Dear sir/mdm,
Clarifying the situation, the current HDB at Holland Close is co-owned between you and your husband, and with the cash on hand, you are looking to purchase a private property under your son's ownership?
If yes, and should your son be unable to undertake any home loan for the purchase, the only option is to purchase the next property fully under cash transaction. If you are intending to take up a home loan, it has to be under your name, which means you will have to be a co-owner of the private property, thus Additional Buyer's Stamp Duty will be applicable for the purchase since this is going to be your 2nd residential property. Unless you intend to pledge your existing funds on hand after the downpayment to obtain a home loan just under your son's name, you may actually speak to a banker to find out the loan figures in order to establish the final purchase price that your son can purchase.
To be fair, if purchase price is kept under $1m, I will have to say that there is virtually nothing to invest in unless you go for 1 bedrooms unit which I do not see any attractiveness in terms of the potential returns. So unless you are purchasing it as a legacy or stepping stone for your son's future purchase plans, I do not highly recommend the purchase unless you are able to find something that is significantly under value.
I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.
I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.
Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.
With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.
We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!
Warmest regards,
Geryl Lim
Associate Group Director
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
Estate Agent Licence No. L3009250K
+65 92787772
www.geryllim.com
My self introductory video on https://www.youtube.com/watch?v=S_2NydENfx0
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