4 Key Issues To Consider If You Are Planning For A Second Property

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Күн бұрын

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While the term “asset progression” is used loosely these days, one thing should be clear: there’s a huge difference between planning to sell and upgrade (e.g., moving from a flat to a condo), versus actually wanting to own multiple properties. Wanting to own a second home is a bigger aspiration, that will require deeper pockets and more in-depth planning. In light of that, here are the key considerations to have even when buying your first home:
1. Flat, EC or Condo?
Remember, you can't decouple an HDB flat, so you will NOT be able to buy a second property without having to pay the ABSD if you ever plan to have 2 properties.
2. Joint tenancy versus tenancy-in-common
Under a joint tenancy, you and your co-owners are effectively treated as a single entity. This is preferred for most homeowners, but those aspiring to own a second home may not prefer it. As such, for those that start off with a private property as their first home might want to go with the 99-1 way instead. Here's how it works:
Say you own one per cent of the property, and your spouse owns 99 per cent. When it comes time to buy a second property, you transfer your one per cent to your spouse. You now own zero properties, and can purchase another residential unit without incurring ABSD. Your spouse owns one home and you own the other.
3. Deciding on the primary residence
Plan ahead for which of the properties will be your second home. This allows you to strategise where you will be spending your renovation budget on, and the amount of rental income that you can get to help with the budgeting.
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Chapters
0:00 - Intro
1:12 - Should You Start With A HDB Flat/EC/Condo?
3:40 - Joint Tenancy Vs. Tenancy-In-Common
8:14 - Deciding On Your Primary Residence
9:36 - Financing Issues
14:13 - Outro
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Пікірлер: 45

@StackedHomes 2 жыл бұрын

Purchased a 2nd property? We’d love to hear about your experiences (good or bad) and any tips that you’d like to share 😀 Store - stackedhomes.com/store/?.com&Brwt8wpYs Website - www.stackedhomes.com/?.com&Brwt8wpYs Instagram- instagram.com/stackedhomes Facebook - facebook.com/stackedhomes TikTok - www.tiktok.com/@stacked.homes

@bigno1900 2 жыл бұрын

we went directly to buy two private properties (one each)without buying a hdb to avoid the absd.

@soojerry3229 2 жыл бұрын

Hi Sir , Me and my wife owned a HDB (fully paid) ; and currently we had bought a new private property for investment purpose . Can I upgrade to EC if I sell my HDB ? If I manage to fully pay for the EC unit with cash & CPF after sell my HDB ?

@bryanpoh9285 2 жыл бұрын

Great video. Love the way you guys explain things, even on your other videos and webpage

@StackedHomes 2 жыл бұрын

Thanks Bryan! We try our best!

@damyeuful 2 жыл бұрын

Very prudent advise unlike some channels which shows that everything is hunky dory. I invested with a group of friends in a commercial property, and it was difficult to rent out initially and although the four of us were getting salaries, the monthly outlay was still quite a worry for a property that was 1.2m. Thanks for presenting 2 sides of the coin in your discussions

@StackedHomes 2 жыл бұрын

Hi DG, you're welcome! We're glad that you find our video informative. :)

@shaynaloveswiss1 2 жыл бұрын

Could you speak more on your experiences?

@angelateo528 7 ай бұрын

Very honest sharing. Wonderful

@StackedHomes 7 ай бұрын

Glad you liked it

@TheBraveTourist 2 жыл бұрын

We are living in new ec since 2 years so still got 3 more years for MOP. How to find whether we are joint tenancy or tenancy in common. Secondly is there a way to change from joint tenancy to tenancy in common now even before the MOP finishes. I understand that we have to pay bsd on 49 percent share transfer.

@StackedHomes 2 жыл бұрын

Hey there! You should actually check this with your law firm directly, the firm that did your paperwork since they would have all the details 😀

@csow623 2 жыл бұрын

Would like to see more of Ryan's sharing in the Outro segment!

@StackedHomes 2 жыл бұрын

😂 You actually made it to the end! We'll share that segment next time!

@Paul-jj9ze 2 жыл бұрын

How about essential occupier and owner scheme for hdb? The essential occupier can purchase a private after the 5 yrs MOP right?

@ryanyoutube7315 2 жыл бұрын

Shhhh..😂

@StackedHomes 2 жыл бұрын

Hey! Yes they can, but the occupier's income cannot be counted towards the loan, nor can they use their CPF to pay for the mortgage. These are the limitations behind this.

@onlinevoice195 2 жыл бұрын

Can divorced/widowed spouse buy hdb (BTO or resales) if there is no child in the marriage?

@hhspore 2 жыл бұрын

This is a very honest and real program. It really is a huge concern when I see videos of the so called "property gurus" who advise/guide people (mostly in their 30s or 40s, shall I call them middle age folks ?) who have "average" incomes to buy 2 properties or even multiple properties for rental income. Sometimes I wonder how these people are managing their portfolio after a couple of years or maybe even just after 1 year. Your video would certainly be a good sounding board for them.

@StackedHomes 2 жыл бұрын

Thanks for your kind words Hazel. We strive to be as real and objective as possible - especially given the noise in the market. While the "property gurus" seem to have a slant, a lot of it is marketing to lure buyers in. It's just a marketing practice to get the largest number of leads at the smallest cost, but in the end, it's down to the buyer's risk appetite, and in a lot of cases where this isn't possible, many drop out of the "lead funnel" because there are strict regulations in place to prevent over-leveraging. We do hope that our video creates a strong awareness that nothing is so straightforward, and along the way, there are complications - so this video aims to iron out what should be done right to prevent such complications. One of the more serious ones is the 99/1 split. No one thinks they would get a divorce later on, but in the unfortunate even it happens, this can really lead to complications and completely derail both their financial and personal quality of life. Every thing that has its gains has its risks 👀

@lishr4536 10 ай бұрын

If 99-1 and then sell 1 percent share to the other person, will the bank do a reevaluation to make sure that person can finance the loan alone or they won't?

@petertan6312 2 жыл бұрын

Would like to transfer my 50% share of my private property to my wife's name. Can you advise how much stamp duty will my wife need to pay if she already owned another property and how to determine the selling price for the stamp duty?

@yanyuet 2 жыл бұрын

Can explain how these rules apply when it’s an overseas property , like say in Canada?

@StackedHomes 2 жыл бұрын

Hey there! With regards to things like taxes (ABSD), properties outside Singapore are excluded 👌 The overseas properties rule really only affects one's eligibility to purchase HDBs.

@thehan9543 2 жыл бұрын

For the 1%, can I say that the price sold/bought is S$1to/by the spouse or any amount lower than the property price or initial purchase price?

@StackedHomes 2 жыл бұрын

Hi! The tax is based on the higher of valuation or purchase price. In the event that the purchase price is far from valuation, IRAS will do their own valuation.

@danieltan5656 2 жыл бұрын

if I already bought a condo, 1. can i buy resale hdb immediately after selling the condo or is there a 30-month waiting period? 2. can i decouple the condo, such that my wife is able to buy hdb under her name without paying absd?

@StackedHomes 2 жыл бұрын

Hey Daniel! Thank you for sharing your question! 1) There's no 30-month waiting period if it's a resale HDB. Only for BTOs. If you or any person listed in your resale flat application owns a private property either locally or overseas, you must dispose of all private properties before or within 6 months of the resale flat purchase. (Source: www.hdb.gov.sg/residential/buying-a-flat/resale/eligibility) 2) Your wife cannot buy an HDB after decoupling. This is because she will need to form a family nucleus, and you have to be inside. A married person cannot apply for a flat separately from their spouse. And if that spouse has a private property, then this would not work. Otherwise it would be open to abuse, and everyone would be doing it e.g. decouple condo, buy 1 HDB under 1 name then own 2 property which completely goes against the idea of HDB as a primary form of home ownership vs an investment asset.

@shan6754 2 жыл бұрын

Is joint-tenancy or tenancy-in-common applicable for private homes too?

@StackedHomes 2 жыл бұрын

Yes it is!

@halfnode6840 2 жыл бұрын

i think it is quite hard for ppl to buy the 2nd property as investment unit for the first time as the tendency is still to look at it as something for own stay. we are looking to buy an integrated as our second but the view still ends up as it will be something for us when we are older.

@StackedHomes 2 жыл бұрын

Thanks for sharing your thoughts! Yes the objectives needs to be clear. Deciding on the primary place of residence is important, the next purchase should then fulfill the investment objective 😀

@faizalbi4495 2 жыл бұрын

Subscribed, because of this channel's honesty

@yxyx2877 2 жыл бұрын

If the intention is to buy a 2nd property, prob wouldnt even need to go down the tenancy in common option since there is still absd involved

@StackedHomes 2 жыл бұрын

Thanks for sharing your thoughts!

@justrandomotaku 2 жыл бұрын

Props to the editor for adding in an imposter sound effect at 11:04 😂

@StackedHomes 2 жыл бұрын

Haha yeah almost as if you're getting a haircut 😆

@SuzushimaChin Жыл бұрын

Why do people do a 99/1 then transfer the 1% over instead of outright purchase under 1 person? Is it because they want a larger mortgage amount

@StackedHomes Жыл бұрын

Doing a 99/1 first allows both parties to be owners and also to take on the mortgage and draw down CPF to be used.

@starket460 2 жыл бұрын

Hi. Can you elaborate 99/1 more? Would like to know more about this. Example now my partner owns 100% of the property, if we decide to go for 99/1, can i also use my cpf to finance that property too?

@StackedHomes 2 жыл бұрын

Hey Ah Lim! Yes sure we'll feedback this to the editorial team. As to your question, yes it can be used, but when sold, the CPF money has to be returned 👌

@starket460 2 жыл бұрын

Hi. How do i go about this 99/1?

@shadowyongkeon 2 жыл бұрын

Does it mean Tenancy in common cannot decouple?

@shadowyongkeon 2 жыл бұрын

Or both joint tenancy and tenancy in common is able to do decoupling?

@StackedHomes 2 жыл бұрын

Hey! You can decouple both for private property (whether Tenancy In Common or Joint Tenancy). However, in the case of Joint Tenancy, it is more complicated. For HDB, you can only transfer ownership based on specific cases, so for most people, decoupling for HDB is not possible.