or investment purposes – I ask you to seriously consider new launch developments. However I must also state that some new launch developments might not be the best buys either.

No matter what your goals are – whether is it retirement planning, upgrading or investment purposes – being able to purchase the RIGHT property that can adequately hedge you against the detrimental effects of inflation can be highly beneficial.

If you have intentions to enter the property market, you are welcome to contact me to arrange for a detailed financial assessment and to discuss what options are possible for you.

Contact us @ http://bit.ly/WhatsappAlvinTaySingaporePropertyAdvisor

DISCLAIMER:

ALL INFORMATION PRESENTED IN THE VIDEO ARE BASED ON PERSONAL OPINIONS AND ALVINTAYSINGAPOREPROPERTYADVISOR IS NOT LIABLE FOR ANY LOSS OR EXPENSES WHATSOEVER RELATING TO INVESTMENT DECISIONS MADE BY THE AUDIENCE. THE IDEAS PRESENTED HERE ARE FOR REFERENCE AND EDUCATIONAL PURPOSE ONLY. ALL COPYRIGHTS RESERVED.

(Dated As of 3/1/2020)

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How to buy your next property without ABSD

 

In this video, I will talk about a few solutions on

“How To Buy Your Next Property Without Additional Buyers’ Stamp Duty in Singapore”

The key is the word “Your” which refers to your family as a whole which I will be discussing on maximizing each individual in your family to own a maximum 1 property without ABSD

There are generally 3 ways such that we can reduce or pay no ABSD on subsequent residential property purchases as a couple or family.

Number 1 , Decoupling

As a couple, if you own one property under both name, you can consider to remove one of your names from the existing properties such that the other person can buy another property as his or her first property.

There are some potential costs to be taken into consideration in decoupling:-

* the Transferor may be subject to Seller’s Stamp Duty on the share transferred if the Transferor purchased the property less than 3 years ago;

* ABSD is payable on the value of the share transferred if the Transferee has more than one property;

* if the decoupling transaction is done within the lock-in period for the bank loan, then the bank may charge a penalty;

* if the Transferor had initially used CPF funds in purchasing the property, the CPF funds and accrued interest have to be refunded into his CPF account. Usually, the Transferee would obtain a fresh loan to pay for the purchase of the share transferred in his favour. From the proceeds of the sale, the Transferor would refund his CPF monies, pay for his share of the outstanding bank loan and retain the balance. The fresh loan obtained by the Transferee should be in a quantum that is also sufficient to refinance the Transferee’s own share of outstanding bank loan; and

* the total legal costs will be about $5000 to $6000.

Number 2 ; Purchase Under Trust

Another way of not paying ABSD as a family, is to purchase the next property on trust for a beneficiary (Usually your children) with zero property count. If the beneficiary has zero property count, no ABSD is payable.

Buying under trust means one of the parents would appoint themselves as trustees who have legal ownership and control of the property.

As trustees, they have duties to manage and administer the property for the benefits of the beneficiary.

There are benefits to this arrangement.
* The property held on trust is shielded from division upon the divorce of the trustor. i.e. the person who establishes the trust. This means the property set aside in the trust for the child will never be subject to division on the trustor’s divorce. This protection cannot be secured by a will, which can be revoked any time.

* It is also shielded from division upon the divorce of the beneficiary. This is useful for those who wish to give their assets to a child with assurance that the gift will not be distributed to unintended third parties if the child eventually marries and divorces.

* The beneficiary may be a minor i.e. below 21 years of age. There is no restriction on the minimum age of the beneficiary.

* The trust need not to be registered and hence confidentiality may be maintained.

* This arrangement is inexpensive.

Legal costs is about $2,500 onwards depending on the terms of the trust.

Number 3, Plan ahead, buy in the right name and shareholding

Whenever it is financially viable, properties may be bought in sole names.

If this is not possible (for example, the banks require justification of higher income or the CPF monies of a co-purchaser is required for down payment or monthly instalment payment), then consider purchasing your property as tenants in common in the proportion of 99% to 1%.

In future, if the 1% owner wishes to buy a second/subsequent property, the decoupling cost for the 1% would be insignificant.

Meanwhile, being the 1% owner does not restrict the amount of the 1% owner’s CPF funds that can be used for the purchase. This means that the 1% owner can use his CPF funds in a sum exceeding his 1% share in the property.

If you have intentions to enter the property market, you are welcome to contact me to arrange for a detailed financial assessment and to discuss what options are possible for your family

DISCLAIMER:

ALL INFORMATION PRESENTED IN THE VIDEO ARE BASED ON PERSONAL OPINIONS AND ALVINTAYSINGAPOREPROPERTYADVISOR IS NOT LIABLE FOR ANY LOSS OR EXPENSES WHATSOEVER RELATING TO INVESTMENT DECISIONS MADE BY THE AUDIENCE. THE IDEAS PRESENTED HERE ARE FOR REFERENCE AND EDUCATIONAL PURPOSE ONLY. ALL COPYRIGHTS RESERVED.

(Dated As of 2/1/2020)
__________

Check out more Vlog Video Here - https://www.youtube.com/playlist?list=PLe4pS4CXz4LotPIRbw_44AVo31kcf3rsP

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Meyer Mansion condo launch on Sept 13 by Guocoland

[vc_row][vc_column][vc_single_image image="12844" img_size="full" alignment="center"][vc_empty_space][vc_column_text]SINGAPORE - Developer Guocoland has started its freehold Meyer Mansion condominium Sales on Sept 13.[/vc_column_text][vc_column_text]You may like : Only Clementi Condo for Sale in 2019 - Parc Clematis[/vc_column_text][vc_empty_space height="8px"][vc_column_text]

GuocoLand bought the former Casa Meyfort residential site in a collective sale for $319.88 million last year. That works out to about $1,580 psf per plot ratio, including an estimated development charge of $57.2 million.

[/vc_column_text][vc_column_text]You may also like : Whistler Grand next to upcoming CBD[/vc_column_text][vc_empty_space height="8px"][vc_column_text]The project is about 450m via an underpass from East Coast Park, with Changi Airport a 10-minute drive away. Katong Park MRT station on the Thomson-East Coast MRT Line, set to open in 2023, will be a six-minute walk away.[/vc_column_text][vc_column_text]Read more of Meyer Mansion by Guocoland at Meyer Road[/vc_column_text][vc_video link="https://youtu.be/0aCx-oJfr80"][vc_column_text]Read Also : Latest Updated New Launch in the WEST [/vc_column_text][/vc_column][/vc_row]