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Hi my husband owns a HDB with the mum and I own a condo. We recently have a newborn and would like to upgrade our house. What are the options? The mum needs to keep the flat as she's staying with her 2 other children.
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6 Answers

Hi,

One option could be to remove your husband's name from the HDB and purchase a bigger condo under his own name, assuming the finances are comfortable. This will lower his upfront costs (ABSD) and also allow him to take up a higher loan amount. Do note this means the CPF utilized by him for the HDB have to be refunded to his account, and I'm not sure if this may be worthwhile to pursue without having more information. Another way could be selling your condo to fund the bigger place.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
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Dear Mdm,

If your husband's siblings are financially sound to take over your husband's share, then he should do a transfer of the HDB to them. In this case, he will free up himself to purchase a property without the need to incur Additional Buyer Stamp Duty.

Alternatively, you can upgrade from your current condo to a bigger unit to avoid paying Additional Buyer Stamp Duty. If it is within your means to pay the stamp duty, both of you may purchase a bigger unit under both names.

The most sensible option would depend on your financial status and your time line for the upgrade. Please feel free to contact me so that I can understand your situation better to provide you with the best solution!

Regards,
Nick Tan
(M) +65 9644 4854 
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“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
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YT Tan (陈永达)
Good afternoon,

Will you be able to upgrade on current condo by yourself? We can work out the finances first.

I assume you wanna to upgrade with your hubby?

If not you can consider these:

1) your hubby can consider to withdraw his name from the HDB but your MIL must be financially capable to take over housing loan if any and pay him back whatever CPF OA funds he has utilised in this HDB.

2) Alternatively either one or both siblings can take over his share.

3) If the HDB is aging, you guys might want to reconsider to sell both and get an unit to host everyone. There are currently projects with dual key concept or strata landed for your selection if finances permits.

Perhaps we can meet up for discussion to see what are the options that are available for you guys then from there, you will have a better idea what could be your next step.

Hear from you soon!

- One of well-earned Star Performers under the category of Top Private Property Transactors in Jan 2017-

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

(M): +65 9111 5171 
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(FB): www.facebook.com/yttanassetprogessor Read More
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Hi,

I think the best advise would be derived from a comprehensive financial analysis factoring in your preferences and objectives. I will be most Glad to run you through step by step and offer my advises. If you would like to take this forward, I would most certainly like to extend my services. Visit my website to view all my recent accolades - esteemed awards and testimonials to gather more information on me: www.kumarrai.com

D Kumar
 +65 96659926 
ERA Associate Division Director
www.kumarrai.com
www.singapore-newproperties.com.
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#1 team of ERA in Singapore, Asia Pacific and international for 2014.

About Me-

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Hi,
Remove your husband name from the HDB, buyer a bigger condo and sell you condo. Please drop me an email for me to share more of the details.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More
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Robbie Chen Chee Howe
Hi Ms,

Is the HDB fully paid and served the 5-year MOP period? If yes, your husband can actually choose to purchase a condo on his own by paying the ABSD.

If HDB is still under loan, or he does not wish to pay ABSD, he can choose to transfer his shares in the HDB to his mother, or his siblings. Then he choose to purchase the condo under his single name. If you choose to joint-purchase with him, you will have to sell off your condo.

Do take note of the TDSR and LTV restrictions as well as CPF usage for second property purchase too.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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