Asked by Anonymous
Hi, me and my partner are not able to buy a HDB and here's why:
1) in 2015, my dad got influenced by a family member to enter the property market for investment and went ahead to purchase a 1b+S condo under my name
2) he purchased another 1b condo under my name after 5 years later in 2020 and paid absd
3) both condos were fully paid by my father and both condos are rented out as of today
4) due to having private property under my name, me and my partner cannot purchase a hdb to start our own family
5) we have voiced out this issue to my father but the 2nd condo is facing problems selling (selling price cannot cover initial purchase price+absd and its also facing many competition on the market to sell)
6) he does not want to sell the 1st condo until the 2nd condo is sold, which is understandable because he can still collect rent from the 1st condo while waiting for 2nd condo to sell, and the 1st condo is much easier to sell than the 2nd.
We'd like to ask if there are any options available for us if we want to start a family soon (as I am reaching 35 soon). Other information:
1) we both are not high earners and would not possibly be able to afford another private property (and we still have to pay a 3rd property absd on top of that).
2) we do not want to wait out the 15 or 30 month period after disposing all the condos; by the time i would be over 35 years old
3) as mentioned in point 1, we are both not high earners so we do not want to rent
I have seeked advice from many agents but no one has been able to solve this issue. I'm open to discuss my options if anyone has a solution for me. Thank you in advance.
1) in 2015, my dad got influenced by a family member to enter the property market for investment and went ahead to purchase a 1b+S condo under my name
2) he purchased another 1b condo under my name after 5 years later in 2020 and paid absd
3) both condos were fully paid by my father and both condos are rented out as of today
4) due to having private property under my name, me and my partner cannot purchase a hdb to start our own family
5) we have voiced out this issue to my father but the 2nd condo is facing problems selling (selling price cannot cover initial purchase price+absd and its also facing many competition on the market to sell)
6) he does not want to sell the 1st condo until the 2nd condo is sold, which is understandable because he can still collect rent from the 1st condo while waiting for 2nd condo to sell, and the 1st condo is much easier to sell than the 2nd.
We'd like to ask if there are any options available for us if we want to start a family soon (as I am reaching 35 soon). Other information:
1) we both are not high earners and would not possibly be able to afford another private property (and we still have to pay a 3rd property absd on top of that).
2) we do not want to wait out the 15 or 30 month period after disposing all the condos; by the time i would be over 35 years old
3) as mentioned in point 1, we are both not high earners so we do not want to rent
I have seeked advice from many agents but no one has been able to solve this issue. I'm open to discuss my options if anyone has a solution for me. Thank you in advance.
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